A crash course in auto insurance – Ottawa Business Journal | Car ...

Some experienced and careful Ottawa car drivers are paying three or four times more than they should for auto insurance.

They are wasting thousands of dollars a year because they fail to shop around. And it is not because they lack driving experience or have a poor safety record.

People of the same age, driving the identical make, model and year of car, and with unblemished and equally lengthy driving records, could pay less than $1,500 a year for auto insurance – or they could pay more than $5,000, depending where they buy their insurance.

Don’t take my word from it. The figures come from the Financial Services Commission of Ontario, an agency of the Ontario Ministry of Finance. The agency tracks – and publishes – rates charged by all companies offering auto insurance in the province.

Of course, inexperienced drivers and those who have had at-fault accidents or driving convictions in the past few years are dinged with annual insurance premiums that can be more than $10,000 a year.

But if you’re a safe and careful driver, live in Ontario and think you’re paying too much for auto insurance, a good place to look for help in finding lower rates is the website of the Financial Services Commission of Ontario.

The website lists typical examples of auto insurance rates charged by companies that offer insurance to Ontario drivers. These rates are updated quarterly.

While the website gives examples of auto insurance rates for drivers living in Ottawa, it will not tell you what you, personally, can expect to pay for car insurance . There are too many variables for that.

But it dramatically demonstrates how widely rates vary from one company to another for the same coverage and the same category of driver and vehicle. And, if you fit one of the profiled examples, you can get a good idea how much – or how little – you can expect to pay for car insurance, depending on where you purchase it.


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