How Is Car Insurance Calculated in Ontario

car insurance in Ontario

The best way to shop around for car insurance is by using a car insurance calculator to obtain the best cost for the required coverage. This allows individuals to shop for car insurance from the comfort of their own home any time of the day or night. Utilizing a car insurance calculator allows users to obtain numerous quotes in a very short period of time. This saves users time and money. 

How Is Car Insurance Calculated in Ontario

Car insurance is calculated in Ontario based on several factors. These factors include:

  • Year, make and model of the vehicle
  • Where you live
  • Age
  • Gender
  • Amount of daily use
  • Purpose of use
  • Annual mileage
  • Driving record history
  • Insurance history
  • The claims policy of the insurance provider
  • Possible discounts you may qualify for

Benefits Of Using A Car Insurance Calculator

There are many benefits to using a car insurance calculator. Insurance companies may use slightly different car insurance calculators, however, the basis your car insurance is determined is much the same. Drivers can utilize an insurance provider’s car insurance calculator tool online for quick and convenient car insurance quotes. This provides the driver’s ability to determine the best possible coverage for their car and the best possible cost for that coverage. Driver’s seeking car insurance quotes by using a car insurance calculator can also obtain quotes to include additional coverage they may want to add to their policy. 

How Much Car Insurance Do I Need Ontario?

Car insurance is mandatory for all drivers in Ontario. According to FSCO rules, all drivers must carry a minimum of $200,000 in third party liability coverage. However, many insurance providers require their clients to carry a higher amount of liability coverage such as $1 million or even $2 million. While the minimum coverage is mandatory, many Ontario drivers add-on to their insurance policies for better coverage. There is a range of different add-ons available to suit your needs. There are different types of car insurance policies. These include standard coverage, advanced coverage, and custom coverage car insurance policies. 

Standard Coverage

A car insurance standard coverage policy includes mandatory coverages in Ontario. The mandatory coverages required for Ontario drivers include:

  • Liability
  • Accident benefits
  • Direct compensation – property damage
  • Uninsured automobile 

A standard coverage car insurance policy includes comprehensive and collision coverage without endorsements.

Advanced Coverage

An advanced insurance policy coverage includes all standard coverage as well as enhanced coverage of comprehensive, collision, and endorsements including coverage for loss of use, depreciation waiver coverage, and rental car insurance. 

Custom Car Insurance Coverage

Ontario drivers have the option of choosing a customized car insurance policy, providing all the mandatory coverage is included. Custom car insurance coverage may include specific perils. 

Car Insurance Comparison Sites

There are many car insurance comparison sites available online that allow users to obtain car insurance quotes from all the network’s affiliated insurance providers. These great methods for obtaining car insurance quotes through their car insurance calculator tools provide users with an easier way to obtain the best coverage at the best rate.

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