There are new drivers, seasoned drivers, trucks, small cars, recreational vehicles, motorcycles and so much more we share our roads with. At New World Insurance, we know every driver and their vehicle requires insurance that’s best suited to the driver’s needs.
You have options when it comes to what you drive, and your insurance should be the same. We work with many insurance companies, so we know we have the right plan for you. We’ll work with you to find the best policy at a great price.1-800-838-6353
Auto Insurance Coverages
Here are some coverages a standard auto insurance policy will include:
- Liability coverage protects you if you’re at fault for damaging property or injuring someone.
- Accident benefits provide compensation, if you, any of your passengers or pedestrians suffer an injury in an accident, no matter who is responsible.
- Uninsured motorist coverage protects you if you become injured in an accident by a driver who doesn’t have insurance or if you cannot identify the vehicle because they’ve driven off.
- Loss of use coverage covers the cost of a rental car if your vehicle is in the shop getting repairs after a collision. This coverage is often tied in with collision, comprehensive or specified perils coverage.
- Accident forgiveness protects you after your first at-fault claim, so your premiums won’t increase when your policy renews. However, it’ll likely still appear on your driving record so if you try to switch insurance companies, the new one could still charge you higher rates because of this.
Auto Insurance FAQ’s
Do I legally need to have auto insurance?
Yes, auto insurance is mandatory by law. This protects all individuals who may be involved in a motor vehicle accident. There are many costs associated with accidents like replacing or repairing vehicles and healthcare or rehabilitation expenses. Plus, there is compensation for victims of accidents. Insurance is there to help cover much of these costs.
If you’re caught driving without valid insurance, you will face fines, can have your driver’s license suspended and your vehicle impounded. You may also be held personally responsible if an accident results in death or injury.
Each Canadian province has minimum coverage requirements too. These minimum requirements are often not even enough to cover legal expenses in lawsuits. Your New World Insurance broker will be able to walk you through your options and explain the legal requirements to ensure you are as protected as possible.
What affects premiums?
There are quite a few elements that could affect the cost of your policy, so we’ll summarize the most common factors insurance companies use when determining your rate.
- The age of a driver impacts insurance rates as younger drivers tend to have more accidents. As you get older and more experienced, your insurance premium is likely to decrease.
- Your driving history also plays a role. Tickets and/or accidents as well as how long you’ve had your license will be reviewed and taken into consideration by insurance companies. A good driving record lowers your insurance rate.
- Where you live can make a difference in your cost too, as more highly populated cities pose more risk than less populated rural areas.
- The amount you use your vehicle is another factor. That’s because those who drive to and from work every day increase their chances of being exposed to risks compared to those who don’t.
- Some vehicle types and brands can be more costly to insure than others, so your vehicle’s make and model influences what you’ll be paying every month. Some vehicles are more prone to theft whereas others have rare or more expensive parts, so insurance companies make note of these trends and adjust their rates accordingly.
- And finally, how much coverage you choose will impact your cost.
How can I reduce my premiums?
Here are some common ways you can save on insurance:
- Bundling multiple policies such as your auto and home insurance can help you save.
- Ontario offers a ton of discounts on insurance such as one for renewals as well as winter tires. Call us to ask about safe driving discounts or others that may be available too.
- Review your policy with your broker because if you have a safe driving history and rarely make claims, you can be rewarded with reduced rates.