Factors that may affect your Brampton insurance rate
Several factors can impact how much you pay for car insurance. Your age, marital status, driving history, annual mileage, and more, can all serve to raise or lower your insurance premiums. To learn more about the factors that will determine your Brampton car insurance rate, keep reading:
1. Provincial laws
Each Canadian province sets its own regulations relating to car insurance, including the minimum amount of coverage required. The minimum coverage in some provinces is higher than in others, and the higher it is, the more expensive your insurance is likely to be. For example, in Ontario, drivers are required to carry $200,000 in third party liability coverage.
2. Age
Age can be an indication of driving experience (more on that below). From an insurance company’s perspective, the younger you are, the less driving experience you have, and the more likely you are to get into an accident. For this reason, young drivers typically pay the highest premiums. Conversely, the data suggests that as drivers age, their reactions may not be as quick, , so elderly drivers in Brampton may also see higher car insurance rates.
3. Location
Your geographic location can also affect your car insurance rate. Where you live and work (if you drive your car to and from work) will all be taken into account when determining your insurance premium. For example, drivers that live in high-density urban areas like Brampton typically have higher premiums than motorists who live in rural parts of Ontario. This is because there is more traffic on the roads in urban areas, which increases the chances of an accident.
Further, if you live in an area of the province prone to climate related incidents, you may be required to pay more for car insurance.
4. Type of car
Car insurance providers will ask for the make and model of your vehicle when determining your insurance premium. This is because most insurance companies believe there is a correlation between the type of car and the odds of that car being stolen. They also need this information to understand how much it would cost to repair or replace the vehicle should it be damaged or stolen. Generally speaking, your insurance rate could be higher if you own a new vehicle or a luxury vehicle such as a sports car, however, it can be lowered if your car is equipped with safety features.
5. Annual mileage
How often you drive your car can affect your Brampton car insurance rate. If you are an infrequent driver who only drives on the weekends or a couple of times each week, then your odds of getting into an accident are reduced, along with your insurance premium.
However, if you drive well above average amount of time, or you frequently drive at night and/or on highways, your chances of getting into an accident rise, and so too will your insurance premium.
6. Marital status
An insurance broker may ask about your marital status when providing an auto insurance quote. Why? It comes down to the data. Your marital status is just another factor used to determine your level of risk along with the other factors mentioned.
7. The most important factor is driving history
While the factors above will all help determine your Brampton car insurance rate, there is one factor that reigns supreme: driving history. To keep your rates as low as possible, driving safely is critical. People who drive the speed limit and drive defensively are more likely to have a clean driving record. And a clean driving record is one of the top ways to lower your premiums.
In contrast, if you’ve racked up multiple speeding tickets, had an accident, or have been charged with a DUI, your insurance premiums are likely going to be higher. So do what you can to drive safely and stay out of trouble on the road.
Finally, it’s worth noting that having an accident is on your record, even if you were not deemed at fault for the accident, which may raise your rates.
8. The longer you’ve owned your car, the better
Believe it or not, another important factor in calculating your car insurance rate in Brampton is the duration of car ownership. On the declarations page of the policy, you must include a list of names of those who also drive your vehicle (this is most often a partner or teenage/adult child). If all of you have shared the same car for years without any accidents, this speaks to your driving skills and responsibility, and your insurance provider will take this into account. On the other hand, if you frequently purchase new cars and each member of your household has their own car, you’re likely to pay more for auto insurance.
