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Your Car: Simple ways to reduce your automobile insurance ra

by masterofbusiness13

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In a previous article we talked about the ways in which you can simply change your driving habits to reduce the rate you pay on your car insurance in Ontario. Here we discuss your car and aspects of your car that have an impact on the insurance you pay and we will dispel some myths about Ontario automobile insurance.

Does the color of your automobile affect the insurance rate you pay?

Contrary to what most people believe that the Ontario insurance industry is truly colorblind. It doesn’t matter what color your car is be blue, red, silver, white or bright yellow your insurance rates for your vehicle make and model will be the same. We are still anticipating some statistics that show that those who drive a bright colored vehicle such as a red, yellow, or orange automobile received more traffic violations then those who drive other colored cars. We are attempting to see if there is a co-relation between a bright color vehicle and the amount of traffic violations such as speeding tickets, and if this is found to be the case then yes, your propensity to obtain a traffic ticket will hurt your driver record, and thus increase the rate of insurance you pay.

Is a four-door automobile cheaper insurance than a two door car?

When most people think of a two door automobile they think of a sports car or some expensive luxury vehicle. But whereas insurance companies are not colorblind, they also don’t distinguish between how many doors of vehicle has. Simply put, Ontario insurance companies rated cars based on the claims history of that automobile not how many doors it has.

It is true that different automobiles will lend to different insurance rates in Ontario, the key things that insurance companies rated insurance rates based on for a given automobile are the cars accident frequency rates, the cost to repair a vehicle in the event it needs repair, how often or the frequency of theft of that automobile, the likelihood and the probability that that vehicle will be vandalized, and ultimately the safety ratings by a third party accredited agency for each make and model of the automobile. With all these factors combine, a four-door automobile could actually cost more to ensure in Ontario than a two door car.

The insurance rate is less on cheaper cars that for luxury automobiles

as we have stated in the previous section, automobile insurance premiums in Ontario are based on many factors that largely include the cars accident frequency, the cost to repair, the probability of theft, vandalism, and the cars ultimate safety ratings. There are many cheaper cars on the market today, that once all these factors have been considered, the cost of insurance in Ontario would be higher than to insure a luxury car.

I will automatically get the lower insurance rate when I buy a new automobile

Most people believe that their new vehicle that they have just purchased will automatically be covered under their existing insurance policy when a purchase is made and that they will be paying that lower rate of insurance until there insurance renewal policy time. While this is true it is only true for 3 to 7 days of picking up your new vehicle. Check with your insurance policy, most insurance companies require that you notify them within 3 to 7 days after picking up your new automobile. At that time your insurance carrier will ask you various questions about the new automobile and hence will adjust your insurance coverage and the rate you pay accordingly.

Knowing more about your automobile and how it impacts your automobile insurance can get you on the path to cheaper car insurance in Ontario.

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