There are a huge number of things that you should know about car insurance in Canada. There are a lot of rules and types of insurance, as well as what you should consider when you are finding the right insurance broker for your car. In addition, you should also be aware of what is likely to impact costs and how to get a general idea of what prices you are going to see. With that in mind, here are some of the most important things you’ll need to know about insuring your car in Canada and what it can do for you.
#1 Quality and affordability
Both quality and affordability are very important when it comes to choosing an insurance company. You will find that a high-quality insurance broker is very important to winning cases and is certainly worth the money. However, they are extremely expensive, and you might not be able to afford every payment easily. A low-cost insurance broker might be perfect for the more financial side of things and can be a good way to know that you are covered if you get into some smaller scrapes; however, you might continue to feel vulnerable and only have the very bare basics insured.
You should ideally look for an insurance company that combines all of the best qualities but will still be affordable, even with optional insurance on top of them. Looking into reliable and affordable insurance can help you find the best car insurance Ottawa has to offer, which can help you stay protected in a scrape or a much larger accident where you need the experts on your side.
#2 What impacts the costs of car insurance?
You should also be aware that there are a lot of things that can impact the cost of car insurance. This can be a real deal breaker when choosing an insurance broker. You might only be able to choose the cheapest insurance brokers as your history and vehicle might cause your prices to increase. Here are some of the things that can impact the price of your car insurance:
- The make of your car, its model type, and its age. This is due to the reliability of the vehicle and how expensive the parts are going to be due to brand and rarity. For instance, a Lamborghini is going to be more expensive than a Ford.
- Your personal driving history. If you haven’t been driving long or you have been in a lot of accidents, you are going to be seen as a high-risk case. You will have to pay more, as you are seen as more of a liability.
- The same goes for having endorsements on your license. This can be caused by offenses such as speeding, which increases your risk of accidents. The more points you have, the higher your cost is likely to be.
- Where you live. If you live in an area with higher accident rates, your price will increase.
- Your age and gender. If you are a young driver, or elderly, your premiums will increase. Men might have higher premiums, too, simply due to reputation.
#3 What can you claim for?
There are plenty of things that you can claim for when you have insurance, but it does depend on what you are paying for from your insurance broker. Here are some of the things you can claim for:
- Car accident. You can claim after being involved in a car accident as long as you do these things.
- Personal injury. If you are hurt in an accident, you might be entitled to accident benefits.
- Non-accident-related claims, such as vandalism.
- Car damage. If you are in an accident, you might be able to get compensation. This depends on whether you are at fault or not and what coverage you have on your insurance.
#4 The different types of insurance
There are four main types of insurance, broken into two categories: mandatory and optional. These are relatively self-explanatory.
Mandatory insurance covers:
- Liability insurance covers damages that your vehicle causes others, such as injury or death.
- Accident/bodily insurance covers your own medical expenses.
Optional insurance covers:
- Collision insurance covers vehicle repairs.
- Comprehensive insurance covers things such as vandalism or theft.