December 13, 2021

What You Need To Know About Car Insurance Policies In Canada 

Getting a car in Canada is a must. Although public transport inside the country is quite good, having a car means it is easy to go anywhere you like without waiting for the bus.

However, if you’re a foreigner who plans to settle in Canada and wants to buy a car, you need to know that you cannot have car insurance unless you become a Canadian citizen. 

If you already have a permanent Canadian residence and have applied for Canadian nationality, you’d soon have to give the Canadian Citizenship Test. This test consists of MCQs, True/False, and other simple questions related to the country, its culture, languages, people, and everything else. The test can be passed easily because with the test, you will get different guides, which will help you score better. Let’s now discuss the Car insurance policies in Canada. 

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The Canadian Insurance Policies

Here are some things you need to know about the car insurance policies in Ontario, Canada. You might want them after buying a car. Have a look:

Third-Party Coverage

The third-party is liable to pay a minimum of $200000 in case your car gets in an accident and injures or kills someone or damages their property.

Accident Benefits Coverage

This coverage would provide you benefits if you get into an accident and injure yourself, even if it was your fault.

Direct Compensation Coverage

This property damage coverage can be claimed when your car meets accidents through someone else’s fault.

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Uninsured Automobile Coverage

If you or your family gets injured or killed by an uninsured vehicle and it flees the scene before any identity can be confirmed, then the injured or dead will get monetary relief.

Who Provides The Insurance?

If you want insurance, you will have to contact a company or brokers that are licensed to sell car insurance by the Ontario Government. You can contact three types of firms to get your car insurance:

The Broker

The brokers represent various insurance companies. They will provide you with the best insurance rate from these companies. You can pick your favorite one.

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The Agent

The agent is associated with a single insurance company, and they will provide all the necessary information about your car insurance.

The Direct Writer

If you’re a driver, then you will come across the Direct Writers. They represent a company that sells insurance to drivers directly.

Insurance Cost Determination

Several factors determine the insurance cost of your car. Here are some of the elements:

  • Driving experience.
  • Age.
  • Gender.
  • Usage of the vehicle.
  • Location.
  • Winter Tires
  • Driving History.

How To Increase Your Chances To Reduce Insurance Rates?

If you want to lower your insurance rates, then try:

  • Keeping a clean driving record.
  • Moving towards a safe neighborhood with fewer accidents.
  • Getting a higher driver’s license.
  • Being older.
  • Changing your level of coverage to something cheaper.
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Conclusion

The best way to find an insurance company for your car in Canada is by looking at who’s offering the best rates. You can search online and compare different insurance companies’ rates. You can also meet insurance brokers and find the best deals. You can even call the big insurance companies and ask about their offers.

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