Is coupe insurance required?
Yes, coupe insurance is mandatory in Canada. No matter what type of vehicle you drive, you must have a valid insurance policy in order to get behind the wheel. What constitutes a valid car insurance policy varies from province to province, as each region has its own auto insurance regulations. For example, the province of Ontario requires all drivers to purchase car insurance that features a minimum of $200,000 in third party liability coverage, in addition to accident benefits coverage, direct compensation - property damage coverage, and uninsured automobile coverage. Getting behind the wheel without adequate coverage can have serious consequences, like fines or a suspended licence. Contact BrokerLink to learn more about the minimum coverage requirements in your province or territory.
Compulsory coverage for coupes
If you drive a coupe, you will need to purchase adequate insurance coverage. You will likely need to show proof of insurance to register your coupe with the province or territory you live in, so you must ensure that your insurance coverage meets the minimum coverage requirements set by your local government. For example, in Ontario, all coupe insurance policies must include the following four coverage types:
Third party liability coverage
Third party liability coverage protects drivers if they get into an accident that they are at fault for. For example, if you cause a collision that results in bodily injury or property damage, liability coverage can help you cover the costs of medical expenses or vehicle repairs. It can also help pay for court fees or legal counsel, if necessary. In Ontario, drivers must hold a minimum of $200,000 in third party liability coverage at all times.
Direct compensation - property damage coverage
Direct compensation - property damage coverage protects the policyholder in the event that they get into an accident that was not their fault. This type of coverage offers compensation if you suffer an injury or your car is damaged in the accident. In the case of direct compensation, the insurance company may reimburse the policyholder directly for their claim.
Accident benefits coverage
Accident benefits coverage can help cover the costs of medical expenses following a collision. This type of coverage can be claimed no matter which party was at fault for the accident, and it can help pay for the medical expenses of the driver, passenger, or any pedestrians involved in the accident. Examples of medical expenses that may be covered include rehabilitation, prescription medications, and physical therapy.
Uninsured automobile coverage
Uninsured automobile coverage protects you and any passengers in your vehicle if you’re involved in an accident with an at-fault driver who is uninsured or underinsured. This mandatory coverage type may also protect against hit-and-runs.
Optional car coverage for coupes
Beyond the mandatory coverage outlined above, there are a few types of optional coverages that coupe drivers may wish to include with their policies. Collision coverage, comprehensive coverage, and accident forgiveness coverage all provide additional protection and peace of mind. We break down a few of the most popular types of optional car insurance coverage below:
Collision coverage protects the policyholder if they get into an accident with another vehicle or object on the road, no matter who is at fault for the accident. Under the collision coverage section of your policy, you can receive compensation to help pay for any property damage that resulted from the accident, such as a damaged car in need of repair.
Comprehensive coverage can protect your coupe from non-collision-related incidents. With this type of coverage, if your coupe is damaged by an insured peril, like theft, vandalism, falling objects, water damage, or fire, your insurance provider may cover the cost of repairing or replacing it.
Accident forgiveness coverage
One final type of optional car insurance coverage popular among drivers is accident forgiveness. Accident forgiveness is additional coverage that can be added to your coupe insurance policy as an endorsement, to protect your driving record and to help prevent your insurance premium from increasing if you have an at-fault accident claim. Note: coverage varies by province.
What factors determine auto insurance rates?
A multitude of factors are used to determine auto insurance rates in Canada. Insurance companies consider things from a driver’s age and marital status to their driving record and the make and model of the vehicle they own. The following is a list of the most common factors that influence coupe insurance rates compiled by the experts at BrokerLink:
- Driving record
- Driving history
- Claims history
- Local laws
- Make, model, and year of your vehicle
- Coverage, limits, and deductibles
- How frequently you drive your car
- Marital status
Eight tips to reduce insurance premiums
Looking for ways to save money on car insurance? We’ve put together a list of tips to help you lower your insurance premium and ultimately save money on coupe insurance:
Increase your policy deductible
A quick way of lowering your insurance premium is to increase your policy deductible. Most insurance companies will agree to lower your rates if you take on the responsibility of a higher deductible. Raising your deductible by $1,000 or even $500 can be enough to impact the cost of coupe insurance. But before increasing your policy deductible, be sure to speak with an expert broker about the consequences of doing so.
Pay annually rather than monthly
Paying for coupe insurance annually rather than monthly might save you money on insurance. Insurance companies often charge an administrative fee when you make a payment, which means the more payments you make, the more expensive your coupe insurance will be. That is why, if it’s feasible, we recommend making a one-time payment each year rather than a payment every month.
Insure multiple vehicles together
If there is more than one vehicle in your household, we recommend insuring them together. Buying more than one car insurance policy from the same provider can make you eligible for a discount of between 15% and 20% on each policy.
Bundle business insurance or home insurance with coupe insurance
Buying multiple types of insurance from the same provider can also save you money on coupe insurance. For example, purchasing home insurance, business insurance, or recreational vehicle insurance on top of coupe insurance from the same insurance company could result in savings of up to 15% per policy.
Install winter tires on your coupe
Installing winter tires on your coupe has another benefit beyond safety. Insurance companies may give you a discount of up to 5% on your car insurance if you keep snow tires on your car during a set period of time over the winter. This is because insurers know that snow tires perform better in winter conditions, reducing your odds of getting into a collision.
Enrol in an approved driving course
Young drivers can lower their premiums by enrolling in and graduating from an approved driving course in their province. Many insurers offer discounts to drivers who complete driving programs, as they recognize that taking lessons makes for a safer, more responsible driver who is less likely to get into an accident.
Buy a hybrid or electric coupe
Another way to lower your insurance premium is to buy a hybrid or electric coupe. Car insurance companies across Canada have begun offering discounts to drivers of hybrid or electric vehicles. Therefore, purchasing a coupe with an electric or hybrid engine will not only save you money at the gas pump, but it could also save you up to 10% on coupe insurance.
Maintain a clean driving record
Maintaining a clean driving record is one final way to lower your insurance premium. If you practice safe and responsible driving by obeying the rules of the road, you will be more likely to avoid an accident. In turn, you can maintain a clean driving record which can allow you to qualify for a lower insurance rate.
Why purchase coupe insurance from BrokerLink
Whether you drive a coupe, sports car, or truck, shopping for car insurance is no easy feat. With so many insurance providers and coverage options, you can spend hours scouring for the right policy. But it doesn’t have to be this way. BrokerLink makes shopping for coupe insurance easier than ever before. We take the stress out of car insurance shopping by doing the work for you. Thanks to our expert advice and quality insurance solutions, finding the right auto insurance policy for you and your family is hassle-free. Check out three reasons to enlist the help of a BrokerLink insurance advisor today:
1. Brokers work independently of insurance companies
Unlike insurance companies that represent themselves, insurance brokers operate independently. This allows us to prioritize our clients - always. When you contact BrokerLink, you can count on us to offer objective, unbiased advice on the best insurance policies for you and your family.
2. Brokers do the work for you
Another reason to purchase coupe insurance from BrokerLink is that we do the work for you. When you contact us, you will be assigned a dedicated insurance advisor, whose job it is to get to know your insurance needs. From there, they will get in touch with Canada’s top insurance providers and obtain quotes, compare policies, and unlock insurance discounts.
3. Brokers are auto insurance experts
The last reason to work with BrokerLink is that we have a team of expert insurance advisors. Our advisors are fully licensed and have helped thousands of Canadians find the right policies for their coupes. We will not only help you find a policy that complies with provincial law but also one that meets your needs and protects your vehicle.
Contact BrokerLink for a free coupe insurance quote today
Still have questions about coupe insurance? Get in touch with BrokerLink.
Start saving time and money by contacting us today. Our team of insurance advisors is always on hand to answer your questions, walk you through your policy options, or provide you with a free quote. We can be reached by phone, email, or in person at any of our locations across Canada.
We also invite Canadian drivers to take advantage of our free auto insurance quotes. Using our online quote tool, you can receive an accurate and competitive quote in as little as five minutes. Plus, all BrokerLink car insurance quotes are 100% obligation-free, meaning you have nothing to lose and everything to gain by contacting us today.
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