Insurance can be confusing, especially when it comes to auto insurance. However, every day at isure, we strive to help our clients navigate the world of auto insurance as easily as possible. A big part of this includes answering all of your auto insurance questions! We want you to find a great policy at the best price, and we want you to understand what you’re paying for fully. We have gathered some of your most common auto insurance questions and answers that you’ll find helpful. Why? Because we don’t work for the insurance companies, we work for you.
Is It Cheaper to Bundle Auto and Home Insurance in Ontario?
Yes! This will save you money on auto insurance by bundling it with another policy under the same provider. You will also save money on the policy you bundle with! “Bundling” insurance policies is when you purchase multiple insurance policies from the same insurance company—for example, purchasing an insurance policy for your vehicle, home, and boat from the same company. The discount amount depends on your coverage needs. Some customers can save hundreds when bundling insurance policies! In Ontario, many insurers offer 10% to 25% discounts when you combine policies. You may open yourself up to benefits that might otherwise not be available to you.
Can I Get Car Insurance the Same Day in Ontario?
If you have requested a quote and found a policy you are happy with, it is definitely possible to start the policy immediately! When you request a quote, you can set the policy start date. This is where you choose whether to have the policy begin as soon as possible. If you want to set a future date for it to take effect, you can do that as well. This is especially useful if you currently have a policy with a different provider that has not yet expired, and you do not plan to renew with them. This is definitely one of the more common auto insurance questions we receive!
What’s the Difference Between Basic and Full Coverage Auto Insurance in Ontario?
One of the most common questions we receive is what the difference between full and basic insurance coverage is. Both are worth considering when you’re looking for auto insurance.
What Is Basic (Mandatory) Auto Insurance Coverage in Ontario?
Basic auto insurance coverage is the minimum level of coverage required by law to drive. In Canada, this typically includes third-party liability coverage for injury or property damage you cause to others, accident benefits that help cover medical expenses and income replacement for you and your passengers, uninsured automobile coverage, and direct compensation–property damage where applicable. While this coverage keeps you legally insured, it does not pay for damage to your own vehicle if you are at fault, nor does it cover losses caused by theft, vandalism, fire, or severe weather. Basic coverage is often most suitable for older or lower-value vehicles where the cost of repairs or replacement could be managed out of pocket.
What Is Full Coverage Car Insurance in Ontario?
These typically include collision coverage, which helps pay for repairs or replacement if your vehicle is damaged in an at-fault accident or collision with an object, and comprehensive coverage, which protects against non-collision losses such as theft, vandalism, fire, hail, flooding, or falling objects. Many drivers do not opt for full coverage if cost is a major consideration. But while it is more expensive than basic coverage, it can provide you with peace of mind knowing that, no matter what happens, your car will be covered. Also, depending on where you live in Ontario, this type of coverage may be a better overall investment.
How Much More Does Full Coverage Car Insurance Cost Compared to Basic Coverage?
The cost difference between basic and full coverage car insurance can be significant. The exact number depends on your specific details, so there’s no way to provide a direct answer to this question. Often, it’s more than 50% less to choose liability-only than full coverage. But you should consider many factors before choosing to go the liability-only route. These factors include the value of your car, your driving history, where you typically drive, and more. Though it will usually cost more, it is generally recommended to have full car insurance coverage in case of emergencies.
Is There a Penalty for Cancelling Car Insurance Early in Ontario?
Unfortunately, in most cases, you will be required to pay a fee if you want to cancel your insurance policy early. Administrative fees may also apply. For some insight into how much it might be, use our online Cancellation Cost Calculator or read our article here.
Do Demerit Points Affect Your Car Insurance Rates in Ontario?
Contrary to popular belief, demerit points themselves do not have an immediate effect on your car insurance. However, the circumstances in which you receive your demerit point(s) will most likely affect your car insurance. Speeding tickets, DUIs, and other traffic violations can increase your car insurance premiums and result in demerit points. If you rack up too many, you may also risk your licence being suspended.
Why Does isure Need My Driver’s Licence Number for an Auto Insurance Quote?
Car insurance can only be sold to people with a valid driver’s licence. In fact, because your auto insurance quote is tied to your driver’s licence, you will need it to request a quote. Here are some reasons why insurance providers may need your driver’s licence:
- Verify your driving history, including convictions, suspensions, and licensing timeline
- Confirm your identity and prevent fraud
- Ensure all licensed drivers in your household are disclosed (a legal requirement)
You can rest assured that isure takes great care to protect our customers’ data. Thus, using our online quoting system to get your car insurance quote is always safe and secure.
What Are the Cheapest Cars to Insure in Ontario?
Generally, the cheapest cars to insure in Ontario are often the best-selling and safest on the road. Here is a list of the least expensive vehicles to insure. These are not in any particular order, and are all incredible options when it comes to safety and acquiring cheap insurance premiums:
- Chevrolet Spark
- Volkswagen Golf
- Mazda 3
- Chevrolet Cruze
- Toyota Corolla
- Mitsubishi Elantra
- Kia Forte
- Toyota Camry
- Honda Civic
What makes them so cheap to insure is a variety of factors. For example, many of the cars that are cheapest to insure are also some of the best-selling vehicles to date. These cars are inexpensive to buy and repair, particularly given the availability of parts. As such, these make these vehicles significantly cheaper to insure.
Still Have Auto Insurance Questions? Talk to an Ontario Insurance Expert Today
We hope we answered some of your burning questions about auto insurance! If you have more questions or would like to discuss a new or existing policy, contact us today!
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