The answer is yes, they do. Car insurance protects families against the possibility of financial devastation resulting from a driving misfortune. However, insurance premium calculations are based on the potential for risk.
Here are some statistics from the insurance market place for you to review:
|
|
Clean driving record |
1 minor ticket |
2 minor tickets |
1 not-at-fault accident |
1 at-fault accident |
|
Toronto |
$1052 |
$1122 |
$1162 |
$1052 |
$187 |
Does Age and Gender Affect my Insurance Rates?
Insurance rates tend to be higher for males of a certain age. It is commonly believed that males are most likely to have involvement in a collision, speed, or commit a careless action.
Will a Minor Accident or Traffic Ticket affect my Insurance Rate substantially?
Yes, it will. Insurance rates are based on possibility of an individual filing a claim. An accident or a traffic ticket signals to your insurance carrier that you are potentially a greater risk then they may have previously believed.
A traffic ticket or accident can cause your insurance premiums to double and stay at that rate for a period of 3 years, ultimately making driving in Ontario unaffordable.
How does being classified as a High Risk Driver affect my Insurance Rate?
Being classified as a High Risk Driver can cause your insurance carrier to drop you.
In 2007, it was reported in the Canadian Insurance and Risk Magazine that over the next 2 years, insurance companies will be restructuring their insurance to target high risk drivers.
If an approval is reached, high risk drivers will be looking at insurance increases in the hundreds and in some cases thousands of dollars.
- For more information on why or how to fight a traffic ticket, visit Fighting Traffic Tickets.