WHAT YOU NEED TO KNOW ABOUT CAR INSURANCE IN ONTARIOWe have compiled some of the most relevant information about Ontario car insurance numbers from top sources to help further assist you in understanding how your auto insurance premiums are determined.
Ontario is the most populated province in Canada, so it stands to reason it also has the most cars and drivers. Whether you are driving in Ontario or somewhere else in Canada, you want to be sure you are getting the best possible auto insurance coverage in Ontario for the best rates.
People Live in Ontario
Licensed Drivers in Ontario (72% of all Canadian drivers)
Ontario Rates Ranked (British Columbia is the most expensive)
New Drivers Licensed in Ontario Annually?
Issued or Renewed Licenses Annually in Ontario
Average Cost of Car Insurance in Ontario ($1505 per year)
What Does My Auto Insurance Policy in Ontario Cover?
Auto insurance is designed to protect you in several ways. The primary reason you should buy auto insurance is it protects you against liability when you are involved in an auto accident where you are responsible for someone else’s injuries or property damage.
Direct Compensation-Property Damage (DC-PD) is coverage that protects you and your vehicle. It covers your auto and its contents as well as the loss of use of your auto, and the payment will come directly from your insurance provider. DC-PD only applies if the accident occurs in Ontario and there was more than one vehicle involved. Also, at least one of the other vehicles must be insured by a company that is licensed in Ontario or has a special agreement with FSCO to provide insurance coverage.
Collision coverage is optional and covers your car. It is a valuable coverage to have if an accident does not qualify for DC-PD and you want to ensure you can get your car fixed.
Statutory accident benefits coverage pays for your medical bills if you are injured in an auto accident regardless of who caused the accident, and it pays for income loss as well.
There is always a concern that another driver will not have auto insurance. Therefore, auto insurance in Ontario includes uninsured automobile coverage to provide coverage if you or your passengers are killed or injured by an uninsured motorist or hit-and-run driver.
These are the basic auto insurance coverages in Ontario, and you can add extra coverages by endorsement or increasing certain limits.
How Does Ontario Compare to Other Provinces
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Auto Insurance Is Required by Law in Ontario
What happens if you do not have auto insurance? The Financial Services Commission of Ontario (FSCO) regulates insurance in Ontario. According to their rules, auto insurance is compulsory, which means you must purchase auto insurance to drive your car in Ontario.
If you cannot show proof of auto insurance, you could have to pay a hefty fine, you may have your license suspended, or you may have your car impounded. Not having auto insurance is simply not worth the risk.
Moreover, if you cannot show proof of auto insurance and you are convicted, insurance providers may place you into the “high-risk” category. “High-risk” drivers will have to pay a higher premium and may have difficulty finding an insurance company that will insure them. Drivers labeled “high-risk” may be limited on certain coverages and they may not be able to sue an at-fault driver for their injuries.
Drivers must provide proof of a valid auto insurance policy to register or renew their auto registration.
What Should I Do If I Get Into an Auto Accident in Ontario?
Regardless of who you believe is at fault for the accident, collect as much information as you can.
Use your mobile phone to take photos of auto damage and the scene of the accident. Get the following information from the other drivers:
- Contact information such as names, addresses, phone numbers
- License plate numbers and driver’s license numbers
- Names of passengers
Call your insurance provider and ask for assistance with phone numbers for towing and auto repair shops.
Be wary of tow truck operators encouraging you to patronize a particular repair shop, lawyer, or medical provider.
Review all your repair bills and medical bills that are related to the collision.
How Can I Get a Good Rate on Ontario Auto Insurance?
Once you understand the basics of auto insurance, you will be better informed on how to set up your coverages so you can save money without sacrificing the quality of your coverage.
A simple thing you can do to get a lower rate on your auto insurance is to increase your deductible. However, be aware you will need to pay your deductible first if you are deemed to be at fault in an accident.
Another simple thing you can do to save money is to drive safely. Follow the rules of the road and drive defensively. Leave plenty of room behind the car in front of you, and always obey the speed limit. Fewer tickets and accidents will help keep your auto insurance premiums down.
If your car is older and you do not have a loan on it, you might consider dropping the collision coverage. Just be aware that you may not have coverage for damage to your car depending on the circumstances of an accident.
Finally, shop around for auto insurance on occasion. Auto insurers are always looking for ways to lower their premiums. You might find that another insurance company offers a better rate than the one you are currently getting.
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