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What is a car insurance quote?
A car insurance quote estimates your premium for a car insurance policy. Insurance companies calculate the quote using the information you provide, such as your age, car you drive, driving history, and postal code. Every insurer uses a unique formula to calculate your car insurance quote, so even if you provide the same information to different insurance companies, no two quotes will look the same.
After applying for a policy, an insurance company’s next step is to figure out how much risk you pose to them — what is the likelihood of you getting into a car accident, and how expensive will the damage be?
Insurance companies use roughly the same methodology to assess risk. Here are the main things that influence your rate:
- Your age
- Your forward sortation area (the first three letters of your postal code)
- How long you’ve had your licence
- The type of car you’re looking to insure
- Your insurance history
In addition to the criteria above, car insurance companies in Ontario can also use the following factors to calculate your rate:
- Your gender
- Your licence level
Depending on your answers, insurers will place you in a specific rating group (people with similar profiles). Your rating group determines how much you pay for coverage.
Insurance companies have an ideal customer they want to attract. Most insurers reserve their lowest rates for experienced drivers over 50.
On the other hand, some companies are willing to assume more risk, so they offer inexperienced drivers coverage at competitive rates. You can’t tell which insurer will provide you with the lowest rate based on their advertisements. It’s better to compare rates from multiple insurance companies.
Use our car insurance calculator to calculate and compare your auto insurance quotes from 50+ Canadian car insurance companies all at once to find your best quote.
What is automobile insurance?
A general insurance company and a car owner enter into a contract known as “car insurance,” in which the latter agrees to shield the car owner from any financial damages that might result from an unpleasant incident affecting the vehicle. There are three different kinds of automobile insurance policies: Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance, depending on the extent of coverage. Policyholders should execute their automobile insurance renewal on time in order to continue receiving the benefits of these policies.
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At Surex, all forms of insurance coverage are our area of expertise. We provide coverage for automobiles, homes, apartments or tenants, businesses, travel, farms, lives, boats, motorcycles, and ATVs.
You benefit from offering different lines of insurance since you can save money by bundling your policies.