Options for Car Insurance in Hamilton & Mississauga
Required by law across Canada, Hamilton car insurance covers the owner/driver, passengers, pedestrians and property affected by a vehicle collision. Once behind the wheel, the possibility of something going very wrong is very real. As a driver, the life and property of your passengers, fellow drivers and pedestrians is in your hands. Whether you’re just learning, commute every weekday or enjoy Sunday drives in your classic car, it’s important to understand how car insurance in Hamilton, Ontario works.
On June 1, 2016, the accident benefits included in Ontario standard car insurance policies changed.
The Ontario government introduced these changes to make premiums more affordable, offer greater choice for consumers and improve the overall system. While in some circumstances the reforms affect the monetary amount of accident benefits that an individual may receive for injuries sustained in a collision, they do not affect access to the treatments and benefits needed to recover.
For a full account read the Insurance Bureau of Canada document – Understanding Car Insurance in Ontario
How Car Insurance Premiums are calculated
A car, whether right off the assembly line or new to you, can be one of the biggest investments you make. Insurers assess many factors – including your driving record – when calculating your premium. Generally, the harder your car is to steal and the less expensive it is to repair, the less you pay for insurance. To set a premium to insure your vehicle, insurance companies consider many variables, including:
- The vehicle’s make, model and production year
- The driving records of the individuals who may drive the vehicle
- Where you live
You can lower your premium by making informed decisions. Generally, the harder your vehicle is to steal and the less expensive it is to repair, the less you pay for insurance.
READ MORE – Save on your New Car Insurance
Getting an Insurance Quote? Here’s How to lower your Premium.
Provide your car’s vehicle identification number or VIN to your insurer. Some cars are more expensive to insure. Without the correct VIN, you could be quoted a premium for a different – more expensive make or model – car.
To save money, you can also:
- Increase your deductible (i.e., your share of the cost of a claim)
- Drop collision coverage on an older car
- Look into a package deal for your car(s) and home
- Install an approved theft deterrent system in your car
A Good Driving Record Can Reduce Your Premium
License suspensions, parking tickets and convictions for driving offenses all add up to higher car insurance premiums. In fact, after being convicted of a driving offence, it can take up to 6 years for your record to be considered clean again by insurers. Over the years, building a consistently accident-and conviction-free driving record can help reduce your premium. You can also:
- Adjust how frequently you use your car
- Take public transit to keep your annual kilometres low
- Exclude high-risk drivers from your policy
How CLEAR and Telematics Can Save You Money: Car Insurance Ontario Acumen Insurance Hamilton
Insurers use the Canadian Loss Experience Automobile Rating (CLEAR) system to assess the likeliness of your car being involved in a claim and what it will cost. Current data for each make, model and model-year of car is used to calculate expected and actual claims loss experiences. Choose a car with a lower claims risk and CLEAR number and you can expect a lower premium.
You can also learn about new cost-savings offered by telematics. By installing a technology device in your car that records your driving activities, insurers can use this information to personalize your insurance premium.