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Car Insurance Premiums in Canada.

Ensure you’re insured!


Canada’s ten provinces have quite different rules in terms of how they handle vehicle registration, insurance and driver’s licenses. This month’s bulletin addresses vehicle insurance premiums in the three most populous Canadian provinces: Ontario, Quebec and British Columbia.

Vehicle Insurance is managed either publicly or privately. In Ontario for instance, car insurance is offered by private insurers whereas in British Columbia insurance is provided directly by ICBC, a governmental body. Quebec has a hybrid system where bodily injuries are covered by the province while third party liabilities and collision damages are covered privately.

The most important factors that influence the insurance premiums go beyond the type of car that is driven. The postal code, for example, can highly influence premiums since the accident and theft risk factors are more elevated in highly populated areas. For drivers between 25 and 40, the age factor won’t be an issue as drivers within this range are all treated similarly. However, the driving record will play a very important role in establishing a premium. For how long has the person been driving? Have they recently been in any accidents or had driving infractions? Because there is so much information required to determine a premium that only the driver can obtain a quote from an insurance company or a certified broker; no other third party will be able to secure an insurance premium for this reason.

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