According to a November 18, 2008 news release by the Fraser Institute, car owners in Ontario, Canada pay the second highest amount of auto insurance premiums in the country, surpassed only by British Columbia. By implementing the following options, vehicle owners will not only reduce their auto insurance rates, but will protect their cars against theft.
Top Stolen Cars in Canada for 2010
Insurance companies calculate auto insurance partially based on the frequency of theft of a particular make. In a December 16, 2010 news release, the Insurance Bureau of Canada reported that the top ten stolen cars for 2010 in Canada were:
- 2000 Honda Civic SiR 2-door
- 1999 Honda Civic SiR 2-door
- 2002 Cadillac Escalade 4-door 4WD
- 2004 Cadillac Escalade 4-door 4WD
- 2005 Acura RSX Type S 2-door
- 1997 Acura Integra 2-door
- 2000 Audi S4 Quattro 4-door AWD
- 2003 Hummer H2 4-door AWD
- 2006 Acura RSX Type S 2-door
- 2004 Hummer H2 4-door AWD
The IBC has a comprehensive overview of vehicle theft rates in Ontario on their website. By opting to buy cars with a low theft rate, vehicle owners in Ontario can reduce the amount they pay on annual insurance premiums.
Hybrid Vehicles Auto Insurance Discount in Ontario
Several insurance companies offer discounts in auto insurance premiums for hybrid vehicles, which typically use both an internal combustion engine and an electric motor. TD Insurance Meloche Monnex offers a 5% discount on insurance premiums for hybrid vehicle owners. Vehicle owners should check with their insurance brokers to find out about potential discounts on hybrid cars.
Anti-Theft Devices in Ontario
To prevent auto theft and reduce their auto insurance premiums, car owners should consider purchasing a vehicle with a manufacturer-installed theft device, such as the Immobilizer. The Immobilizer is an electric device, which is fitted to the car, that prevents the engine from starting without the device's key. Anti-theft devices may also be installed after sale, however, vehicle owners should check with their insurance companies to verify the types of devices that qualify for an auto insurance discount.
Increase Deductibles on Auto Insurance
In the event of a collision involving an older vehicle, owners are less inclined to invest more money into vehicles by paying for repairs. By increasing the collision auto insurance or comprehensive insurance deductible on car insurance for older vehicles, vehicle owners will receive a reduced annual insurance premium.
Towing Coverage on Auto Insurance in Ontario
Car owners who already have auto club memberships such as CAA should eliminate duplicate towing coverage on their auto insurance premiums. This is particularly so because towing coverage will also be higher on older vehicles that tend to break down more often. Eliminating towing coverage will reduce an annual insurance premium.
Use a Single Insurance Provider
Insurance companies will often offer at least a 5% loyalty discount to customers who amalgamate all of their insurance policies, including home and auto, through a single insurance provider.
Don't Drive to Work
Driving to work not only puts a strain on the environment, but it also increases the amount that car owners pay for auto insurance premiums as insurance companies weigh the fact that the car will be on the road more often than it would be if used for pleasure use. Car owners intent on reducing their auto insurance premiums should consider alternative ways to work such as the TTC, biking or walking.
Car insurance in Ontario can be expensive, but there are several ways that savvy owners can reduce their auto insurance premiums and protect the safety of their vehicles. By investing in low-theft or hybrid vehicles, increasing deductibles on auto insurance, installing anti-theft devices and eliminating towing coverage on auto insurance, vehicle owners will find great savings on their annual car insurance premiums and great peace of mind regarding the security of their vehicles.
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