We would like to assure our customers that while BrokerLink is not accepting walk-ins due to ongoing concerns surrounding COVID-19, we remain open for business. We are available to help with any insurance needs you may have. We ask our customers to reach us by phone or email instead of visiting our branches in person. You can find the phone number for your local branch here. For more information, please visit our Alerts page.
Insurance Basics

How do insurance companies determine premiums?

Insurance companies determine premiums in different ways. When it comes to car insurance, there are a lot of factors:

  • Your insurance history. How long you’ve been insured in the province you’re looking to get insurance in is one thing the insurance company considers.
  • If you’ve been in any accidents or if you’ve received speeding tickets, the insurance companies will take that into account.
  • How you use the vehicle is important. Is it for personal use, or is it part of your business?
  • Companies take into account how much you drive. If you have a long commute it could increase your rate.
  • Where you live is a huge factor in determining your rate.

When determining home insurance premiums, the factors are different:

  • Your claims and insurance history
  • Where you live
  • What coverages you’ve selected. When it comes to home insurance, there is a lot of optional coverages to consider which will affect the premium.