Automotive

Where is the Best car Insurance Rates

  • Last Updated:
  • Jun 29th, 2020 2:12 pm
[OP]
Jr. Member
Mar 31, 2013
136 posts
39 upvotes

Where is the Best car Insurance Rates

I've been with a broker/friend for a while now...I like his service when I have to make changes, but frankly the rates or getting out of hand. Where is everyone having successes with new rates. Im married, in my 60's and driving record is good. Have two vehicles to insure. Looking for some helpful advice.
31 replies
Newbie
Jun 23, 2018
94 posts
24 upvotes
Montreal
Insurance is something that is different from person to person.

Personally my broker found that the cheapest for me was Aviva. In the past I was with Intact and Desjardins.

It’s your brokers job to shop around for you.
Newbie
May 11, 2019
19 posts
7 upvotes
Hello,

I have found that the car dealers have a lot of access to insurance brokers who have almost always beaten the lowest rate I had been able to find myself. In one case, when buying a new vehicle, I was challenged by the salesman that he will beat any insurance quote that I brought to him in writing at the time of leasing the car. And he did. Not by a very big margin, but he stuck to his word of getting me the cheapest. It was with State Farm/Desjardins. But as I learned in my younger days, the best strategy is to talk to as many brokers as possible and get them to compete with each other, by quoting them the cheapest you managed to get. Also, I have also seen some instances that your bank who you have a mortgage with might give you the lowest rate as well, specially if you couple home + auto.

You have to remember, the brokers/agents don't make money from what you pay, they get paid by the insurers. So usually, the more expensive insurers are also the ones that pay the highest. So they have more interest in getting you one that makes them more money. However, they would also make SOME money rather than NO money if you find a cheaper quote elsewhere and they will do their best to retain you.

In a nutshell, the answer to your question is simple: Shop around. Call as many as possible. Insurance doesn't work like credit, where more inquiries on your driving record can damage you in any way. I hope this helps and I wish you the best of luck in finding the best possible insurance deal.
The art is not in making money, but in keeping it. –Proverb
Rich people stay rich by living like they’re broke. Broke people stay broke by living like they’re rich. –Unknown
He who will not economize will have to agonize. –Confucius
Deal Fanatic
Sep 1, 2004
6134 posts
4743 upvotes
Caps1983 wrote: Insurance is something that is different from person to person.

Personally my broker found that the cheapest for me was Aviva. In the past I was with Intact and Desjardins.

It’s your brokers job to shop around for you.
Aviva is losing big time in AB and losing customers like mad. 1st they won't insure any car over 500HP. Then they are forcing review on renewal. Then they want all the $ up front.

https://www.reddit.com/r/PersonalFinanc ... customers/

So it's very personal AND regional.
Deal Addict
User avatar
Apr 21, 2006
2057 posts
56 upvotes
Toronto
I got a new quote from Cumis Insurance today with two vehicles and condo insurance.

I was quote for me 1355 per year 2012 Honda and 2019 toyota for wifey was 1648 per year and condo 444 per year.

Right now I have TD and looks going up for the new Toyota from 150 to 174 per month upon renewal. I have to see the outcome. I am still shopping. Any brokers here please hit me up.
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Sr. Member
User avatar
Jul 25, 2018
784 posts
1236 upvotes
Milton, ON
To echo other posts here, it varies person to person. I've been with three different insurance companies and my current one (TDMM) beat everyone by a huge margin. I'm paying $80/month despite living in the GTA, in my mid-20s with a speeding ticket and one at-fault accident.
Deal Guru
User avatar
Oct 5, 2008
13674 posts
7810 upvotes
Toronto
mmbilly wrote: I've been with a broker/friend for a while now...I like his service when I have to make changes, but frankly the rates or getting out of hand. Where is everyone having successes with new rates. Im married, in my 60's and driving record is good. Have two vehicles to insure. Looking for some helpful advice.
Stating your location would likely help.

The Yukon should be far cheaper than the GTA
[OP]
Jr. Member
Mar 31, 2013
136 posts
39 upvotes
Swerny wrote: Stating your location would likely help.

The Yukon should be far cheaper than the GTA
Toronto (Etobicoke}
Newbie
Dec 16, 2017
8 posts
4 upvotes
Toronto, Ontario, Ca…
JoelK22976 wrote: To echo other posts here, it varies person to person. I've been with three different insurance companies and my current one (TDMM) beat everyone by a huge margin. I'm paying $80/month despite living in the GTA, in my mid-20s with a speeding ticket and one at-fault accident.
What broker did u use?
Deal Addict
Nov 10, 2018
3833 posts
3925 upvotes
MathewLiamSousa wrote: What broker did u use?
TD doesn't use brokers.
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Sr. Member
User avatar
Oct 14, 2017
725 posts
710 upvotes
Toronto
Aviva was the cheapest for me. Been with them for about 3 years now.
Member
Apr 19, 2018
239 posts
63 upvotes
Scarborough
PC Insurance helped me reduce my premiums by $500 a year. I was with Aviva previously. Added benefit is that I earn PCO points as well. Didn't know they even had insurance until I noticed the brochures at my local No Frills. www.Pcinsurance.ca for those who didn't know.
Don't worry be happy - Bob
Deal Fanatic
User avatar
Aug 11, 2008
8847 posts
1443 upvotes
Ontario
TD uses agents who are employees of the company
MathewLiamSousa wrote: What broker did u use?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Deal Fanatic
User avatar
Aug 11, 2008
8847 posts
1443 upvotes
Ontario
was that a $500 credit applied to your policy for the 3 month relief?
Prestonxavier wrote: PC Insurance helped me reduce my premiums by $500 a year. I was with Aviva previously. Added benefit is that I earn PCO points as well. Didn't know they even had insurance until I noticed the brochures at my local No Frills. www.Pcinsurance.ca for those who didn't know.
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Member
Apr 19, 2018
239 posts
63 upvotes
Scarborough
COSMIC5 wrote: was that a $500 credit applied to your policy for the 3 month relief?
No.
Don't worry be happy - Bob
Deal Addict
Oct 5, 2009
1147 posts
416 upvotes
Dartmouth
Insurance is like tires for your car. You need it to be able to drive but you don’t really notice what you bought until you need it. If you buy cheapest Chinese tires you can find you can drive down the road but when you need to brake suddenly, swerve or even drive down the highway they are more likely to let you down than more expensive brand name tires.

Same with insurance. Cost is a factor but simply looking for the cheapest thing you can get can leave you without the coverage you need when an accident happens or put you through a horrible service experience.
Newbie
Dec 27, 2014
95 posts
102 upvotes
Toronto, ON
^ I have found this to be true as well. Yes, I have shopped around before, found somewhat cheaper rates, some have been group rates which looked very appealing at first. When you dig down though, you might find you are not getting all the same coverages, lots of restrictions (I found this to be the case with the group discounts) etc.

YMMV but it is good advice to make sure you're comparing apples to apples when saving that $50 per year!
Deal Addict
Sep 6, 2017
3517 posts
2179 upvotes
Xtrema wrote: Aviva is losing big time in AB and losing customers like mad. 1st they won't insure any car over 500HP. Then they are forcing review on renewal. Then they want all the $ up front.

https://www.reddit.com/r/PersonalFinanc ... customers/

So it's very personal AND regional.
It's not like everyone on rfd has a Chiron to insure. Last time around the rfd car of choice is the 2020 GLA250.
Deal Addict
User avatar
Dec 15, 2001
3133 posts
815 upvotes
Toronto
You've just gotta shop around and make sure you're comparing Apples to Apples.

Some brokers will lower your coverage or options, to get you a cheaper rate.

And like others have said, I don't think there's one company that is cheapest for everyone. Every company does their calculation and algorithm a little different.

Because funny thing is.... my insurance company has lowered my rate every year since I've been with them. While I see other RFD members accusing the same company of bait & switch, by offering low rate and raising them on renewal.

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