Many factors determine your car insurance rates in Mississauga. Some you can control and some you can't.
The factors you can control include:
Your driving history - Having good driving habits will greatly reduce the amount you pay for insurance. Joining a telematics program, where you allow your insurance company to track your driving (your speed, how hard you break, how you handle turns), can net you savings of up to 25%.
The car you drive - Insurance companies have figured out which cars are the least and the most likely to be involved in a collision, regardless of driver behaviour. The downside is that they don’t make that information public. Avoid cars that routinely wind up on the most-stolen list (looking at you, pick-up trucks) and buy ones that have robust safety features.
How much you drive - Insurance companies take into account how long you spend on the road each day. The more time you spend in your car, the more likely you are to be involved in an accident. That’s why when you apply for car insurance you’re asked about how many kilometres you travel per day. A long commute (30 km to 40 km) will increase your premium. Just because you have a car, doesn’t mean you should write off public transit. You can lower your car insurance bill by driving to a GO Train station and take transit the rest of the way. You might also want to consider using MiWay, Mississauga’s transit operator.
How much insurance you buy - The mandatory amount of insurance you have to hold to operate a car in Ontario is third party liability insurance (worth $200,000) and accident benefits (worth $50,000). You can buy extended insurance that covers the cost of replacing your car. If you opt for extra coverage — if you have a new car, this is a wise choice — it will raise your auto insurance premium.
Your insurance history - If you fail to pay a premium or cancel your insurance, you will pay higher insurance premiums.
Factors that are out of your control include:
Your postal code - Insurance companies price their auto insurance based on postal code regions. Some regions experience more collisions and claims than others. The cost of insurance will vary by postal code region. There are 400 postal codes in Mississauga.
Your age - Your age has a lot to do with how much you pay. Young drivers pay the most for car insurance. Even if you’ve held car insurance since your teens, your premiums will be quite high until at least age 25. High premiums can persist until age 30. It really depends on the driver and the strength of their driving record.
Industry loss ratios - Auto insurance companies occasionally face 'hard markets,' which means they’re spending more on claims than they're making from premiums. Things that contribute to this is the fact that cars are now more expensive to repair (due to features like back-up cameras), insurance fraud, and lawsuits.
Government regulation - In Ontario, the provincial government approves auto insurance price increases. Insurance companies say the government has suppressed insurance prices.