car insurance quotes

How Does Car Insurance Work?

Whether you lease, finance, or own your car, it is mandatory to have car insurance. However, in order to be eligible for car insurance, certain conditions and restrictions apply.

To begin with, you (and all drivers you wish to include in the policy) must have a valid driver's license and be a resident of Canada. Next, insurance companies will look at your prior driving record to determine eligibility and rates. However, rates will vary depending on whether you are looking for a new insurance policy altogether or if you wish to renew an existing one. Other eligibility restrictions may arise from past convictions. This too, will vary depending on when your last conviction occurred and the nature of the conviction.

Other Eligibility Considerations:

Other insurance conditions may arise depending on the type of vehicle, its use, and any customizations or modifications made to the vehicle. For example, if you have altered your vehicle to enhance its performance or appearance, most insurance companies would need to assess the vehicle to determine if they could insure it. If you plan on modifying your vehicle, call us first! We will let you know if the changes you plan on making could have an impact on your policy.

Other factors that may also prevent an insurer from issuing you a policy:

Your vehicle has substantial unrepaired damage or is deemed unsafe

Your vehicle is rented or leased to others

Your vehicle is used for racing or competition

How Much Does Car Insurance Cost?

There are a number of factors that determine how much your car insurance will cost. Here are 7 of the key factors that insurance companies take into consideration when calculating your car insurance premium:

Your car: The make, model, and year of your car can affect your insurance premium. This determines the cost and value of the car, safety features, and repair costs.

How often you drive: The number of kilometers you drive your car per year will affect your insurance premium.

If you use your car for commercial purposes: If you use your car for work purposes (other than commuting), you may need to get commercial car insurance. Your business may require a higher liability limit.

Your driving record (and the records of all drivers who use your vehicle), which includes: The number of years you’ve all been licensed for. Convictions due to driving infractions (which includes speeding tickets). Accidents.

Where you live: Premiums are usually higher in and around large urban areas

The coverage you choose: The more adequate the coverage, the more it will cost to insure your vehicle

Special discounts: Belonging to a preferred group for professionals and alumni. With TD Insurance you can select up to three eligible groups!

Here’s how you can buy insurance online

1. Start your quote

Begin your quote by answering a few questions. With the information you provide we’ll be able to:

Assess your needs and recommend coverage

Determine what discounts are available to you

Give you the most accurate quote

And of course, it’s all 100% confidential.

2. Customize your coverage

Once you've completed your quote we’ll provide you with our recommended coverage options based on your individual needs.

You’ll be able to:

Adjust your deductible amounts

Alter your coverage limits

Proceed with buying online‡

3. Set up payment, review coverages and buy

Once you’re satisfied with your coverage, you can:

Review your payment options

Confirm your payment method

And review your summary

Now you can finish the process and put your feet up

How Do I Save On Car Insurance in Ontario?

Here are a few simple tips to save on car insurance in Ontario:

Insure both your car and home with us so that you qualify for a multi-line discount.

Increase your deductible – insurance is really meant to cover you for damages you could never afford on your own. If you can afford a $1,000 repair job, then raise your deductible to $1,000 and pay less for your insurance.

Maintain a great driving record – the safer you drive, the more you could save. By downloading and using the TD MyAdvantage app, which collects and analyzes your driving data, you could save up to an additional 25% on your premium!

Think about removing collision coverage if you drive an older car. This means weighing the cost of collision coverage with the value of your car and chosen deductibles.

Consider driving a "low-risk" vehicle. Insurance premiums are based on previous claim history, so the more likely the vehicle is to be stolen or in an accident, the more you'll pay for insurance.

If you’re a new driver, take a driver's training course.

Insure all your cars with us so you can make the most of our multi-vehicle discount.

Quote and buy car insurance online for extra savings‡..