Auto Insurance in Ontario.

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It’s a given – cheap auto insurance in Ontario is a must for hard working families on a budget. When it comes to finding the best auto rates we take three things into consideration; 1) finding different ways to save you money 2) confirming the coverage you need, and 3) making sure the insurer has a good reputation for claim service.

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“I am very pleased with the great service provided by Mr. Lane Ferguson. His expertise helped me to make a quick and final decision regarding the car insurance. As I am a new driver he was very patient to explain everything in details and made the process so much smoother. I will recommend Lane as a broker to anyone who is in need for auto insurance.”

– Neera R.

“Caitlin was extremely helpful in helping me select the best insurance for my needs and was able have it completed for the time I was scheduled to pick up my vehicle.”

– matthew k.

“My broker Kelsey was very efficient, and made the process for a first time car buyer as myself easy to understand. I would highly recommend Excalibur Insurance for all your insurance needs. I plan on taking out Home Owners insurance as well.”

– Shannon

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Good to Know Auto Insurance Tips & Questions

WHY DO YOU NEED AUTO INSURANCE IN ONTARIO?

It’s really all about protecting yourself financially.

If you are in an accident or your car is stolen, it costs money ( and often a lot of money) to fix or replace it.

If you or your car is responsible for damage or injury to others, you may be sued for much more than you are worth.

If you or any passengers are injured in an accident, medical costs can be extremely expensive.

Not only is having insurance a prudent financial decision, but many provinces also require you to have at least some coverage.

Questions to ask

You need a broker for finding auto insurance that meets your specific needs. Here are a few questions to consider beforehand as you prepare for the discussion:

How much can you afford to pay if you get in an accident? (To keep premiums low you may want to have a higher deductible and be willing to pay more for repairs.)

What is the procedure for filing and settling a claim? (Ask who to call and what happens after you file a claim.)

What is the insurance company’s level of service and ability to pay claims?

What discounts are available? (Ask about good driver, multiple policy and student discounts.)

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No one has the time in their day to become an expert in auto insurance, and Excalibur doesn’t expect you to. Still: it’s important to note that a base understanding of your policy can help save some time later down the line. Below, we’ve answered some of the most frequently asked questions about auto insurance in Ontario for your better understanding:

Your insurance needs are different than those of your neighbour’s, so you need an insurance broker that recognizes that. An Excalibur Insurance broker will ask you all the questions needed to guarantee that you have the right coverage and the best auto insurance policy for your needs. Additionally, your broker will walk you through the coverage options available to you, including comprehensive coverage, collision coverage, and increased liability limits. Once you determine your optimal coverage plan, your broker can help you find the best coverage at the best price.

You could call up your prospective insurance companies and compare quotes directly, but that could take a lot of time out of your day and no one wants to spend hours of their day on the phone. A brokerage – like Excalibur – has access to many of the best auto insurance companies on the market and can compare rates for you with the same requirements in mind. This can be done quickly and hassle-free with Excalibur.

Technically, there is no single overarching number that sums up the cost of auto insurance for every driver in Ontario. Your auto insurance rates will depend upon a few different variables, such as the make/model of the car you drive, the drivers listed on your policy, and the length of your average commute, to name a few. You can expect to pay more if you have young and experienced drivers named on your policy, drive long distances during high traffic times, and/or have experienced an accident in the past.

Excalibur has provided the following figures for you to get a better idea of how much auto insurance can cost in Ontario:

  • You can expect to pay an average of $1,500 year for auto insurance in Ontario.
  • This means you may be paying anywhere between $125 and $150 month for your auto insurance policy.

There are dozens of car insurance companies across Ontario, that all offer different rates for auto insurance. Some companies offer discounts for young drivers, while others prioritize experience and an accident-free driving record. When you find an insurance company that goes above and beyond to meet your unique needs, it’s truly something to rave about. In fact, many people have found that same feeling about The Excalibur Insurance Group. To date, we’ve received over 400 reviews from our customers: https://excaliburinsurance.ca/about-us/testimonials/

If you are not planning on buying your own vehicle, your parents can add you to their insurance policy as an occasional driver of their vehicle. If you are planning to buy a vehicle, you need get auto insurance the same day. When you’re shopping around for a new vehicle, you can contact a broker to compare quotes on different models to find the cheapest premium for you. Once you’ve purchased a vehicle, insurance coverage is legally required before you’re able to pick up your new car from the dealership.
Insurance premiums increase when the insurance industry experiences a period of time where they pay out more in claims than they receive in premiums. This is known as a “hard market.” You can learn more about why insurance premiums go up by checking out our YouTube video titled “Why Are My Insurance Rates Going Up?” or our blog titled “Why Did My Insurance Go Up?”
In Ontario, all drivers are required to have liability coverage. Liability coverage provides protection for bodily injury or property damage as a result of the operation of an automobile. Failing to have insurance coverage leaves you liable for any damages should an at-fault accident occur. Additionally, drivers who can’t produce proof of insurance could be faced with fines, vehicle seizure, license suspension, and criminal charges.
Every auto policy in Ontario will likely provide a minimum of $200,000 for liability coverage in Ontario, if such a claim should ever arise. This is the bare minimum that the provincial minimum coverage requirements allow. However, due to the severity of lawsuits and their frequency, many insurance carriers will recommend you carry much higher coverage limits. Discuss with your broker about what your liability limits should be.
A deductible is the amount you pay out of pocket before the insurance company will begin to cover the cost of repairs. For example, if your deducible is $1000 and you get in an accident that cost $7500 to repair. You would pay the first $1000 to the repair shop, and your insurance would cover the remaining $6500.
The cost of auto insurance premiums are calculated based on your age, gender, convictions, driving history, years of experience, distance of your commute, model of your vehicle, operating region, and more. Since there is a lot that goes into an insurance quote, premiums can change dramatically from person-to-person.
Yes, auto insurance can be cancelled at any time. However, depending on your insurance company, you may still have to pay a portion of your premium based on how much time is left on your policy. Additionally, your insurance company can also cancel you or choose not to offer you a renewal, if you have multiple accidents, tickets, or cancellations for non-pay. Speak with a broker to determine which insurance companies will write you depending on your insurance history.
Each insurance company sets their rates based on their loss experience and the make-up of their customers, including their ages, driving experience, and operating region. Since Excalibur Insurance is a brokerage, we are not responsible for setting any of the rates – we simply let customers know what rates are available to them in the market.
Auto insurance rates tend to be higher in the province of Ontario. Why? Unfortunately, this is largely due to rising instances of insurance fraud, poor weather, and distracted driving cases that have risen in the last couple of years in the province. Moreover, vehicles are more expensive , vehicle repairs are more expensive , and Ontario has over 8 million licensed drivers.

If it seems like a losing battle, try not to be overwhelmed! Excalibur can offer you many ways to save on your auto insurance rates, like raising your deductible, opting for public transport where possible, and ensuring you are receiving all of the eligible discounts.

An Unlicensed Driver – If you do not have a driver’s license, you cannot purchase auto insurance in Ontario.

Stolen Items – If your vehicle is broken into and the thief makes off with your backpack, GPS, laptop, or other items, your claim is not covered by your auto insurance. Since property was stolen from your vehicle, your claim would fall under your home or property insurance.

Windshield Replacement – Comprehensive insurance coverage will replace a broken windshield, subject to your deductible .

Vandalism – Comprehensive insurance coverage will cover vandalism to your vehicle.

Engine Failure – No, engine failure is not covered by your auto insurance policy, because it is often caused by improper maintenance of your vehicle.

Pre-Existing Damage – Pre-existing damage to your vehicle is not covered by your auto insurance policy.

Medical Bills – The Accident Benefits portion of your auto insurance policy will cover medical bills, up-to a specific limit, in the event you are injured in a car accident.

Hail Damage – Comprehensive insurance coverage will repair your vehicle in the event of hail damage.

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