BrokerLink: How to lower your car insurance premium in Ontario

BrokerLink: How to lower your car insurance premium in Ontario

BrokerLink Blog

In the province of Ontario, every single driver is required to have a current and up-to-date auto insurance policy. This policy must include four mandatory coverages: Liability, Accident Benefits, Direct Compensation and Uninsured Automobile.

Unfortunately, Ontario has some of the most expensive rates in the country, in regards to auto insurance premiums. This can make finding a policy quite difficult for some drivers. However, there are some ways to help reduce your premium and save some money on your insurance.

How is my car insurance rate determined?

Every individual insurance policy will have a different cost. This will be due to that fact that many different factors can actually influence your car insurance rate. At BrokerLink, we go through each of our clients’ individual information to make sure that they receive all of the possible savings offered for their circumstances.

While the list of factors that determine your rate is quite extensive, we have compiled a few of the most common factors car insurance companies consider when determining rates in Ontario:

  • Your Age: Did you know that younger drivers tend to have higher premium rates? This is because they fall into a demographic that tends to have a lot more accidents. As you get older, your insurance rate is likely to go down.
  • Your Driving History: The number of years you’ve had your license, any past speeding tickets and any accidents will all be considered when determining your rate. Having a good driving record can save you money, as insurance providers see you as a low risk client, while having a bad driving record can make your premiums go up significantly.
  • Where You Live: The city in which you live in can affect the price of your premium. For example, Ottawa’s premium rates are actually quite low compared to other cities in Ontario, while Toronto’s rates are quite expensive in comparison.
  • Frequency of Use: Your premium rate will be affected depending on how often you actually drive your vehicle. For example, someone who drives to and from work every day will pay more than a driver who uses public transit to commute and only drives on the weekend.
  • The Make and Model of Your Vehicle: Some makes and/or brands of cars tend to be more costly to insure than others. There are many different reasons for this, including the fact that some cars are more prone to theft, and some have more expensive and/or less common parts.
  • The Level of Coverage You Choose: The level of coverage you choose to have on your policy will impact the price of your premium.

How can I lower my premium rate in Ontario?

There are many different ways that you can save on your car insurance in Ontario. We have listed four of the most common and recommended ways to save below!

1. Bundle your policies

Bundling your policies is a great way to save some money on your premium. If you have multiple insurance policies, whether they be for your home, your business or your cottage, try and get them with the same insurance company. Most companies allow for you to bundle these policies together, which could save you a significant amount of money.

2. Take advantage of discounts

There are so many discounts available for car insurance policies in Ontario. You probably are already aware of some, including the winter-tire discount and the renewal discount. However, there are also a lot of amazing deals our there they many people simply don’t know about. Here are a few that you should be aware of:

Private Parking Discount

Did you know that where you park your car could make a difference to your premium rate? A car that is parked in a private garage or driveway is way less likely to be stolen or damaged than one that is parked publicly on the street! Adding a private parking discount to your policy can save you money.

Safe Driving Discount

Many insurance companies offer a safe driving discount, generally giving you up to 30 per cent off of your premium. Talk to your broker and see if this is available for you!

Good Student Discount

Did you know that students are eligible for discounts on their car insurance simply by having good grades in school? If you have an average of at least 80 per cent, students under the age of 25 years old are eligible for a 15 per cent discount off of their premiums.

Retiree Discount

If you are a customer who is retired, you may be eligible for an additional discount. This discount can save you up to 15 per cent off of your premium for accidental benefits coverage.

University Discount

When your child moves away for post-secondary, you’ll still want to keep them on your policy so that they are covered when they come home. However, it doesn’t make that much sense to pay the full premium when they won’t be driving the vehicle for the majority of the year. The university discount will provide you with 50 per cent off of your child’s premium while they are away at school!

3. Adjust your payments

There are many options for you when it comes to payment schedules for your premium; some of these options can save you more money than others. Firstly, paying your premium as one-time, yearly payment can be cheaper in the long run than paying it on a monthly basis. This is because some insurance providers will give you a discount for paying one larger lump sum.

Secondly, increasing your deductible can help to minimize the cost of your premium. Many policy holders choose this option, as you only have to pay for your deductible when making a claim. However, this will really only benefit you, and stay inexpensive, if you very rarely make claims and thus avoid paying your deductible. By increasing your deductible, you can generally save anywhere from 10 to 40 per cent on your premiums.

4. Review your existing policy

You may not even be aware of some of the costs and features that are included on your policy. This is why it is extremely important to go over your policy and review it with your broker. If you have a safe driving history, and rarely make any claims, you may not need to have any additional coverages on your policy. This can also apply if you drive a relatively old vehicle. As it depreciates in value, you may not see the need to have coverages such as collision on your policy. Having only the minimum provincial coverages on your policy, without any of the add-ons, can ultimately save you quite a bit of money.

If you’re looking for an Ontario car insurance broker who can help you save money on your premium, BrokerLink is here for you. BrokerLink has been helping Canadian drivers find the best insurance at competitive rates since 1991. Our brokers live in the communities we work in, which means we know what coverage makes the most sense for you. As one of the largest insurance brokerages in Canada, you can have confidence that we are reliable.

Source: BrokerLink

B.C. report says condo insurance market ‘unhealthy,’ premiums up 40 per cent

B.C. report says condo insurance market ‘unhealthy,’ premiums up 40 per cent

VANCOUVER _ A report commissioned by the B.C. government says insurance premiums for condominium buildings have increased by as much as 40 per cent year over year while deductible costs have tripled.

Blair Morrison, chief executive officer of The B.C. Financial Services Authority, says the state of the insurance market for condo buildings is unhealthy.

He says despite large increases in the cost of insurance, the situation has yet to stabilize, likely meaning further increases for condo councils, known as strata councils in B.C.

The report says some councils are at risk of not being able to obtain full insurance coverage for the buildings they oversee.

Authority vice-president Frank Chong says B.C.’s earthquake risk and insurance losses over the past three years from numerous minor claims due to poor building maintenance are among the reasons for the higher costs.

Chong says a final report will be completed by this fall after consultations with the government, the industry and condo owners.

A representative for B.C.’s insurance industry was not immediately available for comment.

ILSTVNews Summer Schedule

ILSTVNews Summer Schedule

ILSTVNews Canada’s Source For Insurance Professionals is taking this summer off. 

For subscribers to the ILSTV Insurance Industry Newsletter, your daily dose of Canadian insurance news returns to your inbox on Tuesday, Sept 15th. 

Our Weekly News and Social Media Coverage will continue on through the summer so I know if you haven’t already you’ll want to sign up for our weekly Canadian Insurance News to stay up-to-date while you enjoy your summer. :).

Follow this link to sign up for our weekly news

You can register for our insurance training programs online, anytime, at


How to boost your auto loan application

How to boost your auto loan application

Tips from

Cars are expensive—sometimes really expensive. And it’s rare to have cash ready to go in the bank when your old car dies or you need an upgrade. That’s was auto loans are for. But while they’re one of the easier kinds of credit to be approved for, qualification isn’t 100 percent guaranteed.

However, there are simple steps you can take to help level-up your application to be a better shoo-in for approval even if you’ve been rejected in the past. Here are a few things you can do to yourself the best chance of success.

Why applications are denied

It’s possible, although rare, for applicants to be denied an auto loan. When it does happen it’s most often for one of two reasons:

  • The applicant doesn’t have enough credit history to base a decision on
  • The applicant’s monthly debt obligations, including requested loan payment exceed the maximum allowable percentage of monthly income

If you’re worried that either of these may apply to you, there are several credit-boosting tips you can use to help you qualify more easily for an auto loan.

4 credit-boosting tips

1. Make sure you have good credit

By law, you can check the details held on your files with the major credit reference agencies Equifax and TransUnion. Use this ability to see exactly how your credit rating stands.

If your credit is good, you know you can probably apply successfully. But if it’s less than perfect, it’s not the end of the world.

2. Work on your credit before applying

If your credit rating is a little below its best, do what you can to clean it up before you apply. For example:

  • Check your file for any mistakes, such as debts listed which you’ve previously paid off and write to the agencies asking for any errors to be corrected, no matter how small.
  • Look for any old, small debts you can clear without too much trouble
  • Make sure any regular credit repayments you’ve been making are shown in your report so that your score will get the benefit

Working on your credit is worthwhile even if it’s already good, as even small improvements in your score could mean you’re offered a better rate on your loan.

3. Have a solid source of income

Your income level is key to qualification for any kind of credit. You may not be able to do much about the money you have coming in, but it’s essential to have a reliable main source of income. It’s also beneficial to gather solid documentation showing proof of all the income you receive in case they are requested. Tax documents and current paystubs are some examples

4. Consider a pre-approval

Lastly, if you’re worried about your chances of qualifying, testing the water with a pre-approval is a sensible step to take. It will let you see how much you could borrow and under what terms, and will let you look for your next car with full confidence you can finance it.

Talk to us today

Taking these steps before applying will give you the best chance of qualifying but if you’re ready to apply or have questions, talk to us today. We can arrange auto financing for people with a wide range of circumstances.

Coast Capital Savings Federal Credit Union

Ice precipitations in the summer? It’s a much more common natural phenomenon than you would think, particularly in Alberta.

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AXA XL appoints Judy Faber as Vice President, Business Operations & Customer Management in Canada

AXA XL today announced Judy Faber will join as Vice President, Business Operations and Customer Management in Canada effective June 16, 2020. In this dual role, Ms. Faber will oversee the Canadian insurance operations of AXA XL as well as strengthen our customer management strategy in Canada. Ms. Faber will join AXA XL’s Canadian leadership team, reporting directly to Urs Uhlmann, CEO & Country Manager for AXA XL, Canada.

Ms. Faber’s responsibilities include establishing and executing an operations strategy for the business units in Canada while ensuring alignment with the broader priorities of AXA XL.  She is responsible for streamlining underwriting and operations to ensure the team provides industry-leading service to our clients and brokers. In this role, Ms. Faber will work with and support the distribution function in Canada by effectively leading the execution of our customer management strategy and elevating AXA XL’s market reputation in the targeted segments.

“Judy’s knowledge of the Canadian large risk markets coupled with her background in claims, underwriting and customer management in the Risk Management space will further strengthen the ability for AXA XL, Canada to deliver quality service to our customers and improve operational efficiencies,” noted Mr. Uhlmann.

Ms. Faber joins from Zurich Canada where she spent several years in customer and client management, most recently serving as Head of Customer Management. Prior to Zurich, Ms. Faber spent nearly 20 years in loss adjustment and underwriting. Ms. Faber is a member of the Insurance Institute of Canada, Ontario Independent Adjusters Association (OIAA), Toastmasters of Toronto and the Insurance Bureau of Canada. She is the Chair for speaker series at the Women’s Innovative Network. She holds a Bachelor of Arts from the University of Toronto and is a Chartered Insurance Professional.


AXA XL1, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit


AXA XL1 Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit

1AXA XL is a division of AXA Group providing products and services through three business groups: AXA XL Insurance, AXA XL Reinsurance, and AXA XL Risk Consulting.


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