Is your car insurance too expensive? The instinctive answer is ‘yes!’, but how do you know if you’re one of those people who pays too much for your car premiums?
No one likes to spend their hard-earned money on car insurance. This simple but painful truth applies even more across Ontario and BC, where car insurance rates are ridiculously high.
Here’s a concise breakdown of where, between these two states, you’re likely to spend more on car insurance and how to avoid being “that guy.”
Let’s start with some quick stats.
In BC last year, drivers spent an average of $1832 on annual auto premiums. Second on the list was, of course, Ontario, at $1528 a year.
Half a decade ago, Ontario was the costliest of the two, with average car rates of around $1281 a year. Experts think fraud is to blame for the surge in rates. Generous accident benefit regulations have also been pointed out as a factor.
The Government of Ontario has also contributed to the spike in car premiums. February 2020 marked a time when an average 1.56% rate increase came into effect, consequently sending the annual average auto premium from $1505 to $1528.
It’s not all doom and gloom, however. Compared to BC, a spike of just $247 doesn’t seem too bad for auto owners in Ontario.
The best thing about car insurance in Ontario? Unlike British Columbia, you have the chance to shop around for the best possible rates through private brokers.
Instinctively, you might consider relocating to a different province to avoid the high car premiums in both BC and Ontario.
But before you do that, read the following insider tips on getting affordable car insurance (especially if you reside in Ontario):
Saving money on auto insurance starts with buying the ideal vehicle. Only buy a car with premium safety features (brake assists, anti-lock brakes, rearview mirrors, etc.) and high crash-test scores. Moreover, less potent engines tend to attract cheaper insurance rates.
As we said, it pays to compare insurance rates from private providers. Be ready to drive a hard bargain by pitting them against each other. At the end of the day, only settle for rates that are kind to your pockets.
Have you already secured home insurance? Well, you might want to combine it with vehicle insurance from the same provider to nail the best deal.
Sometimes life pins us to a corner, and we need a little help to get things back on track. Visit the Pay2Day Blog for more money saving advice.