If you plan to buy or drive a vehicle in Canada or any of its provinces, you must buy a valid car insurance policy. The type of car insurance policy varies depending on the province. Each province in Canada has its own rules and regulations regarding how a car insurance policy works and the amount of coverage you would need.
Both public and private insurance companies in Canada refer to the Canadian Loss Experience Automobile Rating whenever they offer insurance quotes for a vehicle. This rating, often referred to as risk rating, helps the insurance company judge how much they have to pay the car owner if the vehicle is in an accident or stolen.
Over a couple of decades, Mazda has been one of the few cars that are considered as ‘low risk’ vehicles. Most cars with a ‘low risk’ rating have lower insurance rates. However, it is always recommended to check the risk rating before buying a vehicle.
In this article, we will be discussing the steps to get an insurance policy for the latest Mazda 3, which is known for its perfection and overall safety. Feel free to chat with the experienced brokers at Surex if you’d like to receive top-rated car insurance quotes for your Mazda 3.
What is the average cost of Mazda 3 insurance in Canada?
The Mazda 3 car has been in Canada since 2004 and is exclusively known for its strong brakes, fuel economy, excellent handling and user-friendly interior. You get to choose from hatchback or sedan styles. But, why is Mazda 3 insurance so high for drivers in Canada?
The average Mazda 3 insurance cost is about $283 per month, which rounds out to approximately $3,396 per year. However, the cost of insurance premiums might vary on your driving history, area of residence and some other details.
Why is the Mazda 3 known as one of the safest cars in Canada?
The latest 2020 model of Mazda 3 was rated the Top Safest Pick + car by the Insurance Institute for Highway Safety, IIHS.
To save money on car insurance for Mazda 3 vehicle models, you need to ensure that it comes with top-notch safety features like:
- Antitheft system
- Anti-lock brakes
- Stability control
- Seat belt pretensioners
Different types of car insurance in your province
Canada offers two types of car insurance policies. It depends on which province you reside in and whether you are buying an insurance policy from the government or a private insurance company.
Private car insurance
If you reside in Atlantic Canada, Ontario, Alberta or one of the territories, you can buy private car insurance. A benefit of staying in these provinces is that the government allows the car owners to compare the best insurance charges for their entire policy, which is not allowed for residents staying in provinces with public car insurance systems.
Public car insurance
The governments of Manitoba, British Columbia and Saskatchewan have their own public insurance system. Therefore, car owners in these provinces have to purchase their basic car insurance from a Crown Corporation.
The basic policy features include minimum third-party liability and accidental benefits, which will compensate the car owner if they are in an accident. For better insurance coverage, the car owners can also purchase other coverages via the public insurance system or private insurance company.
Everything you need to know about car insurance providers in Canada
You can use three different methods to get a Mazda 3 insurance policy in Canada:
- You can contact independent insurance brokers who sell car insurance policies on behalf of multiple insurance companies.
- You can get car insurance directly from a credit union or a bank offering insurance products. Usually, these banks or credit unions are backed by multinational insurance providers.
- Many local car insurance companies sell their insurance policies directly to the customer.
A Mazda 3 owner can also buy insurance from one of these three personnel
- You can contact a licensed insurance broker who works independently for a bank or credit union and provides insurance on behalf of various international insurance companies.
- A direct contractor who works for a financial institution, credit union, or brokerage company selling its indigenous policies to customers.
- You can contact an independent insurance agent who sells on behalf of a local car insurance company.
The process you need to follow to buy Mazda 3 insurance in Canada
The first thing that the insurance company will do is gather some personal information about the car owner.
- The insurance agent will ask for personal details like your name, address, phone number and date of birth. These are some common details you will find in your driver’s licence.
- Next, they will enquire about the details of your vehicle. They will note details like the model of the vehicle, the company, the make, VIN number and the year of manufacture.
- Also, be ready to answer questions like how you plan to use your vehicle (for commercial use or commute). You also have to answer the approximate kilometres you will be driving per year.
- Lastly, they will gather information about your driving history, like when you got the driving licence, including your learner’s permit and graduating licence level, any accidents, or any tickets you might have received.
Some other factors that might influence the premium that you will be paying for your Mazda 3 car insurance policy are:
- Your age
- First three letters of your postal code
- How long have you been driving
- Your insurance history
- Your gender
- The licence level that you hold
Depending on the answers and these factors, the insurance company will place you in a certain rating group. Your rating will determine how much you will be paying for your insurance premium. Most insurance companies offer the lowest rating for all experienced drivers above 50.
You need to remember that it is absolutely important to offer accurate and honest information while buying your Mazda 3 car insurance policy. It is also recommended that you not leave out any information on accidents or previous tickets or lie about your personal details. If the insurance company finds any incorrect details, your policy can be cancelled, or your claim will be denied.