What Is the Average Cost of Vehicle Insurance in Mississauga?

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Mississauga comes under Ontario’s jurisdiction. And in Ontario, registered car owners with valid driver’s licenses need auto insurance coverage. 

However,  auto insurance rates in Mississauga are one of the most expensive in the province. 

This is primarily due to the high population and business-centric location of Mississauga. Busy roads and increased population multiply the risk for accidents and insurance claims. Other factors such as regular traffic conditions, road construction work, average driving behavior, commuters and average collision frequency impact the insurance rates. 

A registered car owner or driver will always want to save on car insurance premiums in Mississauga. This article will discuss the province’s average cost of auto insurance and how you can save your precious dollars on the next policy renewal. If you’d like to compare car insurance quotes in Mississauga, visit this site

Average car insurance Mississauga per month — how much does it cost? 

The price of average car insurance Mississauga drivers have to pay is comparatively higher than in other provinces, the average being around $2086 per year. This equates to roughly $174 per month.

In fact, Mississauga ranks as one of the top 5 expensive cities for auto insurance. Based on the historical stats, people residing in the province pay almost an additional $400 every year for their vehicle insurance. Postal code area L5W encompassing the area Meadowvale reported one of the highest insurance premiums in the province. 

What are the best ways to reduce your car insurance premium in Mississauga?

Getting auto insurance in Mississauga (and in many parts of the province) can prove to be tricky. The rates for average car insurance in Mississauga are quite high; however, it’s not completely impossible to get affordable insurance. 

Here are a few days you can use to reduce your auto insurance rate in the province.

Maintain a clean driving record

A good driving report goes along with saving money while paying insurance premiums. A clean record with no speeding tickets, history of accident or reckless driving and association with illegal activities while driving can offer you an affordable insurance rate.

A bad driving incident generally stands on your record for three years. Therefore practicing good driving habits and maintaining a clean record can deliver long-term results.

Use telematics for regular monitoring 

You can track and measure your good driving habits with a telematics tool to become eligible to pay almost 30% less for your next policy.

Make annual payments

Choosing one-time annual payments can make you eligible for special rebates since it cuts down the administrative cost for the insurance company. Paying an annual premium upfront is the easiest and the quickest way to get cheap auto insurance in Mississauga.

Prioritize safety

A vehicle with enhanced safety and security might be eligible for lower insurance rates. Therefore while purchasing a vehicle, select the one with a strong safety rating.

Compare and save

One of the easiest ways to get affordable car insurance in the location is to shop around, compare and explore your options. Market conditions, car value and your driving requirements change over time.

Install winter tires

Some insurance providers offer a winter tires discount when you show them the proof that you have purchased and installed winter tires. The discount amount can be anywhere between 5-8%.

Don’t shy away from asking for discounts

Almost every insurance provider offers several discounts depending on your policy requirement. Therefore while purchasing a policy, don’t forget to ask your insurance broker what discounts you qualify for.

Select the correct coverage

Apart from mandatory insurance, several additional coverages are also offered by insurance agencies. Understand your driving habits and requirements and avoid excessive frills in your policy plan. Choose the coverage you specifically require for your regular driving needs to lower your premiums.

Make timely payments

Insurance always loves a good customer. Therefore, make monthly or yearly premium payments on time and avoid missing deadlines. A good payment history might make you eligible for additional discounts.

Sign up for loyalty programs

In an endeavour to retain customers, some insurance providers run loyalty programs. Under loyalty programs, if you choose the same insurance company for the next renewal, you will be entitled to a certain discount percentage known as a loyalty discount.

Take a defensive driving course

Defensive driving training teaches you to be a better driver and reduces your risk of getting into an accident. With a reduced risk of accidents, the possibility of raising a claim with the insurer also decreases drastically. Your provider will generally offer you a discount of 5-7% if you have successfully completed such a course.

Get secured storage

Another important factor that insurance providers may delve into is the storage space for your vehicle. If you use a secured parking space or enclosed garage for your car, the insurance premium might become lower. 

Myths about car insurance pricing 

Over the years, car insurance policies witnessed a lot of speculation. Misunderstanding and misinterpretation have led to several myths cropping up about car insurance.

Myth 1: Funky or fancy coloured attract expensive insurance policy. 

Fact: Car colour never impacts the rate of your insurance policy. 

Myth 2: The cheaper your car, the lower is your car insurance rate.

Fact: Cheaper cars don’t always come with cheaper car insurance. Your driving habit, vehicle performance, and safety rating determine the insurance rate. 

Myth 3: Auto insurance works in the same way in the entire Canada.

Auto insurance rate varies from province to province depending on the rate of accident, claim’s ratio, traffic conditions, road conditions, crime rate and many other factors.

Factors that affect auto insurance pricing

Primarily, the following factors control auto insurance policy in Mississauga.

●     The year of manufacture, pricing and model of your car.

●     Usage history of your vehicle (personal commuting details)

●     Age and driving experience

●     The postal code of your residence

●     The average amount of time you drive your vehicle

●     Driving record

●     Claims percentage and costs in the province

●     Accident rates in your area 

Conclusion

Insurance policies in Mississauga might make a dent in your financial accounts. Connect with a professional insurance broker, compare policies and select the one that suits your regular driving requirement. Insurance agents generally have a good partnership with insurance providers and might offer you a deal with great discounts.