What is mandatory car insurance in Stratford?
Auto insurance is not optional in Ontario. On the contrary, it is mandated by law, which means all Stratford drivers are legally required to have current, up-to-date car insurance at all times.
Further, according to the provincial government, for your car insurance policy to be valid, it must include certain types of coverage. For example, all Ontario drivers must carry a minimum of $200,000 in third party liability coverage.
Failing to obtain insurance, letting your existing policy expire, or purchasing insurance that does not meet the minimum requirements set by the province can all result in a serious fine.
For the first offence in Ontario, Stratford drivers can be fined anywhere between $5,000 and $25,000. For a second offence, you may incur a fine as high as $50,000. (There is also a 15% surcharge applied to all fines which the driver is responsible for paying.) Thus, we do not recommend driving without insurance in Stratford. If you need to purchase car insurance, contact your local broker who will ensure you choose a policy that meets the provincial requirements and offers the financial protection you require.
To better understand mandatory car insurance in Ontario, we’ve broken down a list of the types of coverage you are required to carry. Compulsory auto insurance is made up of many components, including third-party liability coverage, uninsured automobile coverage, and accident benefits coverage. Comprehending each is crucial to understanding the benefits of purchasing car insurance. The four types of coverage your Stratford car insurance policy must include are below:
Third-party liability coverage
Liability coverage is a critical component of any car insurance policy in Stratford. This type of coverage offers protection if you are injured or your vehicle is damaged in an accident that you caused. This type of coverage can help pay for medical expenses, vehicle repairs, legal counsel, or court fees. As mentioned above, Ontario drivers are required to carry $200,000 in third party liability coverage at all times.
Direct compensation can help if you get into a car accident you are not at fault for. Whether you suffered an injury or your vehicle was damaged, you can file a claim directly with your insurance company to receive compensation.
Uninsured automobile coverage
Uninsured automobile coverage protects 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.
Accident benefits coverage
If you, a passenger, or a pedestrian requires medical attention following an accident, no matter which party was at fault for the collision, accident benefits coverage can help cover the costs. While health insurance often covers the cost of most medical expenses, it may not cover certain expenses such as physical therapy or rehabilitation. If this is the case, accident benefits coverage comes in handy.
How are Stratford insurance premiums calculated?
Insurers consider a variety of factors when calculating car insurance rates. Although most drivers would prefer to pay less for car insurance, several factors that determine your premium are ultimately out of your control. For example, age and gender are two details that can impact your car insurance rate. To better understand how Stratford insurance premiums are calculated, we’ve compiled a list of the most common factors that impact car insurance rates today:
- Driving experience
- Driving record
- Type of vehicle you drive
- Claims history
- Annual mileage
- Prior insurance coverage
- Your deductible
- Local laws
- How you use your vehicle
- Marital status
Please note that insurance brokers like BrokerLink are not insurance providers and therefore, we do not determine your car insurance rate. However, our expert insurance advisors can provide accurate quotes and search the market on your behalf to ensure you find the best coverage for the best price.
How to get cheap car insurance in Stratford
While purchasing auto insurance is always a wise decision, there’s no denying that it can be expensive. On average, car insurance in Ontario costs drivers between $1,300 and $1,800 annually. However, there are ways to reduce how much you pay. With the help of BrokerLink’s knowledgeable insurance advisors, we’ve put together a list of tips for getting cheap car insurance in Stratford.
- Choose annual over monthly payments
- Purchase car insurance for more than one vehicle (savings of up to 20%)
- Bundle insurance policies (i.e. buy home insurance + car insurance or business insurance + car insurance etc…) and purchase them from the same provider (savings of up to 15%)
- Install winter tires on your vehicle (savings of up to 10% in Ontario)
- Purchase a hybrid or electric vehicle (savings of up to 5%)
- Increase your deductible
- Enrol in driving school (for young drivers)
Advice for young drivers
Driving for the first time can be daunting. Between the passing cars, varying speed limits, and busy intersections, getting behind the wheel is stressful, especially for new drivers. To help you adjust to life on the road, here are our top four safe driving tips for young drivers in Stratford.
Give yourself extra space
Always give yourself extra space on the road. Space translates to time, and the more time you have to react to a situation, the better the outcome will be. Try to leave two car lengths between you and the car in front of you at all times. This distance should be even greater when travelling at high speeds, such as on a highway, or when driving in inclement weather like rain, snow, or fog.
Driving slowly is key. Whether you’re a new driver or a seasoned veteran, slowing down will significantly reduce your odds of getting into an accident. So when you’re on the road, remember to remain calm, take a deep breath, and drive the speed limit. If you start to get nervous, you can even drive a little bit below the speed limit. If you’re driving through a construction zone or in poor weather conditions with reduced visibility, driving slowly is even more important.
Be aware of your surroundings
One of the best driving habits you can adopt is to be aware of your surroundings. Being aware of your surroundings means keeping track of all cars near you. When looking forward, take note of the vehicle directly in front of you, as well as those on either side of them. In addition, check your rear-view and side mirrors every few seconds so you’re aware of what’s going on behind and beside you.
Enrol in driving school
Our top piece of advice for new drivers? Attend a driving school. Receiving formal instruction from a professional is one of the best ways to develop safe driving habits and hone your skills. Most driving schools in Ontario offer a combination of in-class and in-car lessons. Enrolling in a driving course will give you a chance to practice with someone other than your family (which we all know can be stressful), as well as reduce how much you pay for car insurance. Many Ontario insurance providers will lower your premium if you can prove you attended driving school.
The right approach to insurance
Shopping for car insurance just got easier thanks to BrokerLink. If you find car insurance to be overwhelming, then enlisting the help of your local broker is a no-brainer.
Brokers work for the customer, not the insurance companies, so when you choose BrokerLink, you can rest easy knowing we have your best interests at heart.
We take the time to get to know each of our customers in order to find a car insurance policy that meets their needs. Once we’ve found you a policy, one of our experienced insurance advisors will walk you through it to ensure you understand every detail.
For car insurance made easy, partner with BrokerLink today.
Get a free Stratford car insurance quote today
Interested in learning more about Stratford car insurance? You’re in luck because BrokerLink is always available to answer your questions.
As one of the top brokerages in Ontario, our team of insurance advisors are experts in their field and can help you find the perfect car insurance policy for you and your family.
Get in touch today by giving us a call, contacting us online, or visiting us in person at one of our many Ontario locations.
What are you waiting for? Start your car insurance journey with BrokerLink today.
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