How are car insurance rates determined in Canada?
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Auto insurance rates are determined by a few things. The rates are determined by how much and how often you drive, your driving record, the state of your vehicle, the type and amount of coverage, and deductibles.
Insurance companies in Canada also take into consideration where you’ll be driving this vehicle as well as your demographics like age, marital status and gender to gage your level of experience. Having a strong credit score will also help you land the best insurance rate you can get.
Providers may also look at insurance coverage such as renters’ insurance and homeowners’ insurance in addition to the vehicle type, use, and how many kilometres you drive on an annual basis.