Real estate agents in Ontario are required to have adequate auto insurance coverage for their vehicle, as with any other driver in the province. The minimum liability coverage required by law in Ontario is $200,000, but most real estate agents will likely opt for higher coverage, as they often drive clients to view properties and may be held liable in the event of an accident.

In addition to liability coverage, real estate agents may also want to consider purchasing additional coverage such as collision and comprehensive coverage, which would cover the cost of repairing or replacing their vehicle in the event of an accident or damage.

It’s always a good idea for real estate agents to review their insurance needs with their insurance broker or agent, to ensure that they have the right coverage in place to protect themselves, their clients, and their vehicle.

Real Estate Agent Car Insurance Cost

The cost of car insurance for real estate agents in Canada can vary based on factors such as the driver’s age, driving record, and location. Here is an example of what a real estate agent in Canada might pay for car insurance per year and per month, based on a sample driver profile, in 10 major cities across three provinces.

Driver Profile:

• 35-year-old real estate agent
• No accidents or tickets in the past five years
• Owns a 2018 Honda Civic LX
• Drives an average of 12,000 km per year
• Purchases a liability-only policy with $1 million in liability coverage and a $1,000 deductible

Ontario:

1. Toronto: $1,500 per year or $125 per month
2. Ottawa: $1,300 per year or $108 per month
3. Mississauga: $1,450 per year or $121 per month
4. Brampton: $1,550 per year or $129 per month
5. Hamilton: $1,350 per year or $113 per month
6. London: $1,200 per year or $100 per month
7. Markham: $1,550 per year or $129 per month
8. Vaughan: $1,500 per year or $125 per month
9. Kitchener: $1,200 per year or $100 per month
10. Windsor: $1,100 per year or $92 per month

Alberta:

1. Calgary: $1,200 per year or $100 per month
2. Edmonton: $1,100 per year or $92 per month
3. Red Deer: $1,050 per year or $88 per month
4. Lethbridge: $1,000 per year or $83 per month
5. Fort McMurray: $1,400 per year or $117 per month
6. Grande Prairie: $1,150 per year or $96 per month
7. Medicine Hat: $1,000 per year or $83 per month
8. Airdrie: $1,150 per year or $96 per month
9. Spruce Grove: $1,100 per year or $92 per month
10. Leduc: $1,050 per year or $88 per month

Quebec:

1. Montreal: $1,200 per year or $100 per month
2. Quebec City: $1,050 per year or $88 per month
3. Laval: $1,150 per year or $96 per month
4. Gatineau: $1,100 per year or $92 per month
5. Longueuil: $1,150 per year or $96 per month
6. Sherbrooke: $1,000 per year or $83 per month
7. Saguenay: $950 per year or $79 per month
8. Trois-Rivières: $1,000 per year or $83 per month
9. Terrebonne: $1,200 per year or $100 per month
10. Saint-Jean-sur-Richelieu: $1,000 per year or $83 per month

Please keep in mind that these are example rates for a specific driver profile and do not represent the exact cost that any given driver may pay. Actual insurance rates may vary depending on several individual factors.

Do Realtors Need Commercial Auto Insurance?

It depends on the specific circumstances of the real estate agent. If a real estate agent is using their personal vehicle for work purposes, such as driving clients to view properties, they may need to purchase commercial auto insurance.

Commercial auto insurance provides higher liability limits and often covers the use of a vehicle for business purposes, which a standard personal auto insurance policy may not cover. This type of insurance is necessary to ensure that the real estate agent is fully protected in the event of an accident while they are using their vehicle for work.

Real estate agent auto insurance requirements

Real estate agents in Canada are required to have adequate auto insurance coverage for their vehicle. The specific requirements will depend on the province or territory in which the real estate agent operates. Here are some general requirements for real estate agents in Canada:

1. Liability coverage: This type of coverage is required by law in most provinces and territories and provides protection for third-party claims in the event of an accident. The minimum liability coverage required varies by province, but typically ranges from $200,000 to $1 million.
2. Uninsured motorist coverage: This type of coverage provides protection in the event that the real estate agent is involved in an accident with an uninsured or underinsured driver.
3. Collision coverage: This type of coverage provides protection for the real estate agent’s vehicle in the event of an accident, regardless of who is at fault.
4. Comprehensive coverage: This type of coverage provides protection for the real estate agent’s vehicle in the event of damage from non-collision events, such as theft, fire, or natural disasters.

It’s important for real estate agents to work with their insurance broker or agent to determine the type and amount of coverage that is appropriate for their specific circumstances and the province or territory in which they operate.

Car insurance discounts for realtors

There are several discounts that real estate agents may be eligible for when it comes to car insurance. Here are a few common discounts that are often available:

1. Professional organization discount: Some insurance companies offer discounts to members of professional organizations such as the Real Estate Council of Ontario (RECO) or the Ontario Real Estate Association (OREA).
2. Multiple policy discount: If a real estate agent has multiple insurance policies with the same insurance company, such as home and auto insurance, they may be eligible for a discount on their car insurance premium.
3. Good driving discount: If a real estate agent has a clean driving record, they may be eligible for a good driving discount on their car insurance premium.
4. Anti-theft discount: If a real estate agent’s vehicle is equipped with an anti-theft device, they may be eligible for a discount on their car insurance premium.
5. Low mileage discount: If a real estate agent doesn’t drive frequently or drives a low mileage, they may be eligible for a low mileage discount on their car insurance premium.

FAQs

1. Why do real estate agents need car insurance? Real estate agents use their cars extensively to drive to properties and meet with clients, which increases the risk of accidents. Car insurance helps protect real estate agents financially in case of accidents or damage to their vehicles.
2. What types of car insurance do real estate agents need? Real estate agents typically need liability insurance, which covers damage to other people’s property or injuries to other people in case of an accident. They may also want to consider collision and comprehensive insurance to cover damage to their own vehicles, as well as uninsured/underinsured motorist coverage to protect against accidents caused by drivers who don’t have enough insurance.
3. How much car insurance do real estate agents need? Real estate agents should have enough liability coverage to protect their assets in case of a lawsuit, and should also consider their driving habits and the value of their vehicles when determining how much coverage they need. A good rule of thumb is to have liability coverage of at least $1 million, and to choose deductibles that are affordable in case of an accident.
4. Can real estate agents get discounts on car insurance? Yes, real estate agents may be eligible for discounts on car insurance if they have a clean driving record, take defensive driving courses, or bundle their car insurance with other types of insurance, such as home insurance or life insurance.
5. Can real estate agents use their personal cars for work purposes? Yes, real estate agents can use their personal cars for work purposes, but they should inform their insurance company and make sure they have adequate coverage for their business use. They may also want to consider purchasing commercial car insurance if they use their vehicles extensively for work.
6. What should real estate agents do if they’re in a car accident? If a real estate agent is in a car accident, they should first make sure everyone involved is safe and call for medical assistance if necessary. They should also exchange information with the other driver and any witnesses, take photos of the damage, and report the accident to their insurance company as soon as possible.
7. How can real estate agents find the best car insurance for their needs? Real estate agents can find the best car insurance for their needs by comparing quotes from several different insurance companies, considering the reputation and customer service of the company, and choosing coverage that fits their individual needs and budget. They may also want to work with an independent insurance agent who can help them find the best coverage options.