Insurance is evolving

Intact Insurance

HOW AUTO INSURANCE PREMIUMS ARE CALCULATED

The cost of your auto insurance is based on a number of factors. First, we use our historical data and experience, together with the information you share with us, to decide how likely it is that you will have an accident or face a loss associated with your vehicle.

TYPES OF AUTO INSURANCE

Car insurance is mandatory for driving in Canada. No matter what kind of vehicle you are insuring, there are different levels of coverage you can choose from

  • Coverages to protect you from costs to repair damage to your vehicle caused by an impact with another vehicle or an object (such as a guardrail).
  • Coverages to protect you from costs to repair damage to your vehicle from unexpected situations such as fire, theft, vandalism or some natural disasters.
  • Protection that covers you for both scenarios above.
  • Specific coverage which protects your vehicle only against specific dangers, such as theft or attempted theft, some natural disasters, riots, etc.

Beyond that, whether you’re driving an automobile, motorcycle, RV or even off-road toys, your broker can provide you with options to consider for your ideal coverage.

FACTORS CONSIDERED IN DETERMINING YOUR AUTO INSURANCE PREMIUM

  • Having your home and car insurance together - Combining your home insurance (or condo or tenants insurance) with your car insurance could save you money.
  • How much deductible you pay – by increasing your deductible, you can help to reduce your premium.
  • What kind of car you drive – We factor into your rate what it will cost to find the right replacement parts and to repair your car and, how likely yours is to be stolen by thieves.
  • How long you have been licensed to drive  - As you gain driving experience and become a better, safer, driver the risk you present will change and, therefore, so should the cost of your insurance
  • How often you drive - How often you drive, if you drive to work, and how far your work is from home will impact your rate because you are usually commuting at times when traffic is much heavier than at other times during the day. Do you use your car for business? This will impact your rate as well.
  • Where you live - Major urban areas are more prone to vandalism and theft; they are also more congested and accident rates are higher.
  • How much protection you require - If you want more insurance protection for your vehicle, then the right price for you will be higher than someone who wants less protection.
  • Have you taken training courses - Young or inexperienced drivers with a clear record may receive recognition for completing an approved driver training course.
  • Your driving habits and skills - The number and types of traffic violations (if any) you may have is something we consider when setting your premium. In addition, the number of accidents you are responsible for causing will influence your premium. Finally, driving defensively could help save you money.

 

Reducing your auto premium

Insurance Fact

Did you know? In the last 30 years, the home's energy efficiency has improved four times more than the car's.