Shopping for a new car can be exciting, but you have to be mindful of hidden costs, including how much you’ll spend on car insurance. If you’re in the market for a new set of wheels, or you’d like to see if switching your policy will save you money, use our car insurance calculator to determine how much you can expect to pay for a policy to cover you and your vehicle.
Why Use a Car Insurance Calculator?
Most people don’t shop for car insurance on a regular basis. Some items you buy — like groceries or clothes — are things you need all the time. Because you shop for them weekly or monthly, you have a good idea of what constitutes a fair price. As an experienced consumer, you don’t need to comparison shop to know you’re getting a great deal. You’re an expert.
But car insurance is different. It’s a product you may only buy once every few years — and, depending on how long you own the same car, maybe even longer than that. Furthermore, you may not know what kind of coverage you’re legally required to carry versus which extras might be nice to have.
When you use the My Insurance Broker car insurance calculator, you get access to car insurance quotes from the top car insurance companies in Canada. In just two minutes, you can view side by side quotes from multiple insurers so you can compare rates and coverage.
You could get estimates on your own from multiple insurers, but this is a slow, time-consuming process. Furthermore, different insurers base their prices on different criteria, which can be confusing to navigate. This is where a car insurance calculator makes sense. Instead of scouring the websites of dozens of different car insurance companies, trying to track down prices using multiple sets of parameters, you get all the information you need in one convenient location. It’s the best way to make an informed decision about car insurance.
Ultimately, a car insurance calculate helps you save time and money — two things any consumer could use more of.
How Do You Calculate Insurance?
If you’re buying a new car soon, car insurance should be a top issue on your mind. If you’ve ever wondered why some cars cost more (or less) to insure than others, the answer is simple: some cars are more likely to be involved in an accident than others. Certain models pose a higher risk to insurance companies, and insurers charge more to cover them. This, along with other factors, determines how much you pay for coverage — and it’s just one of many things you need to keep in mind as you shop for a new car.
Whether you’re looking at high end models or a tried-and-true workhorse of a vehicle, a car insurance calculator can help take the guesswork out of finding a new car. Before you gather prices, however, it’s important to know how to use a car insurance calculator.
When you use a car insurance calculator, you want to make sure the quotes you receive are accurate. Having estimates that match up to real-world prices helps you make an educated decision about coverage. To get the most out of any car insurance calculator tool, keep the following in mind:
- Price Isn’t Everything
Price is definitely a factor, but it isn’t the only factor you should consider. Many motorists make the mistake of searching for “cheap car insurance,” and then focusing on bottom of the barrel prices as their top pick for coverage. The problem with this approach is that you rarely, if ever, end up with car insurance that truly protects you and your vehicle. In many cases, it’s better to pay a little more for extra coverage rather than save a few dollars on a policy that won’t be there when you need it.
- Have All Your Information Handy
The quotes your car insurance calculator returns are only as accurate as the information you input. To get the most accurate estimates, it’s important to have as much info as possible before you sit down. Relevant information includes the make and model of your vehicle, your driving record, your driver’s licence, your location and the kind of coverage you want.
- Set Coverage Limits Before You Start
Do you know how much deductible you’re comfortable with? Are you familiar with the minimum legal insurance requirements where you live? Have you been paying for too much coverage — or too little? Learn about the various coverage options and decide what you need before you search for estimates. You should also use the same parameters for each search to ensure the results are truly apples to apples comparisons.
The more accurate and comprehensive the information you use, the more accurate your car insurance estimates will be. Used correctly, a car insurance calculator is a powerful tool that can help you stick to your budget and make smart decisions about new vehicle purchases.
Using My Insurance Broker’s car insurance calculator is fast and easy — so easy you can find and secure a policy in just three steps:
- Info
Enter your information.
- Quote
Get quotes from the top 15 car insurance companies in Canada in just two minutes.
- Buy
Call My Insurance Broker to confirm your quote and buy your policy — after all, My Insurance Broker isn’t just a comparison site, but an insurance broker as well.
At My Insurance Broker, we make it simple to get dozens of quotes on car insurance. When you’re ready, you can purchase the best policy at the best price from Canada’s most trusted insurance adviser.
How Do I Get the Best Rates on Car Insurance?
In addition to wanting information on how to calculate car insurance, most people want to know how they can save money on their policy. Fortunately, there is a long list of things you can do to keep more money in your pocket when it comes to auto insurance.
Shop Around
If you want to save on car insurance, you should start by shopping around. Don’t assume that policies cost the same from insurer to insurer. Comparison shopping is key if you want to get the lowest price for the best coverage.
This is why My Insurance Broker, which offers quotes from the top 15 car insurance companies in Canada, is a great way to get a big picture overview of pricing. We’ll do the groundwork for you — just put your information in our car insurance calculator, and we’ll deliver quotes from over a dozen car insurance companies.
Bundle Your Coverage
In many cases, you can save a bundle if you, well, bundle. Insurance companies often offer discounts to customers who purchase more than one type of coverage from them. Ask about discounts for combining your homeowner’s insurance with your auto insurance. You may also be eligible for discounts on business insurance and other types of coverage.
Take a Defensive Driving Course
Insurance companies calculate insurance costs based on risk. In other words, are you a risky prospect for an insurance company to cover? People who pose less risk pay a lower price for their coverage because they are statistically less likely to be involved in a car accident — and thus less likely to file a claim.
One way to make yourself more attractive to insurers is to complete a defensive driving course. You’ll learn how to stay safe behind the wheel, and maybe even save a few bucks as a result. If you’re the parent of a young driver, a defensive driving course for your teen can also give you peace of mind about them hitting the road.
Buying a New Car? Choose Wisely
That gleaming hot rod may look awfully appealing in the dealership window, but it will probably cost you dearly when it comes to car insurance. Cars built for speed are generally expensive to insure, which is why you’ll pay more for a policy that covers your Dodge Viper than you would for, say, a minivan or a station wagon.
Additionally, some cars are more attractive to thieves, and insurance companies usually charge more to cover these models. And don’t assume that thieves are only interested in luxury vehicles or high-ticket cars. While the list of most stolen vehicles varies from year to year, popular models include the Toyota Camry, Ford Fusion and Hyundai Elantra.
Car insurance companies may also offer lower rates for cars that score high marks in crash and safety testing. Some of the safest cars include the Chevrolet Volt, Toyota Prius Prime and Subaru Legacy. These lists change from year to year, however, so look around for the latest information and reports before you buy.
Maintain a Clean Driving Record
When it comes to car insurance, you want to be as boring as possible. Car insurance companies love customers who can boast a track record of clean driving. If you have a long history of no accidents, you can expect to pay less for insurance than someone who has racked up a slew of fender benders and accidents.
Buy the Coverage You Need
No matter where you live in Canada, you’re required to buy a certain amount of car insurance coverage. The penalties for driving without insurance are steep, so you should always check to find out how much it costs for full coverage auto insurance in your area. Besides legal penalties, driving without coverage also exposes you to personal liability — just another reason to make sure you never drive without the appropriate amount of insurance.
Just as you don’t want to be underinsured, you don’t want to be over-insured, either. As your vehicle gets older, you should reevaluate your insurance coverage. For example, it may be worthwhile to drop your collision and comprehensive auto coverage, as your aging vehicle may not be worth repairing in the event of an accident.
Likewise, you can probably save on premiums by raising your deductible. If you can afford a higher deductible — money you pay before insurance kicks in — you can typically save on your premium. Just be certain your budget can handle a bigger deductible.
Location Matters
Do you have a 45-minute commute every day? Or do you work just down the street from your house? Car insurance companies care about what kind of car you drive, but they also consider where you drive. In other words, if you’re going to be on the road for hours a day, you’re likely to pay more for car insurance.
On the flipside, if you don’t log many hours during the week, you may qualify for a low mileage discount. Be sure to ask if an insurance company offers a price break for customers with short commutes.
Ask for Discounts
It sounds simple, but one way to save on car insurance is to simply ask if any savings are available. Most car insurance companies offer dozens of possible discounts, and you won’t know if you qualify unless you ask.
It’s impossible to list every potential discount — and not every insurer offers the same menu of savings — but popular discounts include good grade discounts, discounts for drivers who’ve been with the same insurer for a while and drivers who buy green vehicles. Many insurance companies also offer discounts for customers who pay their full premium for the year in advance.
Get Car Insurance Quotes in Two Minutes
Ready to see how much you can save on car insurance? Use the My Insurance Broker car insurance calculator to get quotes in just two minutes. Compare prices from the top 15 car insurance companies in Canada, and find out how you can save up to 25% on a policy today.
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