https://padlet.com/sschawalder/do1a8vfn7mq59sqj Understanding auto insurance, factors that effect it, how we can save and other information for first time buyers. en-us 2022-03-30 14:31:40 UTC 2025-11-16 15:19:55 UTC hello@padlet.com sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2121700463 2022-03-30 15:10:23 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2121700463 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2121703052 2022-03-30 15:11:36 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2121703052 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2121703620 2022-03-30 15:11:52 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2121703620 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2121705185 2022-03-30 15:12:32 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2121705185 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2125790171 2022-04-01 17:14:15 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2125790171 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2125791118 2022-04-01 17:14:56 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2125791118 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2125818678 2022-04-01 17:34:35 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2125818678 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126086307 Getting your license and learning to drive is an exciting part of growing up and unlike in the movies where you turn 16 and get handed your license and car keys, it will require some planning. After passing your written exam and filing all the paper work you have to get insurance. If you've never gotten insurance it can be overwhelming and scary because of all the options, questions asked and the expense. In the following videos, articles and images I'll explain what the options are, why rates differ from person to person, what the purpose of insurance is, what makes Ontario an expensive place to purchase insurance, and how you can save.


]]> 2022-04-01 22:40:44 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126086307 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126099905 The articles published by Canada drives talks about the variations in insurance rates across the 10 provinces. With the cost of living ranging across Canada its no surprise that other living expenses like insurance also vary. Its widely know that British Columbia is a very expensive province to live in and that a province like Prince Edward Island would be cheaper and this is reflected by the insurance rates. British Columbia has the most expensive insurance rates with an average premium of $1832/annually while PEI, second cheapest, has an average insurance premium of $816/Annually. 

One thing I found extremely interesting and therefore useful is that even though Ontario is the most populated province its not the most expensive. I would have thought the province with the most amount of people, therefore most number of motorists would have the highest insurance rates because of the extra cars on the road, therefore increasing the likelihood of a crash and putting motorists at a higher risk.

]]> 2022-04-01 23:09:31 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126099905 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126104928 2022-04-01 23:20:44 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126104928 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126115213 Auto Insurance is a monthly or yearly payment you make to a company that will provide protection in the case of an accident. When an accident happens, depending on who’s at fault, insurance will pay for repairs on your car and others involved in the accident if they are repairable. They will also deal with the other persons insurance to find who was at fault and whose insurance is liable to pay for damages.  Insurance policies are customizable with you having to have a minimum of third-party liability with the option to add additional coverage. 

What I failed to realize before about insurance was that the deductible is your portion of the financial responsibility during a crash. I thought the monthly premium was the only thing you had to pay and that if you got in an accident everything was covered by insurance. If your insurance rates aren’t affordable, then raising your deductible could lower your rates but increases your financial burden in the case of an accident. If you are a safe driver, who isn’t at risk of getting in a crash then it might be a good idea to raise your deductible in the likelihood you won’t have to pay it.

]]> 2022-04-01 23:41:05 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126115213 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126124525 The United Kingdom was the first place to introduce mandatory insurance because before then, victims in accidents would rarely get compensation and no one was held accountable. In late 1990’s auto insurance became the law and it offered protection for motorists and anyone on or around motorways. Anyone operating a motor vehicle had to have a basic insurance policy and to make the process of transitioning to mandatory insurance go by smoothly, hefty fines were issued to anyone who did not comply.

It’s a little concerning to think that insurance was first introduced to Canada less than 26 years ago, and yet the price increase for certain provinces insurance premiums have increase nearly nearly 60% since 2015. The increase in cost in such a short amount of time makes me wonder if our provincial governments are doing enough to stop the rapid and high price increases.

]]> 2022-04-02 00:00:43 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126124525 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126135276 Canada requires a minimum liability insurance of $200,000 that covers the damages when you’re deemed at fault in an accident. It covers bodily harm liability and property damage liability which protects the other person if they or their property is hurt/damaged. This type of insurance doesn’t cover your damages or medical expenses if you have them, it only protects a 3^rd party. Additional coverage can be added like uninsured motorist coverage, direct compensation property damage coverage, comprehensive coverage, collision coverage and accident benefit coverage which will all protect you in the case of an accident.

Something interesting is that even though $200,000 is the minimum it still wont cover a large majority of accidents, so people pay for additional coverage to have extra protection. If the average accident is going to cost more than $200,000 then why don’t we raise the minimum to 1 million in coverage, which is the average people usually get.

]]> 2022-04-02 00:24:14 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126135276 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126519886 2022-04-02 14:19:30 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126519886 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126520209 2022-04-02 14:19:45 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126520209 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126566013 In Canada there are a lot of factors that can raise or lower your premiums. The make and model of your car can affect your premiums because a more expensive car will require a more expensive repair if it gets damaged. Your driving record, years of driving experience and age will determine how much of a risk you are, as well as how much you drive, where you live and where the car is parked/stored. The two factors that you can use to lower your premium is the type of coverage you want, only 3^rd party will get you a lower premium, and your deductible, high deductible means a lower premium.

One thing I found surprising was that gender no longer affects premiums. When I used to get insurance quotes, one question they would always ask is what my gender was. Looking farther into why it isn’t asked anymore I found that with more openness towards gender identities the need to ask the question when accessing risk as an insurer was no loner useful because they didn’t have data for people who didn’t identify or who weren’t cis female and cis male. With minimal data to support a higher or lower premium based on identity they couldn’t justify charging more or less for a certain gender identity.

]]> 2022-04-02 15:28:48 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126566013 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126567683 2022-04-02 15:31:43 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126567683 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126567794 2022-04-02 15:31:56 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126567794 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126573858 The image is of the 401 if you were standing on the bridge at keele. In 1958 the 401 was one of the busiest highways and yet because of the low number of cars on the road it only required 4 lanes to carry the amount of people using it.

Knowing what the 401 now looks like, with its minimum of 12 lanes it must mean that there has been a significant increase in cars on the road and that could be a huge factor in why Ontario residents pay one of the highest insurance rate premiums. 

]]> 2022-04-02 15:41:47 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126573858 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126576163 2022-04-02 15:45:44 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126576163 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126577107 2022-04-02 15:47:30 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126577107 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126584469 In 2020 Brampton used to have the highest insurance rates but during 2021 rates.ca published an updated report that showed Vaughn had the number one highest insurance premiums. Ajax came in at the second highest, Richmond Hill third and Brampton, which used to be the number one highest is now the 4^th most expensive city for insurance rates.

Toronto came 7^th on the list of most expensive cities to get insurance rates for if you live there and it was shocking because they are the most populated city in Ontario and yet they don’t even rank in the top 5 most expensive insurance rate premiums. The amount of people on the road effects your rates and that’s why more populated cities generally have higher premiums than a small town would, but sine Toronto doesn’t have the highest premiums It makes me wonder if maybe Vaughn has the most amount of traffic and people driving on the road there and that’s why their premiums are so much higher.

]]> 2022-04-02 15:59:45 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126584469 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126629966 2022-04-02 17:18:49 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126629966 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126630049 2022-04-02 17:18:58 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126630049 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126636653  

Getting insurance for the first time can be the most expensive rates you will ever pay because of the limited driving experience and lack or driving record. Some ways to get cheaper insurance would be to increase the deductible, pay annually and get a 3% price decrease with most companies, take a certified driving school course, and drive less kilometres. Some companies will also have additional price reductions for installing winter tires and all seasons, living away from major cities and signing up for a safe driver program that monitors your driving habits. By far the best way to get a deal is to shop around for the best deals and lower your limits and deductibles if you don’t have a lot of the risk factors for getting in an accident.

If you can afford to pay for the annual amount of insurance up front, its worth it to get the 3% price reduction and then you don’t have to think about it until insurance renewal in 12 months. These are great ways to save as someone who doesn’t have a lot of driving experience because without a record of clean driving its difficult to get discounts especially if you cant bundle home and auto or don’t have multiple cars to insure at once to get a bundle deals. I think this is a great video because it has plenty of ways to save as a young driver or teen.

]]> 2022-04-02 17:30:00 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126636653 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126637985 2022-04-02 17:32:21 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126637985 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126640542 2022-04-02 17:37:04 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126640542 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126641922 2022-04-02 17:39:57 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126641922 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126642092 2022-04-02 17:40:13 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126642092 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126731423 For every 10 kilometres expect to pay roughly $10 – 20 over $191/month. For every 5 years that your car is older expect to pay $33-$34 less. Each new generation can expect to pay 1.3 times the amount as the previous generation. 

I like this type of median because it makes it easy to see the breakdown of cost over the years. It also gives 3 different sets of data in a concise manner that has all the relevant information.

]]> 2022-04-02 20:40:18 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126731423 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126741710 The most surprising thing to learn was what a deductible was. I had always been under the impression that what you pay monthly was all you had to pay and that in the case of an accident insurance would take care of everything financially that had to do with damages and injuries.

]]> 2022-04-02 21:03:12 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126741710 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126748445 I’m now 20 and have had insurance for the past 4 year but haven’t had to purchase insurance solely for myself yet, it’s always been done by my parents. In the next year I’ll have to purchase my own insurance and go through the process so knowing how my location, age, driving record, deductible, liability limits and car model effects my premiums I can make changes that will lower my rates.

]]> 2022-04-02 21:17:56 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126748445 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126754062 I think the most important thing I would pass onto a family member or friend would be that if they don’t drive very much, stay away from the city and highways, and have a low risk of getting in an accident then they could raise their deductible and save money. I would also tell them that they kind of car they want will impact their premium cost.

]]> 2022-04-02 21:31:58 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126754062 sschawalder https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126760520 Mitchell and Whale team created 12 driver profiles and got insurance quotes from several different companies to find the best companies for high-risk female and males under 25 and for the average male and female driver under 25. All the profiles had the same time period for getting their license, winter tire discount and coverage details. They found that for females and males under 25 with regular driving habits, Aviva was the best for females and Intact was the best for males. For females and males under 25 with high risk driving habits they found that Jevco was best for females, and Coachman was best for males. 

I really like how the website showed the price difference between the rates for male and females and I also like how the specimen pool was large and used the same or similar data as other profiles to ensure the most accurate quotes for insurance premiums.

]]> 2022-04-02 21:47:57 UTC https://padlet.com/sschawalder/do1a8vfn7mq59sqj/wish/2126760520