If you own a vehicle in Ontario, you are required by law to purchase automobile insurance coverage.

There are many factors that determine the cost of your insurance including the type of vehicle, the city you live in, the age of driver, how many drivers, driving record, use of winter tires, etc.

The age old question is, how can I lower my insurance rates?

Here are a few tips to help you lower your automobile insurance rates:

1. Maintain a conviction free driving record: Demerit points and traffic convictions will raise your rate.
2. Insurance claims: Making a claim on your policy could raise your rate but the rate increase depends on the severity of the incident, the cost of the repairs and who was at fault for the collision.
3. Install winter tires: Many insurance companies offer a discount when you have winter tires on your vehicle. The benefits of winter tires can help you avoid situations where you would have to make a claim.
4. Increase your insurance deductible: If you are at fault for a collision, you need to pay a predetermined amount on the claim. This is known as a deductible. If you raise the deductible, the insurance company will have to pay less so you will receive a lower rate.
5. Policy discounts: Ask your insurance company about discounts on policies they offer and bundling different coverages. You may be able to pay upfront instead of opting for installments to lower the cost.
6. Select the right vehicle: Some rarer vehicles and models that are frequently targeted by thieves will increase your rates. It is important to do research and keep insurance costs in mind when planning to purchase a vehicle.
7. Consider the type of coverage you need: Know your specific needs and find a vehicle insurance plan that will suit your needs. You may be able to choose add-ons and basic coverage to ensure you are well protected.
8. Look at different vehicle insurance quotes: Do your research, look at multiple options, and analyze the terms and conditions to find the best policy that covers all your needs.

Driving without automobile insurance is subject to significant fines and not worth the risk. Your best defense is to do your research to find the rate that works within your budget and meets your requirements.