Ontario Insurance

  Most people assume they are reasonably well-informed about car insurance, especially in the context of their own needs. They pay their premiums on time; they maintain coverage limits that reflect their circumstances; and they are familiar with the process of filing a claim. But many people would be surprised to learn there are many details that could affect their coverages, and the rates they pay for them.Intrigued? Below, we'll share seven items about car insurance you may find startling. The following details have caught countless consumers by surprise.#1 - The Type Of Vehicle You Drive Affects Your RatesThis is an area that is misunderstood by a lot of consumers. The colour of your car does not matter. Neither does having a fin installed on the back. What matters is the claims and safety record associated with a particular make, model, and year.If insurance companies have paid a high number of claims to policyholders who drive the same vehicle you drive, your rates will likely be higher. The opposite is also true. Cars that show fewer claims, and pose an impressive safety record, will be less expensive to insure (other factors remaining equal).#2 - You Might Be Wasting Money On CoverageSome coverages are mandatory while others are optional. Collision and comprehensive coverages fall into the latter category. For newer vehicles, both are recommended since extensive damage or loss due to theft pose substantial repair or replacement costs. For older vehicles, however, collision and comprehensive are more difficult to justify. The amount you'll pay to carry these coverages will likely exceed the value they offer.If your car is old, and its market value is low, consider dropping both coverages. Your auto insurance rates will also drop.#3 - Increasing Your Deductible Lowers Your PremiumsThis should not come as a surprise. However, many people carry deductibles that are too low, and thus pay higher rates than necessary. Given the minimal likelihood of an accident, it's a good idea to raise your deductibles in order to lower your premiums.One important side note: make sure you set aside funds to pay the deductible in the event you need to file a claim.#4 - Your Coverage Can Be Canceled For Late PaymentsDon't expect your auto insurer to forgive habitual late payments.  For more info, visit  Ontario Insurance.