Mandatory insurance coverage in Orillia
First thing’s first, it’s important to note that auto insurance is a legal requirement in the province of Ontario. This means that driving without insurance is illegal, and if caught, you could face serious consequences. Uninsured motorists in Orillia can be fined up to $25,000 for a first offense and up to $50,000 for a second offense. Therefore, failing to purchase car insurance is simply not worth the risk.
For your car insurance to be valid in Ontario, it must meet the minimum requirements set by the provincial government. The minimum requirements are the specific types of coverage that your auto insurance policy must include. This coverage is mandatory for all drivers, regardless of whether you own or lease your vehicle, and it’s designed to protect everyone on the road. The coverage that must be included in your Orillia car insurance policy is outlined below.
Third party liability coverage
Liability coverage is a key component of all car insurance policies. This type of coverage helps cover the costs associated with bodily injury or property damage, should you be involved in an accident that you are at fault for. Expenses that liability coverage can help cover include medical fees, vehicle repair fees, and legal fees. Ontario drivers must carry with them $200,000 in third party liability coverage at all times.
Accident benefits coverage
Accident benefits coverage is applicable if you, a passenger, or a pedestrian requires medical attention following an accident. No matter who was at fault for the collision, this type of coverage can be claimed. Car insurance policies typically have specific limits as to how much coverage can be claimed, so be sure to understand this before purchasing a policy.
If you get into an accident that you are not at fault for and suffer an injury or property damage as a result of the accident, you can receive money through direct compensation. To make a direct compensation claim, you must contact your insurance company directly.
Uninsured automobile coverage
Uninsured automobile coverage is one final type of mandatory car insurance coverage. This type seeks to protect you, as well as any passengers in your vehicle, should you get into a collision with an at-fault driver who is uninsured or underinsured.
How Orillia car insurance premiums are calculated
Calculating insurance premiums is a complicated process. There are several factors that insurance companies take into account, like a driver’s age, marital status, claims history, and more. To prepare yourself for the questions an insurance company will ask, Orillia drivers might wish to know the specific factors that affect car insurance premiums. A list of the most common factors affecting the cost of car insurance is as follows:
- Driving experience
- Driving record
- Make and model of vehicle
- Past claims
- Annual mileage
- Prior insurance coverage
- Your deductible
- Local laws
- How you use your vehicle
- Marital status
How to reduce the cost of auto insurance in Orillia
No one likes paying more than they have to, especially when it comes to insurance. Although car insurance has many benefits, it doesn’t come cheap, which is why learning what you can do to keep costs down is critical. Partnering with an insurance broker is one of the best ways to ensure you are getting the most comprehensive coverage possible at the most affordable price. Plus, insurance brokers are experts in their field, meaning they know what you can do to save money on car insurance. With the help of BrokerLink’s insurance advisors, we’ve put together a list of ways to reduce the cost of auto insurance.
Install winter tires on your car
Drive safer and save money on car insurance by investing in winter tires. Winter tires offer greater traction on snow or ice-covered roads, minimizing your risk of getting into an accident. Insurers recognize this and will often reduce insurance premiums for drivers with winter tires. Discounts vary by the insurance company, but Orillia motorists may save up to 5% on their car insurance by installing snow tires.
Raise your deductible
Increasing your deductible is one of the easiest ways to save money on car insurance. A general rule within the insurance industry is the higher your deductible (the amount of money you are responsible for paying towards an insured loss), the lower your premium. In Orillia, auto insurance deductibles average $500, so to save money, you might wish to consider raising your deductible to $1,000 or more. That said, raising your deductible is not a decision that should be made lightly. Contact a trusted insurance broker who can provide their unbiased opinion as to whether raising your deductible is a smart choice for you.
When purchasing car insurance, opt for one annual payment versus monthly payments. Paying for auto insurance monthly almost always ends up costing you more in administrative fees.
Insure multiple vehicles together
Do you own more than one car? Do yourself a favour and insure them together. Insuring multiple cars at once can save you between 15% and 20% on each respective car insurance policy.
Combine multiple insurance policies into one
Another rule of thumb in the insurance industry? The more insurance you buy from one provider, the less expensive your insurance will cost. So if you’re in the market for more than just car insurance (perhaps you recently bought a new home and require home insurance, or started a new business and require business insurance), we recommend purchasing both from the same provider. Doing so can result in savings of up to 15% on each respective policy.
Buy an electric vehicle
One final way to reduce your insurance premium is to invest in an eco-friendly vehicle. Insurance providers across Ontario have begun offering discounts to drivers of hybrid or electric vehicles. So by purchasing an EV, you’ll save money on gas, as well as car insurance.
Get in touch and receive a free car insurance quote today
Learn more about Orillia car insurance by contacting BrokerLink today.
We have the resources and expertise to find a car insurance policy that suits your needs. Let us take on the tedious job of browsing through policies and comparing quotes while you spend your weekends enjoying time with the family or binging a new TV show.
Get started today by contacting us or requesting a free quote. Here at BrokerLink, we are happy to take your calls, answer your emails, or chat with you in person at one of our many locations across Ontario.
We also offer free quotes to all Orillia drivers. To take advantage of this, click the “Get a quote” button in the top right-hand corner of this webpage. After filling out some basic information about yourself, such as your age, address, and the make, model, and year of the car you drive, you’ll receive an accurate and competitive quote in just 5 minutes.
Still have questions? Contact us using your method of choice and we’ll get back to you in no time. We can’t wait to be part of your car insurance journey.