Convertible Car Insurance

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Car insurance is a legal requirement in all Canadian provinces and territories. No matter what kind of car you drive, whether it be a convertible, pickup truck, or minivan, you must have a valid, up-to-date car insurance policy to get behind the wheel. In most provinces, you need both proof of insurance and a valid driver’s license to register your vehicle with the provincial ministry of transportation. It’s important to note that not just any insurance policy will do for your convertible. A BrokerLink insurance advisor is available to answer your questions about mandatory car insurance in Canada.

BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.

Reasons to buy insurance on convertibles

There are many reasons that drivers of convertibles wish to purchase auto insurance. From protection against injury to protection against property damage, check out a few benefits Canadian motorists derive from purchasing convertible car insurance.

You are protected in case of bodily injury

Car insurance of all types can help cover costly medical expenses if you are injured following a car accident. While your health insurance policy will likely cover the majority of healthcare costs, your car insurance provider may be able to help pay for additional costs, like physical therapy, prescription medications, or rehabilitation.

You are protected in case of a collision

Auto accidents happen every day, even to the safest of drivers. But with car insurance in your back pocket, you can have peace of mind knowing that if you get into an accident, your collision coverage insurance will help cover the costs of repairing or replacing your damaged convertible.

You are protected in case of theft

Car theft is a serious problem. If you choose to include comprehensive coverage in our convertible car insurance policy, you may be protected against theft. Other risks comprehensive coverage might protect you against include vandalism, water damage, and fires.

You are in compliance with the law

One final reason Canadian drivers purchase auto insurance is that it is mandatory. Doing so ensures you’re in compliance with provincial laws, whereas failing to do so is illegal. If caught driving without insurance in Canada, you can be fined tens of thousands of dollars, face jail time, and even have your driver’s license suspended.

Driving without convertible auto insurance

Since car insurance is mandated throughout Canada, regardless of the type of vehicle you drive, driving without convertible insurance is illegal. The consequences for driving uninsured vary by province, but you can expect to face hefty fines, jail time, and a suspended driver’s license.

Therefore, convertible drivers should always purchase a valid car insurance policy before hitting the road. If you are currently driving without insurance or your existing policy is set to expire, contact BrokerLink today.

Types of convertible car insurance coverage

As you now know, car insurance is mandatory throughout Canada. But not just any car insurance policy will do. Rather, you must ensure that your convertible car insurance complies with the minimum requirements in your province. Minimum requirements vary but in many regions, they include the following four types of coverage: third party liability coverage, accident benefits coverage, uninsured automobile coverage, and direct compensation coverage. Standard car insurance is required for all vehicles, no matter the make or model, and its purpose is to protect all drivers, passengers, and cars on the road.

Mandatory

Optional

Third party liability protects drivers against bodily injury and property damage if they get into an accident which they are at fault for. Liability coverage can help cover the cost of car repairs or medical bills, in addition to legal fees and court fees, if applicable. This type of coverage is mandatory across Canada, though each province and territory sets the minimum amount. For example, in Alberta, Ontario, and New Brunswick, the minimum amount of liability coverage drivers must carry is $200,000.

Direct compensation coverage protects the policyholder in the event that they get into an accident that is not their fault. This type of coverage provides compensation if you are injured or your car is damaged in the collision. With direct compensation, the policyholder will contact the insurance company to settle their claim, and they will typically pay you directly. However, starting January 1, 2024 it is an optional insurance policy for all Ontarian drivers.

[Not mandatory in Newfoundland] If you, a passenger, or a pedestrian require medical attention following a collision, accident benefits coverage will kick in. With accident benefits coverage, it doesn't matter who was liable for the collision. You can still receive compensation from the insurance provider to cover medical expenses, even if you caused the accident. However, there are limits to what is covered and the amount of money you can claim, so it’s important to understand these terms when purchasing a convertible car insurance policy.

[Not mandatory in Alberta] Uninsured automobile coverage is another type of mandatory coverage that protects you and any passengers in your car if you get into an accident with an at-fault driver who is uninsured or underinsured. This type of coverage also helps if you are the victim of a hit-and-run.

Collision coverage is a popular type of optional coverage. It provides compensation for damages if your vehicle collides with another driver, a stationary object, or if your car rolls over. While this coverage is optional, you may be required to carry it if your vehicle is leased or financed.

Comprehensive coverage is another popular type of optional car insurance. It will help if your vehicle is damaged for reasons other than an auto accident. Expenses covered by comprehensive insurance can include theft, vandalism, fire, water damage, or even hitting an animal like a deer. You may also be required to carry this if your vehicle is leased or financed.

When you get into your first at-fault accident, accident forgiveness coverage prevents your insurance company from raising your rates after going through the claims process. It will allow you to maintain a clean driving record as you stay with the same insurance company. This is another popular type of optional coverage.

If you're buying a new car, adding this coverage to your policy is worth considering. It ensures you're covered for the full value of your vehicle without factoring in depreciation. That means if your car is stolen or totalled, you'll be reimbursed for the cost of a brand-new vehicle—not just what it's worth after wear and tear.

If you ever get into an accident and your car needs repairs, loss of use coverage has your back. While your car is in the shop, this coverage helps pay for other ways to get around—whether that's hopping on public transit, using ride shares, or renting a car. It can be a real lifesaver, especially if your car ends up being out of commission for days or even weeks.

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How to get cheap insurance for convertiblecars

People should not pay more than they have to for car insurance. Here at BrokerLink, we’ve made it our mission to provide affordable car insurance options to Canadians. Beyond working with a reputable broker with years of experience in the auto insurance industry, there are many other ways that convertible drivers can save money on their car insurance policies. From increasing their deductibles to bundling insurance policies, check out our top tips for getting cheap insurance on convertible cars in Canada.

Discounts

Combine other insurance policies

Generally speaking, the more insurance you buy from an insurance company, the more money you can save. For this reason, we recommend bundling multiple insurance policies if you want to minimize the cost of your convertible insurance. For example, if you were also looking to buy home insurance, business insurance, or recreational vehicle insurance, wait and purchase them at the same time as your car insurance policy and you could save 15% on each one.

Enrol in driving school

If you are a new or young driver then one final way to save money on your convertible car insurance is to enrol in driving school. Insurance providers appreciate when drivers have received professional driving instruction and will take this into account when calculating your premium. The reasoning behind this is that recognized driving schools are said to produce safer, more confident drivers, which means they may be less likely to get into accidents. Thus, if you enrol in driving school, you’ll be less of a risk in the eyes of the insurance company, which can save you money.

Install winter tires on your vehicle

Believe it or not, you can drive a convertible in winter, so long as your soft top is in good shape. If you plan on driving your convertible year-round, investing in winter tires may reduce how much you pay for car insurance. Since winter in much of Canada comes with freezing temperatures, ice, and snow, driving becomes more dangerous. Snow tires help mitigate this danger thanks to their superior grip and traction. Insurance companies recognize this and will reward drivers who invest in winter tires with savings of up to 5%.

Buy an electric or hybrid convertible

Save your money and the environment by purchasing a hybrid or electric model. Did you know that purchasing an eco-friendly convertible could save you money on car insurance? That’s right, many provinces across Canada, such as Ontario, offer special rebates and incentives to those who drive hybrid or electric vehicles. One such incentive is a reduction in your car insurance rate, with discounts up to 10%.

Savings Options

Increase your deductible

A general rule of thumb in the insurance industry is the higher your deductible, the less expensive your policy will be. Therefore, increasing your policy deductible could be an effective way of getting cheap insurance for your convertible. A deductible is the amount of money you are responsible for paying towards an insured loss before the insurance company steps in. Car insurance deductibles in Canada average around $500, though most insurance companies give you the option of a higher deductible. To save money on your convertible car insurance, you may wish to raise your deductible to $1,000 or more. Please note that raising your deductible can have consequences and is not a decision that should be made lightly. Consult with an experienced insurance broker at BrokerLink to learn more about what it means to increase your policy deductible.

Make annual payments

Another tip for saving money on convertible car insurance is to pay for your policy annually rather than monthly. While insurance providers will give you the option of either payment method, paying monthly typically comes with administrative fees that make it the more expensive option in the long run.

Insure all cars together

Does your household have multiple cars? Insuring more than one car with the same provider can save you money on all policies. So if you drive a convertible and your partner or teenage child drives another car, insuring them together could save you between 15% and 20% on each respective policy.

Factors that are considered when insuring a convertible

When it comes times to insure your convertible, there are a few things to keep in mind. Every individual policy will include different types of coverages depending on each client’s needs, and every car will have different risk factors. Convertibles are generally known to have a steeper price point for their insurance premium, due to their higher risk factors. Here are some of the different factors that will be considered when insuring a convertible:

Make of your vehicle

Whether your convertible has a hard or soft top will make a difference on the price of your premium. This is due to the fact that one type of roof may be more prone to damages in an accident than the other.

Classification

Some makes of convertibles will be considered as a “high performance vehicle” or as a “sports car” by your insurance provider. This classification is determined by how fast your car can go, its handling system, and its breaking system. These types of cars can be labelled “high-risk”, as speed is a huge risk factor for accidents, which can really increase the price of your premium.

Cost

If your vehicle costs a lot more than the average vehicle, this is definitely something that can raise your premium. This is due to the fact that it will be a lot more expensive to repair or replace if you have to make a claim.

Your location

If you live in, work in, or frequently park in an area with a high crime rate, your premium could increase. This is due to the likelihood of your vehicle being stolen or vandalised. Also, if you frequently drive in areas with heavy traffic, your risk of getting into an accident increases, which in turn can result in an increase of your premium rate.

Driving history

This factor will apply regardless of what type of car you are looking to insure. Speeding tickets, missed car or insurance payments, past infractions of driving under the influence and the amount of time that you’ve had your licence can all contribute to the cost of your premium.

Six things to consider before buying a convertible

If you’re still on the fence about purchasing a convertible, here are few things you might want to consider:

Space Limitations

Most convertibles are generally smaller than your average car, and therefore have very little space. Trunk space is incredibly limited, as most of the space in the back of your car is needed to store the roofing system, motors, levers and bars. If you often haul a big amount of groceries, travel with suitcases or just keep a lot in your trunk, this may be a problem for you.

In addition to the lack of storage space, seating is also quite limited in this type of vehicle. If you have a larger family, or tend to drive with multiple passengers, a convertible may not be for you.

The Elements

Canadian winters are generally quite long and harsh. A convertible has its obvious benefits during the nice weather, but its structure can make it difficult to drive during the winter months. Most Canadians who own convertibles only use them for approximately half the year, making them ultimately just a seasonal vehicle. It is also important to consider the weather when using this vehicle in the summer. It can get incredibly hot inside an open-top car, be super windy, and can get messy if the roads are dirty. If you live somewhere that has frequent rain storms and showers during the spring and summer months, this can also be an issue.

Safety

Nowadays, convertibles offer a lot more safety features than they used to. The majority of folding-top convertibles have rollover bars installed in them to help protect passenger’s heads if in an accident. Many convertibles also offer other safety features, including accident avoidance technology and side airbags that will deploy to help protect you in a collision.

However, even with the additions of these features, convertibles are still unable to offer you the amount of protection that a hard-top vehicle can. Considering the fact that 30 per cent of fatal accidents occur as a result of a rollover, owning a vehicle without a hard-top roof can be concerning for some consumers.

Noise

While this factor may not make or break everyone’s decision to get a convertible, anyone who is sensitive to noise will definitely need to consider if this type of car is truly for them. Without the thickness and density of a hard-top roof, driving in a convertible is going to be quite loud and noisy. This is the case whether your roof is down or up, due to the structural make of the car. Research has even determined that driving speeds of over 85 kilometres an hour with the top down may result in noise levels exceeding the recommended limits.

Maintenance

Every single car on the market will eventually need some sort of maintenance and is required to always be up kept and taken care of. However, convertibles are generally known to need more constant upkeep than most other vehicles. Your folding-top roof will require extra care every so often. It will typically have to be re-aligned periodically, so that it continues to fit tightly against the windshield and does not let out any warm or cold air. If you have a fabric-top, it can wear down and may need to be patched or even replaced. Heavy rain is a major cause of leaks in a fabric-top roof, and can lead to holes and damage.

The interior of your vehicle will also need extra care compared to your average car. This is because most vehicles are only exposed to the elements and the weather when the door is open, and not consistently like a convertible is. Frequent exposure to the sun, especially in the hot and humid months, can cause damage to your seats, dashboard and other surfaces inside your vehicle. The impact of heavy winds and rain can also lead to damages to your car’s interior.

Theft

With the top up, a convertible is likely to be as secure as any other type of car. However, if you forget to close your top up before leaving your vehicle, your belongings and car itself will be extremely vulnerable. It will be incredibly easy for a thief to break into your car. This is why it is super important for all convertible owners to make sure to always secure their belongings, and to put the top down whenever leaving the car unattended.

Compare convertible car insurance rates with a BrokerLink broker

Finding convertible car insurance just got easier thanks to BrokerLink. Since 1991, we have helped Canadians find quality car insurance policies. No matter your vehicle, we can find a policy that’s right for you. Keep reading to discover a few of the advantages of working with a trusted broker from BrokerLink.

Brokers work independently

Insurance brokers work independently of insurance companies. This allows brokers like us to focus entirely on the customer’s needs.

Brokers do the work for you

Another benefit of working with an insurance broker at BrokerLink is that we do all the legwork. From obtaining quotes from top insurance companies to reviewing coverage options and walking you through your policy, we will work to find a convertible car insurance policy that suits your budget and lifestyle.

Brokers are convertible car insurance experts

Lastly, BrokerLink’s insurance advisors are experts in all kinds of car insurance, including convertible car insurance. We have helped thousands of Canadians find the best car insurance policies at the best possible rates.

Looking to insure your convertible?

Whatever type of vehicle you’re looking to insure, a BrokerLink insurance broker can help. We can walk you through the entire process, and make sure you get the coverage you need at a fair price. We will answer all your questions and you will walk away with peace of mind.

Are you thinking about getting a convertible? Or do you simply have more questions about convertible insurance and your options? Get in touch with one of our licensed insurance professionals.

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