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Matt Hands, Sr. Business Unit Director
Thunder Bay, Ontario is home to over 100,000 people and sits on the edge of Lake Superior offering some beautiful panoramic views that make you proud to be Canadian.
The sleeping giant, voted number one for a list of Seven Wonders of Canada, is a landmass that looks like a giant lying its back.
One of Canada’s greatest heroes, Terry Fox, is commemorated with a monument here and stopping by will fill you with Canadian pride.
When it comes to car insurance, you should be proud of getting a great rate. At Ratehub.ca, we help the people of Thunder Bay shop for the best car insurance rates in just minutes to suit their budget and preferences.
Car insurance in Thunder Bay, and across Ontario is a requirement for all drivers. To operate a vehicle in Thunder Bay, you must have insurance. To get the best car insurance in Thunder Bay, it's vital to understand how it works.
Thunder Bay operates in a no-fault insurance system. No-fault means drivers use their own insurance company regardless of who is at-fault in an accident. In other words, you only ever deal with your own insurance company for a claim or following an accident.
Ontario auto insurance is provided by private insurance carriers and is regulated by the Financial Services Regulatory Authority of Ontario (FSRAO). FSRAO ensures rate increases are substantiated. Simply put, an insurer can't raise rates without prior approval from the regulatory body and is based on their financial records.
Available Thunder Bay car insurance coverage is broken down into two categories - mandatory and optional.
Mandatory Thunder Bay auto insurance coverage includes:
- Third-party liability
- Accident benefits
- Uninsured automobile insurance
- Direct Compensation Property Damage (DCPD)
Optional Thunder Bay car insurance coverage includes:
- Collision insurance
- Comprehensive car insurance
- Specified perils
- All perils
Also available in any city in Ontario are Optional Policy Change Forms (OPCF) which are coverage enhancements. Here are 4 common Ontario endorsements.
- OPCF 20 - covers the cost of a rental vehicle while yours is being repaired or replaced
- OPCF 27 - Ports your existing insurance to a rental car or car you borrow
- OPCF 39 - Your insurer forgives your first accident claim so it doesn't impact your insurance rate
- OPCF 43 - Removes depreciation in calculating the value of your car when settling a claim
Direct compensation property damage
Emergency roadside assistance
Compare Thunder Bay car insurance quotes for free.
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Research which company provides cheap car insurance in Thunder Bay, and also the best value for you and your vehicle. Rates may change up to four times a year, but lucky for you comparing Thunder Bay car insurance quotes with us is free.
Stay with your current insurer
Some Thunder Bay car insurance companies will give loyalty discounts to drivers who remain active with them for years. Especially if they add family members or multiple vehicles to their policy.
Bundle your policies
If you use the same insurance company for both your home and auto insurance needs, your insurer will often thank you with a dip in premiums.
Get a multi car discount
If you have multiple drivers and vehicles in the same household, by putting them all on one policy can save you money.
Increase your deductible
Your deductible is the portion you pay when settling a claim before your insurer will pay the rest. If you’re willing to double your deductible, it could save you money.
Ask about discounts
If you’re a member of a large corporation, union, or a school alumnus, it could help you get cheaper Thunder Bay car insurance.
Pay premiums annually, instead of monthly
Paying monthly adds administrative costs to your insurer, so if you’re able to pay in full annually you can lower your premiums.
Maintain a good driving record
If you’re a safe driver, obey the rules of the road and drive according to road conditions you can reduce your chances of an accident. Car crashes stay on your insurance record for up to ten years and can result in higher premiums.
Install winter tires
You can save up to 3-5% simply by adding winter tires to your car.
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Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read more
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