The Detroit Post
Thursday, 25 February, 2021

Best Insurance Companies In Ontario For Young Drivers

author
Ava Flores
• Friday, 20 November, 2020
• 8 min read

Whether you are buying a car, or borrowing parents’ vehicles, you need an affordable auto insurance policy with the right coverage. Depending on how often you drive the vehicle, you will discuss with your insurance broker or agent if you will be the primary or secondary driver.

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Contents

We know that insurance can be costly for young drivers, so we take the time to compare offers from Canada’s leading insurance companies. Car insurance for young drivers can be expensive, costing thousands per year.

You should consider potential insurance costs if you are buying a new or used vehicle so you can budget appropriately. As a new driver in Ontario, there is a minimum amount of coverage that you are required to have.

If you’re an unlucky driver with previous driving convictions, claims, tickets or license suspensions, Insurance Hero will find insurance coverage that works for you. We offer collector car insurance so you can drive and enjoy your vehicle all year round, at events, or show off to your friends and family.

This insurance plan is designed to help you save by keeping more money in your pocket. However, Ontario ’s graduated licensing system, while designed to help ensure that you progress smoothly through each of the three levels, can be difficult to navigate.

At Levitt Insurance Brokers, we understand that young drivers need a little assistance along the way, and that’s why we’ve built our extensive range of services to help ensure that not only are you able to get car insurance for a young driver or G2 license holder, but are able to save an immense amount of money at the same time. We know that isn’t true, and we ensure that you’re able to prove that you don’t pose a significant risk to an insurer.

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We’re dedicated to leveraging the best of modern technology to ensure that you’re able to obtain car insurance for young drivers and G2 license holders without breaking the bank. Completing our training proves to insurers that you have the knowledge and skills necessary to stay safe on the road, reducing your risk factor.

There’s a movement underway to eliminate discrimination in consumer products and services such as car insurance. As a result, young drivers still pay more for policies, based on the statistical trends for their age group.

This adds up for young drivers, creating conditions that result in high insurance prices. While the behavior of a large group may not have a bearing on how safe an individual drives, most insurers use wide-ranging demographic information as part of the formulas they used to create premiums.

Traffic tickets and previous claims give some idea of how safely a driver operates vehicles, particularly when observed over a long period of time. Young people in Ontario are often 18 years of age or older before achieving full G status.

Though they may be named occasional drivers on their parents’ insurance from the age of 16 when receiving their G1 level, youth prevents them from establishing any significant driving history prior to the ownership of their first vehicle. Even the safest of young drivers can’t rush time, and this is the key factor in the reduction of car insurance costs.

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A young driver, licensed later than most, may experience higher premiums until establishing their history, regardless of age. With those key factors working against a young person, paying the lowest price takes planning.

Since insurance history takes time, the sooner a driver appears on a policy the better. Young drivers living in homes with multiple vehicles should be listed and restricted to the most affordably insured car.

An older sedan or SUV insures for less than a newer high performance vehicle. If a young driver is away from home for school, inform the auto insurance company.

Long story short, if you’re an adult living in Ontario, there’s a good chance you need car insurance. But you probably see ads for dozens of different insurance companies every week, and they all say that they’re the best, that they offer the best rates, and that they give you the best service if you have to make a claim.

The fact is that more than 50 companies can offer auto insurance in the province (80 if you count local mutual insurers), but they all target different types of vehicles and drivers, so the choices for you will be somewhat more limited. Different companies offer differing levels of service if you have to make a claim, and the company that gave the best rate to your cousin may not offer you a similarly attractive price.

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Power only offers ratings for the largest insurers, and we at MSW are only able to get pricing information for the companies we work with. Power Rating † Google Rating ** Size (by premiums)Clean Driving Record ‡ Medium Risk Driver § High Risk Driver | MaleFemaleMaleFemaleMaleFemale50 yr old, Toronto35 yr old, Peterborough60-yr-old, Barrie60-yr-old, Kanata60-yr-old, St. Catharines25-yr-old, Barrie25-yr-old, Kanata25-yr-old, St. Catharines30-yr-old, Barrie30-yr-old, Kanata30-yr-old, St. Catharines40-yr-old, Barrie40-yr-old, Kanata40-yr-old, St. Catharines AIG Canada BusinessBroker2 / 5(24)Small Allstate Insurance Co. of Canada Regular, motorcycleAgent, Direct2.9 / 5(79)Medium Aviva Canada Regular, motorcycle, specialty, business, ride-sharingBroker2.2 / 5(314)Large($2,312)($1,562)($2,590)($1,944($2,124)($3,308)($2,477)($2,708) Belairdirect Regular, ride-sharingBroker4.2 / 5(2,797)Large Barely Canada BusinessBroker5 / 5(1)Small CAA Insurance RegularBroker2.9 / 5(24)Medium($1,480)($1,048)($1,835)($1,639)($1,505)($2,632)($2,487)($2,399) Chieftain Insurance RegularBroker–Small($2,808)($1,664) Chubb Insurance Co. of Canada BusinessBroker3.3 / 5(19)Small Coachman Insurance Co. High-RiskBroker2.1 / 5(29)Small($4,207)($3,225)($3,310)($3,878)($2,973)($3,067) Commonweal Mutual Insurance Group Regular, businessBroker2.8 / 5(29)Small The Co-operators Insurance Regular, businessDirect4.5 / 5(24)Large Costco Insurance RegularBroker2.8 / 5(63)Small Cumin RegularBroker2.2 / 5(30)Small Discarding Insurance Regular, motorcycleAgent, Direct2.0 / 5(74)Large Duffer in Mutual Insurance Co.

** Average Google rating for all Ontario locations as of November 2019. The only way to find your best rate is to get a quote from as many companies as possible.

Also, avoid websites that give you automatic quotes based on information you enter yourself online. The best way to get a lot of quotes all at once is to call an independent insurance broker (preferably one that works with lots of different insurance companies and doesn’t use online quoting).

Online reviews are another way to get an idea of the kind of service to expect from a given company. Most people will only go to the trouble of submitting a review if they’ve had a bad experience; The biggest companies have more customers, so they will have the most negative reviews; Most people have only dealt with a maximum of three or four insurance companies, and most people don’t make claims, so most reviews are based on very limited knowledge; and There are no controls to prevent companies from creating imaginary users in order to plant positive reviews for themselves and negative reviews for their competitors.

That said, all insurance companies licensed in Ontario are required to be financially sound, so you can rest assured that they won’t go out of business or run out of money to pay claims. The difference will be in how easy they are to get a hold of, and how much they argue with you about what is covered if you have a claim.

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Reviews will give you some idea at least of the bad experiences people have had. Power issues ratings based on a survey of auto insurance customers.

Power uses online panels to collect its survey data. All insurers that operate in Canada have to meet minimum standards for financial stability, and most buy reinsurance to protect against major events, but if you want to be extra sure, it’s safer to have your insurance with a company that collects lots of premiums.

We’ve categorized each auto insurer in the province as either small, medium or large. This doesn’t refer to the size of the company, just to the volume of auto insurance premiums they take in.

The following categories define different types of driving risks. Typically, companies in the regular market will offer insurance to low and medium risk drivers who drive conventional vehicles.

In general, to be in the regular market, you can’t have more than 3 tickets and at-fault accidents (combined) on your record. Depending on where you live, you may also be able to get a quote through a broker for your local mutual insurance company.

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There are about 30 across Ontario that aren’t listed above, because they only sell within their local area. For this reason, motorcycle insurance is viewed as riskier even for experienced riders.

For experienced riders, depending on where you live, one of your local mutual insurers may also offer coverage for your motorcycle. There are only a handful of insurance companies that specialize in providing insurance for non-standard vehicles.

On the other hand, if you have company branding on the vehicle, or if you use it to deliver goods, transport passengers, or haul tools and materials around, you will need a business insurance policy. But if you use your own car to drive for Uber or Lyft, or to deliver food, then most insurance companies won’t want to offer you insurance.

Ontario has a long tradition of farm mutual insurers, dating back to before confederation. Currently, there are more than 40 mutual operating in the province, although most of those only service their immediate geographical area.

The latest Confused.com car insurance price index shows that the average comprehensive policy for a 17-year-old costs £1,911. Individual circumstances such as where you live and the car you drive, can also affect the price you pay for insurance.

Some insurance companies offer a cheaper one-off payment option rather than paying interest on installments. If it's your first time taking out car insurance, chances are you won't know how many miles you'll cover over the course of the year.

Insurers use this information to calculate premiums, and you'll need to give an approximate annual mileage in order to get a quote. If you have a rough idea of how many miles you'll be driving each day, you can use this table to get an estimated annual figure.

Buying your first car is an exciting time and you’ve probably already got an idea of a few models you’d love to call your own. A group rating system is often used as one of the factors to determine the risk insurers face when covering a particular car.

Unfortunately, being a first time driver, your car insurance isn’t going to be the cheapest because of one primary factor, risk. Although it will take a few years to build up, once you can prove to your insurance provider you’re a safe driver then you should start to see the prices come down.

Kit your car out with extra security features like alarms, trackers and immobilizers. These help reduce the likelihood of damage and theft which in turn, can help keep the costs of your car insurance down.

It tracks things like acceleration and braking to calculate your driving performance. If you can prove yourself to be a safe driver that’s less of a risk than insurers may offer you discounts as a reward.

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4 www.bbb.org - https://www.bbb.org/us/fl/port-st-lucie/profile/real-estate-agent/signet-realty-corp-0633-90160146
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12 www.realsatisfied.com - https://www.realsatisfied.com/Elliott-Greenberg