Congratulations on purchasing your new car. I’m so sure the reason you are on this post is to find out how to get car insurance for new cars.
whether someone is riding a new or old car, the law requires that you obtain the right car insurance. This is a compulsory requirement in all parts of Canada if one wishes to operate his or her automobile legally without having issues with the police. If you are found guilty of driving without a proper policy for your car, be rest assured you can get arrested, your vehicle can be seized and you also will be fined. so I suggest you try everything possible to make sure you drive legally in order to stay out of trouble.
How policy Rates are Determined in Canada
Insurance policy in Canada varies from location to location but one thing that stays constant with insurance in Canada is your driving records. That is to stay that having a clean driving record means you will be getting lower insurance prices. If you have a history of accidents or violate different driving rules, you will have to pay more for car insurance cover than someone with a clean driving record.
Insurance quotes will also vary ranging from features like anti-theft sound alarms and extra airbags. You should also note that younger people tend to pay more for car insurance than mature individuals and women, in general, do get cheaper insurance rates than men. These rates are based on statistics that show younger, inexperienced drivers are more apt to become involved in accidents or acquire citations than mature drivers. Similarly, statistics show that men drive more aggressively than women and tend to speed more often, making them a higher risk, as well.
car insurance for new cars in Canada
When you consider purchasing a new car, you should also consider the advantage and disadvantages when comparing a used car versus a new car that requires financing through a bank loan. Rates of car insurance are also determined by the make, model and year of a car. The reason why these three factors determine the rate of a car insurance is because if a new car is involved in an accident, The cost of repairing it is far higher than ana old car. a luxury or sports car will also cost more to repair than a standard model. you should also know that in times of theft, new cars are usually targeted than old cars and are costly to replace than a standard model. so this is the reason why most insurance companies charge more to insure a new car to old cars.
Another reason why new cars cost more than old cars in terms of insurance rate is new cars are usually purchased through a finance company. The finance company will make sure that the driver has full coverage on his or her car in terms of Collison, liability, vandalism, and cover for uninsured drivers. If you purchase an old car with cash, you will have the option o purchasing the minimum insurance required under Canadian law. With this in mind, it may be wise to consider if a new car is an absolute necessity, and if not, one may wish to purchase a used car for which only the minimum insurance cover is required.
How to Reduce the Cost of Insurance on a new car
driving a new car doesn’t mean paying too high for insurance premiums. There are several ways to reduce the cost of car insurance in a new car. For instance, the aforementioned safety devices such as a car alarm or a GPRS system can cut insurance costs considerably, as theft is a key issue of concern for an insurance company. you should always try as much as possible to minimize bad driving records. take driving courses and it will go along way to reduce insurance rate cost for you.
Those who prefer to drive a new car do not have to resign themselves to paying extraordinarily high insurance premiums. There are several ways in which one can save money on the cost of a policy for a financed car. For instance, the aforementioned safety devices such as a car alarm or a GPRS system can cut insurance costs considerably, as theft is a key issue of concern for an insurance company. Additionally, if one does minimum driving, such as an individual who works from home and has no hectic commute five days a week, he or she should apply for a low mileage discount. In conclusion, one should endeavor to do comparison shopping before making a final decision on a policy, as this is the best way to ensure that the most suitable and cost-effective policy will be found.