Have you ever wondered what are the biggest factors impacting your car insurance rates? If so, we’ve just made your life better - check them out here.
Ontario car insurance rates are a hot topic!
Why is my car insurance rate always fluctuating? What could possibly be impacting it that significantly? Why is my friend’s insurance lower when we have the same driving record? Why since I’ve moved into the city has my insurance increased?
We’ve answered all your questions with the following list of the top reasons your car insurance rates may vary.
#1 How much you drive
The distance of your commute to work (and overall driving) each year impacts how much your car insurance will be. For example, someone who drives less than 9 kilometres a year to work will (most likely) experience a lower car insurance rate than someone whose commute is over 30 kilometres a year.
#2 How old you are and your gender
We hate that this is true, but we Millennials pay the highest car insurance rates. Period. If you wanted to know, baby boomers pay the least. Not to mention, males pay higher rates than females.
#3 Age of your car
Often people think that newer cars will cost more, however, this is not true! In fact, less expensive cars tend to come with a higher insurance price tag.
#4 Where you live
Simply put, the closer you are to an “urban centre” the higher your car insurance rates will be. Those of us who live in the GTA pay higher rates compared to someone who lives in Niagara Falls, Ontario.