Auto Insurance Companies In Toronto - Confused about car insurance in Toronto? Break down the insurance buying process, including the types of insurance available, minimum requirements, and ways to save money.
Buying car insurance in Toronto can be a daunting task. With so many options, I can't help but feel a bit overwhelmed. However, with a little guidance, you can become a master insurance buyer and save money along the way. The Toronto Auto Insurance Guide helps you learn about the types of insurance available in Ontario, the state's minimum insurance requirements, where to buy insurance, and how to save on premiums.
Auto Insurance Companies In Toronto
There are many types of car insurance in Ontario, from covering only damage to someone else's property to covering the entire car. Below is a brief description of each option.
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Liability insurance, also called third party liability insurance, is the minimum auto insurance coverage required in Canada. This includes injury or death and any physical property damage resulting from an automobile accident for which you are responsible.
For example, if you get into an accident and damage someone else's car, your liability insurance will repair their car to the extent of your policy, but not your car. It also covers medical expenses incurred by the person you hit, but not yours.
Collision coverage covers liability by also covering the policyholder's vehicle. In the event of an accident due to your negligence, your insurance covers damage to your vehicle and injuries as well as the person hit by the car and their medical bills.
As its name implies, comprehensive coverage is the most extensive of all auto insurance coverage. Comprehensive auto insurance generally covers all collision coverage and covers other damages such as vandalism, theft or flood damage.
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Guaranteed Property Protection (GAP) insurance is a type of supplemental insurance that covers a standard insurance policy.
Canadian car insurance companies pay the car's market value if it is damaged beyond repair or stolen beyond repair. If your car is financed and your equity is negative (meaning you owe more on the loan than the market value of the car), you will pay the remaining balance to the lender. The GAP insurance balance pays off this balance to pay off the full amount of the loan.
Clutch has GAP insurance on all pre-sale vehicles. Our team analyzes your purchases and loans and only offers GAP insurance where it makes sense (eg if you have a long-term loan that exceeds your car loan). We do not offer GAP coverage if the purchase does not require it.
Only liability insurance is required in Canada, but if you buy auto insurance in Toronto, the Ontario Insurance Act applies.
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Minimum insurance coverage in Ontario starts with a minimum third party liability coverage of $200,000. However, your insurance should have statutory accident coverage to cover you if you are injured in a motor vehicle accident, whether through negligence or not. These benefits include:
Auto insurance in Toronto must include Direct Liability-Property Damage (DC-PD) coverage. DC-PD can pay the insurance company directly for use of the vehicle and loss of contents, even at fault of the other party.
Finally, Ontario car insurers must include coverage for uninsured drivers. Provides coverage for collisions or collisions or damage or injury caused by an uninsured driver.
Toronto drivers who finance their cars may have different insurance requirements because lenders want to protect their assets. Other than Ontario's mandatory insurance laws, there is no provincial or provincial law surrounding minimum auto insurance policies for loaned vehicles.
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However, your lender determines the policy minimum. Please refer to your financial documentation for this minimum guarantee. If your car insurance coverage is not sufficient, your lender may purchase and bill you for its own insurance.
The average car insurance premium across Ontario is $616 per year. Toronto is one of the most expensive cities for car insurance, with Toronto drivers paying an average of $2,201 per year.
Torontonians who live downtown or downtown can expect to pay higher car insurance premiums ranging from $2,202 to $3,000 per year.
When shopping for auto insurance quotes, it's easy to see that there are numerous auto insurance companies out there. Some of these companies may be big ones you've heard of everywhere, and others you may not have heard of. What's the best option? Let's look at the pros and cons of each.
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Large insurance providers are great for several important reasons. First, we have the widest range of insurance products to meet a variety of needs. Some also offer home insurance that allows you to stack two covers for an added discount.
The major insurance companies also have a variety of contact methods and are available 24/7 for claims and questions. They can also offer a wider range of payment options and a more robust website so you can quickly change your policy without calling the office.
But because it's so large, it's rare to have a dedicated agent who knows the situation. Instead, when you call, the first person available will speak to you. They may also not be able to offer the same tailored pricing as smaller companies, which can lead to higher premiums.
Smaller insurance companies have several advantages, starting with the ability to offer more tailored policies instead of a few canned policies that larger companies offer to everyone. As a result, you get a better tuned policy at a lower cost.
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Smaller insurance companies may have a single agent who deals directly with you. Over time, this agent will learn more about your situation and provide more policy options.
By nature, there are several downsides to using a small insurance company, starting with slow contact times. Policy changes may take longer. For example, if you buy a new car, you may not be able to add it to your insurance until the next day.
There is also the risk that smaller insurers may not have the funds to cover all the vehicles they insure. This may cause the company to go out of business.
Whether online or in person, there is no shortage of places to shop for auto insurance quotes. The key is to get as many citations as possible, but make sure they are a homogeneous comparison in terms of coverage.
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The original way to buy car insurance was to contact your local insurance agent. Various insurance companies have agents in each region. These agents usually have a small office where they do business, and you can contact them to talk over the phone or stop by for an on-site quote.
It's a more tedious process, but you can often get the policy you need because the broker knows the ins and outs of the insurance company he represents.
Auto insurance brokers are essentially auto insurance professionals who shop multiple auto insurance companies for the best prices. The advantage they offer is that they provide superior experience in the auto insurance industry, giving them an edge over agents that specialize in offers from only one insurance company.
The downside of brokers is that they often work for commission and may want to upsell on policy renewals that are not required.
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Online insurance collectors figure out your insurance needs and submit them to multiple insurance companies. The insurance company then aggregates the quote and sends it to you via email or through an interface on the aggregation website. You then select the policy you want and complete the paperwork with the insurance carrier of your choice.
Bulk quotes are great for shopping, but these aggregators have significant drawbacks. First, the quote is based on limited information provided by the aggregator, so it may not provide all the coverage options you need. Limited information also means that quotes received from collectors may not be accurate. Lastly, these aggregators usually work on a commission structure so they can promote the companies that offer the highest commissions.
In today's digital world, it's easier than ever to visit an insurance company's website and purchase car insurance on demand. This will get you the lowest price in the end, but you will have to send the information to multiple companies. The main downside to buying directly from an insurance company is that it takes time and effort. You should determine the type of coverage you need based on local laws and lender requirements.
These variables determine the base premium, but there are ways to get discounts and lower totals.
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