A traffic ticket stays on your driving record for 3 years. During this time period, your car coverage rates will go up by leaps and bounds. But once 3 years pass by, insurers cannot charge you high rates for car coverage.
Besides, even other demerit points will not affect car coverage rates if they are older than 3 years. They are used to suspend a driver’s license. But they will have zero impact on the coverage rates. You may visit the MTO online and check your driving record to know more.
An accident can stay on your record for up to 6 years. But it is known that some insurers might even check records for the last 10 to 15 years. In most cases, the accident on record will be cleared up in 6 years’ time.
So, after 6 years post the accident, your car coverage rates will reduce in a big way. It might be the best time to shop around and save more money.
If your car policy has been canceled by your insurer then it will stay on your record for the next 3 years. Car coverage cancellation due to non-payment of premium can lead to a lapse in coverage. This is enough to make you a risky driver to insure. Your coverage rates will go up by leaps and bounds during this time. Hence, you need to make sure that you pay the premium on time.
Your car coverage rates may drop as soon as you reach the age of 25. But your driving record must be clean and there must have been no lapse of coverage. Besides, there could be some other factors that might impact car coverage rates as well. Talk to an expert to learn more!
But you need to know that drivers that are over 65 or drawing income under the Canada Pension Plan can get up to a 3% discount on premiums.
Yes. You can save money on coverage if you drive an old car. This is due to the fact that its market value is less. But again, there are other factors that will come into play. They might impact rates in a big way.