The Cost of Insuring a Car in Canada

How much does it cost to insure a vehicle in Canada? Well, there isn’t one answer.

Five random people on the street will pay five different premium amounts for their car insurance. This is because they will have different driving records, they will be insuring different vehicles, they will be from different demographics and will be insuring their cars with different companies. Asking for a specific dollar amount for auto insurance in Canada is like asking how much money do Canadians have or how much do Canadians weigh – it varies greatly. It’s a very specific question because your insurance is tailored to you. Statistics tell the insurance companies what groups of people are more likely to cause accidents and those factors play into the amount you pay.

Should I Buy Collision and Comprehensive?

The decision to carry collision and comprehensive coverage is an important one. You might want to contact an insurance agent in your city to get a better idea of what you will need to buy. For many people it is important because these additional coverages are quite expensive. In some cases you won’t have a choice. If you’re leasing or financing a car in Canada then you may be required to carry this coverage when driving your vehicle. You should talk to an insurance agent before making any decisions such as that.

Deductibles

Another thing you’ll want to think about is your deductible. You should try to figure out how much you’re willing to pay for a deductible on your collision and comprehensive insurance; but before doing that, make sure to talk to an insurance agent. They can help you with your specific insurance needs.