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How is Your Car Insurance Calculated?

“Have you ever wondered how car insurance premiums are calculated in Ontario?”  Maybe you think there are just too many variables to consider, and like taxes, you just let someone else handle it. Well, while your insurance rates are based on a number of factors, it may be simpler than you think.

Whether you drive a car, truck, motorcycle or off-road vehicle, it must be insured; it’s the law. Knowing what factors are considered when calculating your rate can actually help you save money. When it comes to car insurance in Ontario, our experienced brokers are here to provide tailored assistance and expert support. Don’t hesitate to contact them for comprehensive advice and personalized guidance.


Here’s the ‘who, what, where and how’:


The information here is about who is being insured. Age is most certainly a factor, as is driver education and experience. Young drivers may receive a discount if they have completed an approved driver training course. More experienced drivers may receive a discount if they have a clear driving record. Things considered here are traffic violations and accidents if any – so if you have a good record, your good driving habits and skills can save you money on your rates.


What is being insured can reduce your car insurance rates. That is, if you bundle up car and home insurance, you may be eligible for discounts on your insurance. Also, what you are insuring. A brand new fully loaded truck will certainly cost a little more to insure than a ten year old used car. With motorcycles, typically the more power or higher cc’s the bike has the more the insurance will cost.


When you drive and how often are considered when calculating car insurance. If you drive every day for work, how far you commute will impact your rates. Also, if you commute during heavy traffic times, that too is considered. If you use your car for business, that could impact your premiums. Finally, how long you have been a licensed driver is considered. The more experience you have, the better and safer a driver you become.


Believe it or not, where you live can determine your car insurance rates. If you live in the country, your chances of an accident are reduced; therefore, your rates may be reduced. Likewise, if you live in major urban areas, those risks increase, as do the chances of vandalism and theft, and thus your insurance rates too.



The final factor that is used to determine your car insurance rate is how much protection you want. The more protection you want or need, the higher you rates will be. For older vehicles it does not always make sense to carry collision or comprehensive coverage because in most cases the vehicle is not worth much more than your deductible. At the same token you can choose to buy up on certain accident benefits and obviously this will impact your rates.

Regardless of who you are, where you drive and when, what kind of car you drive and for how long, you should never pay too much for the car insurance you need. Contact McDougall today!

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