How to Compare Car Insurance Quotes

Comparing car insurance quotes can be a challenge. You've likely heard the term "comparing apples to apples"—turns out, it applies when comparing auto insurance quotes too. With so many coverage options available, it's important to ensure that each quote you're comparing is consistent in terms of the level of coverage offered– and that the policy you choose provides the protection you need.

Paying attention to things like coverage limits, deductibles, and other endorsements that may differ across insurers, as well as any discounts you might be eligible for, could have a major impact on your premium.

The price of your car insurance premium depends on a variety of factors, including your age, your driving record, and the make and model of your vehicle — even your postal code can make a difference. Within the insurance industry, providers use these indicators to estimate the likelihood that you'll make a claim, and how much that claim will cost.

Since each driver has a unique set of characteristics, every driver's insurance premium will be different. So, for example, a driver who uses their vehicle to commute to work might have a higher premium than another driver who works from home, even if their age , location, and the make and model of their cars are similar. Using data and statistical models, insurance companies can generate a personalized car insurance premium and determine how much each individual should pay to insure their vehicle.

For a true apples-to-apples comparison on the various insurance quotes you've obtained, you'll want to consider the following:

• Mandatory coverage limits
• Any optional coverages and endorsements
• The amount of the deductible

We'll explore the different types of coverage next, as It's important to understand the differences in the coverage being offered, so you can make an informed decision on the value you'll receive for the premium quoted.

All car insurance companies must offer the mandatory car insurance coverage required by law. However, insurance providers do have some flexibility in the way they package car insurance coverage for their customers. For example, you may receive a more expensive car insurance quote from one insurer, but that quote might include optional coverages not included in a competitor's lower-priced quote. So, when comparing car insurance quotes, it's important to take the time to review the coverage details of each quote.

Depending on your province, mandatory coverage may include:

• Personal Liability: Mandatory personal liability coverage helps to financially protect you if you're held responsible for damages and injuries to a third party or a third party's property.
• Accident Benefits: Accident Benefits includes things like medical care and income replacement following an accident regardless of who's at fault.
• Uninsured and Unidentified Automobile Coverage: This provides coverage for repairs, injuries, or death if you're involved in an accident with an uninsured driver.
• Direct Compensation Property Damage (DCPD): DCPD is the portion of your car insurance policy that covers damage to your vehicle following an accident that isn't your fault. It's part of the no-fault system in certain provinces and is optional in Ontario. Although DCPD is considered mandatory in Alberta, vehicle owners may opt-out of this coverage.

Since each province has a different system – and different levels of mandatory coverage – each province can have vastly different car insurance rates.

Depending on your province, optional coverage may include:.

• Collision or Upset: Collision insurance offers coverage for your vehicle against damages that may result should your car come into contact with another vehicle or object, like a hit and run, or an at-fault accident. Learn more about what's covered when you get Collision or Upset coverage.
• Comprehensive: Comprehensive coverage helps to financially protect you from loss or damage due to non-collision related claims, like fire, vandalism, and damage caused by hail. Learn more about what's covered when you get Comprehensive coverage.
• Specified Perils: With Specified Perils coverage, your vehicle is insured against damage from non-accident-related incidents, like fire, theft or attempted theft, lightning, hail, and rising water. Learn more about what's covered when you get Specified Perils coverage.
• All Perils: All-Perils coverage offers a combination of Collision insurance and Comprehensive coverage . It helps to financially protect you from loss or damage due to collision and non-collision related claims. Learn more about what's covered when you get All Perils coverage.

Check out our Car Insurance Guide to see how you can make the most of your car insurance coverage.

When it comes to saving on car insurance, there's good news: You have several options to consider to help you lower your car insurance premium.

Whether you live in Ontario, Quebec, or another Canadian province, opting for mandatory coverage can be one way to get a cheap car insurance quote – but it could end up costing you a lot more in the long run. For example, if something happens to your vehicle that's not included under your mandatory coverage and you don't have optional coverage, you'd be responsible for repairing or replacing your vehicle without help from your insurance provider.

Another way to reduce the cost of your car insurance premium is to increase your deductible. Generally, the more your deductible is, the less the cost of your insurance premium will be. Keep in mind that, as outlined in your policy, you'll need to pay your deductible to repair or replace your vehicle following a covered claim before your insurance covers the rest. So, you'll want to balance the cost of your car insurance premium with the cost of your deductible and the potential for a higher out-of-pocket expense.

You should also take into account the value of your vehicle. If you don't want to pay an out-of-pocket lump sum to repair or replace your car, you may want to consider paying a higher premium for a lower deductible and purchase optional coverage. On the other hand, if you drive an older car, Collision or Upset coverage may not be necessary for you—and removing it from your policy will lower the cost of your car insurance.

Sometimes little things can make a big difference — especially after you've been in an accident.

For example, TD Insurance offers a lifetime warranty on car repairs when TD policy holders have their vehicle repaired at one of our TD Insurance Auto Centres or preferred vendors following a covered claim. Our Auto Repair Warranty applies as long as you own or lease your car and are insured with TD Insurance. In addition, if you have Accident Forgiveness coverage as part of your car insurance policy with us, we’ll “forgive” your first at-fault or partially at-fault accident. In other words, when your coverage renews, that accident won’t negatively affect your premium.

From improving your driving record to taking advantage of available discounts, there are lots of ways to save on your car insurance costs.

At TD Insurance, for example, we offer over 30 ways to save on car and home insurance. Whether you're looking for car insurance or you're already a TD Insurance customer, here's just a few ways you can lower your premium with us:

• Bundling insurance policies. Save by bundling your TD Insurance car insurance policy with a TD Insurance home, condo, or tenant insurance policy.
• Keep a clean driving record. If you have a good driving record, you may be eligible for our Claims Free Reward.
• Install an anti-theft device. Not only will a professionally installed acceptable anti-theft device help prevent your car from being stolen, you might also qualify for our Anti-Theft Discount.
• Increase your deductible. In many cases, choosing a higher deductible can lower your monthly payment (but keep in mind, a lower deductible means you'll need to pay more if you do file a claim).
• Cut back on your mileage. Driving less may reduce your premium by making you eligible for a low-mileage discount.
• Insure more than one vehicle with us. Add a second vehicle to your policy and you could  qualify for our multi-vehicle discount.
• Install winter tires. If you're in Ontario or Newfoundland and Labrador, installing winter tires lets you take advantage of our winter tires discount.

Check out these tips to see how you could take advantage of more potential savings with us.

Yes! We make it easy for you to get personalized car insurance coverage that fits your needs:

1. Start by answering a few questions to help us assess your insurance needs, recommend coverage, and determine what discounts are available to you. This will help us give you an accurate car insurance quote.
2. Customize your coverage based on your needs, including altering coverage limits, and adjusting your deductible amounts.
3. Once you're satisfied with your coverage, review your payment options, and buy online.

Best of all? You could save even more when you quote and buy online.

TD Insurance customers can review their coverage at any time through MyInsurance or the TD Insurance App.

When comparing car insurance quotes, you'll want to consider the coverage, deductible, and any added customer benefits to ensure your car insurance is offering good value, instead of just a low price. TD Insurance Advisor can help you find affordable car insurance that fits your needs, so you can hit the road feeling confident in your coverage.