Given that the Car Insurance for Newcomers is expensive but to get the cheapest among them there are a few additional factors for Ontario. Eventually its all about risk. The higher the risk the higher will be your quote.
- Area you live in the GTA (Brampton, Scarborough, downtown Toronto etc. will get you a more expensive quote). For the last few months Markham, ON is getting a cheaper quote for most insurance companies.
- The model, year and make of the car also has an effect. The older the car is the lower the insurance. But if it is more than 10 years old then some insurance companies might refuse to insure also.
- Opt for winter tires and keep the mileage low. This will keep the quote lower.
- If you have family and kids then it could lower the quote also.
- If you are part of any professional association (like doctors, PEng, accountants, Government employees, MNC employees etc.) then your quote will be a lot lower.
- How well the insurance company is doing in terms of claim versus subscriber ratio. How much profit they are making? If they are not meeting their financial targets then the insurance quotes are generally higher for that company. Check their stock rates to get an idea.
- Some companies offer combining with Tenants or Home Insurance package which makes the car insurance cheaper. I am paying less for the total package as compared to only car insurance. Strange but that is a fact!
The above factors are not always applicable. Every insurance company has it own algorithm to evaluate the risk.
Nowadays, I have found that TD's Meloche Monnex is offering the cheapest car insurance for newcomers if you live in Markham. Also try RBC, they might also offer better rates.
Hope the above helps!
Nanji