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CBlack0 Posts: 8
Posted On: 5/30/2014
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I just moved to Toronto and bought a car, however, i can't find an insurance broker to help me find the best rates. Does anyone know of a great insurance broker?
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Moderator Moderator Posts: 4075
Posted On: 6/2/2014
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Hello,
Thank you for sharing your situation and question with us.
You can find some detailed information in our Settlement.Org Understanding Automobile Insurance resource. This resource is from The Financial Services Commission of Ontario.
I hope this information is helpful. Please let us know if you have further questions and if there is any follow up to your question/situation.
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Anna
Settlement.Org Content and Information/Referral Specialist, CIRS
Settlement.Org
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Klaus Posts: 75
Posted On: 6/2/2014
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Hi HValencia789,
I had the very same problem when I first landed in Canada. As a foreign national, you are considered a new driver, as if you never had car insurance before. Depending on the neighborhood you live in this can easily result in insurance rates greater than $5000/year.
If public transport is not an option for you, I can only recommend to be careful to never ever get a ticket other than a parking ticket. It will stay on your record for three years and it will affect (i.e. increase) your insurance premiums significantly.
I was not aware that the insurance premiums increase whenever you get a ticket, and now I'm looking at extra costs of about $1000 just for one speeding ticket. The ticket itself wasn't all that expensive, but the increased insurance premiums really hurt. Which in turn enhances the safety on the street, because I'm for one will never again go faster than I'm allowed to.
But anyway, the premiums are ridiculously high in Toronto. All you can do is move to a less populated area, this can easily save you a few thousand Dollar each year until you have built an insurance record.
I hope this helps
Klaus
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Navtej Posts: 11
Posted On: 6/20/2014
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Hi there,
Please try to get a quote from a good broker at the time of your renewal. Adding house insurance, multiple vehicles, using winter tires coupled with an online quote will help by way of discounts. If one is a professional, one can try for a group rate through professional associations.They offer cheaper quotes. Much depends on the driving record and claims history as well. Good luck!
Navtej
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CBlack0 Posts: 8
Posted On: 7/29/2014
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Hello,
Thank you for sharing your situation and question with us.
You can find some detailed information in our Settlement.Org Understanding Automobile Insurance resource. This resource is from The Financial Services Commission of Ontario.
I hope this information is helpful. Please let us know if you have further questions and if there is any follow up to your question/situation.
=====
Anna
Settlement.Org Content and Information/Referral Specialist, CIRS
Settlement.Org
Thanks for this great resource Anna!
CB
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CBlack0 Posts: 8
Posted On: 7/29/2014
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Hi HValencia789,
I had the very same problem when I first landed in Canada. As a foreign national, you are considered a new driver, as if you never had car insurance before. Depending on the neighborhood you live in this can easily result in insurance rates greater than $5000/year.
If public transport is not an option for you, I can only recommend to be careful to never ever get a ticket other than a parking ticket. It will stay on your record for three years and it will affect (i.e. increase) your insurance premiums significantly.
I was not aware that the insurance premiums increase whenever you get a ticket, and now I'm looking at extra costs of about $1000 just for one speeding ticket. The ticket itself wasn't all that expensive, but the increased insurance premiums really hurt. Which in turn enhances the safety on the street, because I'm for one will never again go faster than I'm allowed to.
But anyway, the premiums are ridiculously high in Toronto. All you can do is move to a less populated area, this can easily save you a few thousand Dollar each year until you have built an insurance record.
I hope this helps
Klaus
Wow up to $5000 per year this is so much Klaus. Yes I may look into taking public transit. I hear the transit system here is pretty quick to communte around the city. Learning the system though is a whole other story. Thanks for this advice, I am looking into quotes now and will compare these to TTC annual cost before I make any quick decisions.
CB
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CBlack0 Posts: 8
Posted On: 7/29/2014
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Hi there,
Please try to get a quote from a good broker at the time of your renewal. Adding house insurance, multiple vehicles, using winter tires coupled with an online quote will help by way of discounts. If one is a professional, one can try for a group rate through professional associations.They offer cheaper quotes. Much depends on the driving record and claims history as well. Good luck!
Navtej
Hi Navtej,
Would it be more expensive to go through an insurance company as opposed to a brokerage firm? Is there any differnce?
CB
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Klaus Posts: 75
Posted On: 7/29/2014
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Hi,
I couldn't agree more that understanding the TTC routes is complicated. I can only suggest you use Google maps to find a TTC route from A to B. Their route planner is much better than the TTC website.
Two more things you may want to look into: if you decide to go with TTC for now, I suggest you sign up with AutoShare, a car sharing company. Even if you never actually use their services, you start building an insurance record which can save you a lot of money in the future. It sure worked for me. The fees are next to nothing compared to the future savings. You're currently looking at $29 to sign up and $45 per year.
If you decide to buy a car rather than using TTC, you can either check insurance quotes yourself or contact an insurance broker. I checked with Kanetix and they found me a good rate. Personally I would always look for a broker since comparing quotes can be quite tricky. It's unbelievable which factors can affect the premiums and these guys are experts. Chances are that you will get a better rate if you ask a broker who knows every little detail about the insurance companies.
Good luck!
Klaus
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CBlack0 Posts: 8
Posted On: 8/6/2014
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So, ive been doing some research online. Please share any other sites I can get car insurance quotes. I just want to make sure that i'm making an informed decision.
CB
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CBlack0 Posts: 8
Posted On: 8/29/2014
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Hi HValencia789,
I had the very same problem when I first landed in Canada. As a foreign national, you are considered a new driver, as if you never had car insurance before. Depending on the neighborhood you live in this can easily result in insurance rates greater than $5000/year.
If public transport is not an option for you, I can only recommend to be careful to never ever get a ticket other than a parking ticket. It will stay on your record for three years and it will affect (i.e. increase) your insurance premiums significantly.
I was not aware that the insurance premiums increase whenever you get a ticket, and now I'm looking at extra costs of about $1000 just for one speeding ticket. The ticket itself wasn't all that expensive, but the increased insurance premiums really hurt. Which in turn enhances the safety on the street, because I'm for one will never again go faster than I'm allowed to.
But anyway, the premiums are ridiculously high in Toronto. All you can do is move to a less populated area, this can easily save you a few thousand Dollar each year until you have built an insurance record.
I hope this helps
Klaus
Wow up to $5000 per year this is so much Klaus. Yes I may look into taking public transit. I hear the transit system here is pretty quick to communte around the city. Learning the system though is a whole other story. Thanks for this advice, I am looking into quotes now and will compare these to TTC annual cost before I make any quick decisions.
CB
I just wanted to update you guys on my insurance mission...
I managed to find some affordable car insurance. I got a discount because I did driver's training and they gave me an additional discount because i combined my car insurance policy with my home insurance policy, so this was great!
I am starting to realize how big Toronto really is...It is not like many cities I've lived in, in Ontario. For work I got a metro pass, because the commute is easier but glad that I have my vehicle and I'm not paying a lot for insurance for grocery shopping and other personal use.
CB
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