Car Insurance Coverages

How long will an accident stay on my record?

Every insurance company can be a little different in this area. For Car Insurance in Ontario, Lets say you have a claim on there from just over 5 years ago and you are wondering if the claim will “fall off”. This claim will now be 5 full years past the accident date giving you what we call a 5* driving record, a star rating is typically used for every year claim free since. Hence why you will get a 5* rating. Every year that you stay claims free this will increase i.e. 1 years out will be 6* then a 7*, 8*,9*. Most companies go back 9 years now.  The old rating system used was 6 years for claims, this has shifted now to give drivers with more than 6 years claims free an even better rate back to 9 or even 10 years with some companies. 

How Long will a Home Insurance Claim Last :

Home insurance claims typically last for 5 years, meaning the insurance carrier can rate for it for 5 years. After this point the claims free status or discount would normally be applied or reset from your current provider. Again, all companies look at this a little differently.

My company is not renewing my car insurance, what can I do?

Many insurance companies in Ontario have strict guidelines and may not want to renew the policy due to a claim, ticket or missed payment. Typically, these are set in stone and apply to all policy holders, the best thing to do is speak with a broker. Brokers represent many different insurance companies and strive to provide options across the board. We may need to put you with a high risk provider for 1-2 years until things improve. This doesn’t always mean a drastic increase in pricing as again everyone is different!

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