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These are material factors that affect your rate. “People licensed and insured continuously for 20 years with no chargeable losses and driving significantly less might want to take advantage of CAAs My Pace program which charges a base premium then bills in 1000-km increments,” Debbie Arnold, a broker with Sound Insurance, offers as a tip. “That may generate significant savings.”
“This [pandemic-induced lifestyle changes] could contribute to the continued decrease in premiums we are seeing now. But it won’t last forever,” warns the report. “When Ontarians begin driving more, it is likely we could see a corresponding rise in rates.” In other words, enjoy it while it lasts, because it won’t.
You are constantly being told to shop your rate, and compare what your current company is quoting you with other companies. This is good advice — to a point. When you request a quote from a new company, they will run your driver’s abstract, as well as anyone else you have on your policy. If you have any Highway Traffic Act convictions, they will remain on your record for three years from the date of conviction — conviction, not date of the offence. Rate increases associated with that conviction will be in place for three years. If you got a speeding conviction in the last couple of years, you’re probably best to just shut up and let your current insurance renew and hope they don’t do a random check. If you’re in doubt, contact an insurance broker, not an insurance company.
Licence suspensions are more serious, and follow you for six years. Car crashes will affect your rates depending on who was deemed at fault. If it’s been determined (by insurance companies, not just the police) that you have any degree of fault, your rates will rise. Get a dash cam to help make your case and keep any at-faults off your record.
One more note on changing insurance companies: if you have anyone else on your policy, check with them before you start shopping around. Someone might have a ticket they didn’t tell you about, and it will come out.
Enjoy the cheaper rates while they last.
