Are you or your family new to Canada? Maybe you're purchasing your first car in Canada as an international student, or another type of newcomer and you've never had insurance here before. Where should you start? Insurance in Ontario, and more broadly in Canada, can be confusing since it is very different from other countries. Who has the best prices? Who has the best service? Who will treat you the way you deserve to be treated? We will answer all of these questions for you.
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If you are a newcomer in Canada, you may not have many contacts to help you with financial services. Most people who have lived here for years have a go-to insurance person or company they trust. However, if you are new here and do not know where to start, we suggest a couple of options. Firstly, you may want to deal with an insurance broker who speaks your native language. This can be very important in understanding what you are purchasing when you seek insurance quotes in Ontario or anywhere in Canada. Secondly, if you cannot find someone who speaks your primary language or if you don’t mind speaking English, you can go online and find the best car insurance quotes comparison services. This is your best option to find the finest and cheapest car insurance in Ontario and shop amongst the most insurance companies available. Begin Insurance offers both styles of service, online and offline, with a trusted advisor.
Newcomers to Canada can often find it challenging to find certain services. Whether you're here on a study permit, work permit, business visa, or even as a permanent resident, finding certain services can pose challenges. As it pertains to auto insurance it is true that not every company caters to every client, each may have their own specialty. However, in Ontario, we have the “Take All Comers” regulation. This means that an insurance company must offer you auto insurance. For example, if you are dealing with an insurance broker, which we suggest, they may have several insurance companies they deal with. A broker must offer you the lowest price amongst the companies they deal with, and the more companies the better. It is regulated, by law, that we offer you the lowest price and best coverage. Begin Insurance works with 16 auto insurance companies, the most in Ontario. You can learn more about this regulation on the FSRA website.
Have you been driving for many years in your home country? Certain insurance companies may consider your previous driving experience. If you've driven in countries with similar conditions to Canada (right-side driving), you may receive credit for your good driving record. However, you will need to prove that you had no claims or accidents by obtaining a “Letter of Experience” from your previous insurance company abroad in order to get the credit. Not every insurance company will give credit for every country, but it is worth asking your broker.
As an international student or newcomer to Canada, the insurance companies here will not give you credit for prior driving experience in your country of origin, and you will start as a new driver here. In this case, consider taking Driver Training courses here. This will give you several years of credit and help immigrants like you secure cheapest car insurance by saving you hundreds, if not thousands, of dollars over time on your premiums.
But wait, what if you still feel you are not getting credit for being the good driver that you are? One of your final options to save money is Usage Based Insurance, also called Telematics. Using this service will install a monitor in your vehicle or more commonly now on your cell phone app. The telematics device or app will track your driving usage. How often you drive, where you drive, how fast, and how hard you brake and swerve are all monitored. If you don’t drive very often, don’t speed, and are generally a safe driver you will get discounts on your car insurance. It is usually a 10% discount automatically to sign up for the program with up to another 10% - 15% further discounts for safe driving. Some people don’t like the fact that the insurance company will monitor your driving but let’s be honest, we have so many apps on our phones that track what we are doing but few, if any, that can save us hundreds of dollars. Only discounts apply, no surcharges for bad driving. Why not give it a try and prove you are a great driver?
So you are no longer new to Canada. You have been here a few years and settled down, have a good career, maybe you are focusing on family or studies. Now that you’ve conquered your auto insurance needs maybe you need renters insurance. Maybe you are buying a condo. Maybe you’re moving into a house and need proper home insurance. As you grow older and accumulate assets as well as responsibilities your needs will change. You may need to consider Life Insurance. Maybe you purchased an investment property or a cottage with some toys like a boat or motorcycle.
As your needs grow it is important to work with a broker. Only a broker can offer the broad range of products and services you need as your life changes. It is important to build a relationship with a broker you can trust for the long term. At Begin Insurance, we specialize in helping newcomers to Canada find the coverage they need at great prices. Whether you're seeking high-risk insurance in Ontario as an international student or looking for the best car insurance in Ontario, Begin Insurance is here for you. Feel free to give us a call or visit our website to obtain online insurance quotes.
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Take a look at our other blogs for more insights, like ”What to Do After a Car Accident” or “Switching Car Insurance Companies in Ontario”, for more details on insurance in Ontario.
Posted May 10, 2019