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What's Truly Impacting Ontario's Car Insurance Rates?TORONTO, Oct. 26, 2016 /CNW/ - Ontario car insurance rates continue to be a hot topic as Ontario drivers pay some of the highest rates in the country. The goals set out by the provincial government in 2013 to cut auto insurance premiums by 15 per cent continue to fall short. LowestRates.ca, a comparison site for car insurance rates, investigated what factors are truly impacting car insurance rates in Ontario. The company's data revealed, over the past year, a significant 9 per cent drop in the average insurance rate with an average premium of $2,353/year dropping to $2,154/year when Ontarians shopped around for a rate. To gain a better understanding of what affects drivers' insurance rates, the company looked at numerous factors that play a role in rising or lowering individual rates. According to LowestRates.ca data, here's what impacts Ontario drivers' insurance rates: Your daily commute You're a millennial The age of your car Buying a 10-year old car will almost cost you $800 less per year than a brand new car at an average rate of $2,121. However, you may not be able to make that money back with car repairs and maintenance that come with an older car, so make sure you consider all expenses. The family road trips Your urban roots "We think it's important to inform Ontarians about what's really impacting their car insurance rate," said Justin Thouin, CEO of LowestRates.ca. "By looking at our data, we can help demystify what often seems like complicated premium calculations. In order to find the best policy, drivers need to pay attention to what influences premiums and compare rates annually." Comparison shopping is one factor that can have massive impact on car insurance rates. LowestRates.ca can compare up to 20 rates at once and can help Canadians find the best car insurance premium. To view the full report 'What Really Affects Car Insurance Rates in Ontario?' visit: http://www.lowestrates.ca/reports/ontario-car-insurance-report-2016.pdf About LowestRates.ca Data About LowestRates.ca SOURCE LowestRates |