You may not know that in the event of an insurance claim, you will need to pay what is called a deductible. Ontario auto policy deductibles typically range between $250 to $500 and can be increased if you want to save more on your premium. As a rule of thumb, the higher your deductible – the lower your car insurance rate. The downside is that when you have a claim, you have to pay the deductible first before your insurance company covers the remaining cost.
It is important to note, that opting for a higher deductible to get a lower insurance rate may leave you with a heavy financial burden – on top of an already stressful situation.