Are auto insurance rates increasing in Ontario in 2011? How can I get a low auto insurance rate?

Response: First of all, let me inform you that there have been lots of changes in the auto insurance rating and coverage in Ontario starting from September 2010 and even in the New Year 2011, which has brought about auto insurance rate changes, before we touch on how to get a low auto insurance rate.

Review car insurance coverage

Let us first review car insurance coverage changes that have been implemented from September 2010. You need to review car insurance coverage and understand what the changes are so that you have the optimum coverage for your needs and your situation.
Review car insurance coverage changes which are now effective since the choice of this is going to decide whether you get low auto insurance rates
Please review car insurance coverage changes as per table below :
These coverage are payable incase a person is injured in a car accident and needs medical, rehabilitation or attendant care.

Car insurance coverage Before 1st September 2010 Effective from 1st September 2010
Medical and rehabilitation $100,000 Basic coverage $50,000 only.
Can buy additional coverage up to 1,100,000 on payment of a premium

Attendant car $72,000 Basic coverage $36,000/-
can purchase higher on payment of additional premium.

Caregiver benefit
& housekeeping or
home maintenance expense Payable in case of any injury Payable in case of only catastrophic injury,
whether catastrophic or not can pay higher premiums if you want this coverage for any injury

Income replacement 80% of your income or maximum 70% of income or maximum weekly benefit of $400 /-.
weekly benefit of $400/- higher Higher benefits payable on additional premium
benefits payable on additional premium
For more details on the upcoming changes and how you will be impacted. Please visit www.fsco.gov.on.ca, or www.ibc.ca.

Review car insurance coverage and compare auto insurance needs and requirements for your own situation

You need to review car insurance coverage and compare auto insurance needs and requirements for your own situation for the above coverage changes, before you pay higher premiums. It might also be a good idea to speak to any licensed broker and understand from him/her if you do need this coverage, if you are not sure of the same.
The points you need to consider before deciding about the enhancement of the basic coverage once you have answered the following questions :
1) Do you have a disability policy or coverage from your employee, if you do- than you would not need disability coverage for injuries which are not catastrophic.
2) You should consider caregiver benefits if you or your spouse need this option incase you would qualify for this benefit.
3) Medical option needs to be considered only if you are not getting this benefit from your employee.
4) Higher income replacement needs to be considered if your weekly benefit are higher than $400/- based on 70% of your income.
How to get low auto insurance quote.

Compare auto insurance quote to get low auto insurance rates

The auto insurance rates in Ontario have certainly increased. As per the Canadian Underwriter the main players in the auto insurance market have sought a rate increase from the FSCO authorities. FSCO has approved. You need to definitely compare auto insurance quotes for getting low auto insurance rates since, the auto insurance rates vary from company to company. You might be even surprised that though some of the companies have increased the rates, your auto insurance quote for the same auto insurance company might be lower. This is because each company would base their rate increase on the claims experience of the age group or make of vehicle. You might be falling in the favorable (low claims experience) category for the age and make of vehicle and hence you would be rewarded with a low auto insurance rate.
Check out for yourself and compare auto insurance quotes.

Mary Fu
(Guest blogger)

Tagged with: 1st September • Attendant Care • Auto Insurance Rate • Auto Insurance Rates • Car Accident • Car Insurance Coverage • Catastrophic Injury • Fsco • Home Maintenance • Housekeeping • Insurance Auto • Insurance Car • Insurance Rating • Low Auto Insurance Rates • Maintenance Expense • Medical Rehabilitation • New Year • Optimum Coverage • Prem • Premiums • Rate Changes • Rate Response

Filed under: Car Insurance Information • Car Insurance Rating and Limits • Compare Auto Insurance Quotes • Low Auto Insurance rates • Review Car Insurance Coverage

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