Finding the right car insurance policy requires some research. In addition to affordability, there are also other factors to consider when choosing what company to purchase your auto insurance from. There is a balance of cost and coverage to be considered, in addition to factors like your driving risk factors. High risk car insurance in Ontario can sometimes seem like the balances are weighed against drivers.
Industry standards dictate car insurance costs, but each insurance company calculates the risk factors in different ways. These standards result in a variation of what an auto policy includes, as well as the price a customer will pay to get that auto insurance policy.
Getting Car Insurance in Ontario
Purchasing car insurance as an Ontario driver doesn’t have to be stressful or confusing. Many auto insurance companies are working in the province who have years of experience insuring drivers of diverse backgrounds. Variations in insurance policy costs will depend on the driver in question, as well as how the insurance company calculates their risk.
There are a few factors that will influence car insurance rates in Ontario. They include, but are not limited to:
- The driver’s age
- Driving experience, or how long they’ve had a license
- Insurance history
- Address
- Gender
- License class
- Tickets
- Previous insurance claims
- License suspensions
- Gaps in insurance coverage
- Nonpayment of premiums in the past
What kind of car you drive can also influence the cost of your vehicle insurance. These factors include:
- Make
- Model
- Year
- Usage or commuter status
- Condition the car was purchased in
- When the vehicle was purchased
- If the vehicle was bought new or used
- If the car has an alarm system or not
Car Insurance Coverages
What you need your car insurance to cover can also affect the overall cost of the policy. Car insurance coverages in Ontario can include liability insurance, accident benefits coverage, comprehensive and collision insurance, coverage for rental cars, accident forgiveness, and a deductible.
In most cases, the more coverage that you choose to have on your policy, the more expensive the policy will be. However, it may not be that much more to add on additional protections. A driver’s history and the kind of vehicle they drive tend to be the most influential factors in determining how much an insurance policy will cost.
High-Risk Car Insurance Coverage in Ontario
A high-risk driver may have had multiple insurance claims in the past, have tickets for traffic infractions, limited driving experience, license suspensions, or cancellation of insurance because of nonpayment. The driver’s history will be a major factor in how an insurance company assesses the cost of the car insurance payment.
A high-risk driver is someone who has had incidents in the past that cost the insurance company money. They are considered to be high risk because they are more likely to make an insurance claim. Auto insurance is designed to be there in case of incidents involving vehicles and their drivers, but drivers who have filed multiple claims are more risky to insure than the average driver.
As a high-risk driver, it’s not impossible to get auto insurance that you can still afford. However, because of these infractions, it may be more expensive to get insurance than for a driver who is not considered to be high risk.
High-Risk Car Insurance Costs
The best way to lower your payment is to create a better driving record day by day. The better and cleaner your driving record is, the lower your premiums will be in the future. On average, a driver with no infractions will pay about $160 per month for their auto insurance policy in Ontario.
Drivers with two or fewer infractions in the last three years will pay about $200 per month. Drivers with a suspended license in the previous six years or two or more infractions in the previous three years can pay upwards of $270 for their auto insurance premium.
Newer drivers and younger drivers (those under the age of 25) will also experience increased insurance costs simply because of their lack of time on the road. If driving infractions are added onto their already increased payments, the cost of their auto insurance premium could go up even more.
To learn more about high-risk car insurance in Ontario, contact us at 1-855-385-4226. Our licensed professionals will be happy to answer any questions that you have.
