Vehicle insurance is becoming increasingly complex, and many factors come into play when it’s time to renew your car insurance. We’ll help you make the right choice. Read on for an informed decision.
The Société de l’Assurance Automobile du Québec (SAAQ) is authorized to issue driver’s licenses, register vehicles, transport goods and ensure road safety. It also advises future drivers. It holds a wealth of information on our driving habits.
While it does not intervene directly in the choice of automobile insurance, it does define its boundaries through its rules on motor vehicles. It therefore plays a key role in Québec.
Among the determining factors in choosing the right insurance, we can mention the following:
If you decide to buy a sports car, for example, it will cost you more in insurance terms than if you bought a more conventional sedan.
Buying a new car rather than a used car for sale will also have an impact on the price of your insurance.
If we go one step further, a luxury or prestige vehicle versus a regular recreational vehicle will cost you more when the time comes to renew your car insurance.
In short, the type of vehicle you own will greatly influence the price of your vehicle insurance. Different insurance companies categorize vehicles (small cars, compact cars, large cars, prestige cars, SUVs, trucks, etc.) to better estimate insurance premiums.
Your insurer will want to know how often you use your next vehicle, as well as the estimated mileage per year.
If you’re constantly on the road because of your job, and you drive several thousand kilometers a year (40,000, 50,000 or even 60,000 km), your insurance will undoubtedly be more expensive than that of the driver who does less than 10,000 km a year.
If you’re the type of person who accumulates road accidents, you should know that the SAAQ has your driving record, as well as the one containing your traffic violation tickets.
Insurance companies also take a liking of these details. Someone who has been accident-free for the past seven years will pay less for car insurance than someone who has had three accidents in six months!
If you buy a used vehicle, your insurance premium will be lower than if you buy a new car for sale. In fact, your insurer will ask you whether you have a new or used vehicle. In both cases, they’ll want to know the purchase value.
Have you ever heard your insurance broker ask you about the personal or professional use you make of your car? According to insurers, there is a correlation between premiums for personal and professional use. The more you use your vehicle for professional purposes, the more likely the insurer tends to reflect this by setting a higher premium.
The younger you are, the more expensive your insurance will be. Brokers count the number of years you’ve been driving to establish the price of your insurance policy.
In most cases, these are the main factors used by insurance brokers to set the price of your next policy.
It’s important to remember that you can get cheap car insurance if you opt for a used vehicle rather than a new vehicle. The value of the car purchased will be lower in all cases.
Furthermore, if your driving record is good, if the estimated use remains within your insurer’s limits (around 20,000 kilometers annually), if you’re an experienced driver and if the vehicle you’re buying is among the best on the market, your car insurance premiums will be substantial and you’ll be able to save money.
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