Usage-based insurance includes the same mandatory auto coverages required under Ontario law. Usage-based insurance (UBI) is auto insurance designed to reward good driving behaviours, with savings of roughly 5% to 10% immediately and up to 30% based on driving habits.
Additional coverages can be added to your usage-based policy. Most programs will not increase your auto insurance premium. Programs are voluntary and drivers can opt out at any time.
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What Insurance Companies Offer Usage-Based Insurance?
Insurance companies, such as CAA Insurance Company, Pembridge Insurance, Intact Insurance and Travelers Insurance, all of which are available through Morison Insurance, offer usage-based insurance. Programs are broadly the same, but some details do differ. It is best to contact an insurance broker who works with these auto insurance companies to receive assistance and discuss the different usage-based insurance programs.
Who Needs Usage-Based Insurance?
Ontario drivers interested in saving money, especially safe drivers or those driving limited kilometres. Factors include distance driven and vehicle usage data. An insurance broker can help determine if it's the best option.
Is Usage-Based Insurance the Same as Telematics Insurance?
UBI is a type of telematics insurance. "Telematics" refers to the information collection method (plug-in device or smartphone app). Telematics can also be used for pay-as-you-drive insurance.
How Does Usage-Based Insurance Work?
Through a small plug-in device in your vehicle or an app on your phone, usage-based auto insurance will assess your driving habits, including speed, distance travelled, acceleration rates, the time of day you drive, hard-braking habits, and more, to determine your insurance premium and reward your good driving behaviours. Usage-based insurance also provides mandatory auto coverages such as liability coverage, direct compensation property damage coverage, accident benefits coverage, and uninsured automobile coverage.
Does Usage-Based Insurance Offer the Same Coverage as Regular Car Insurance?
Yes. All the same coverages are available: mandatory (liability, accident benefits, DCPD, uninsured auto) and optional (comprehensive, all perils, collision, accident forgiveness, etc.).
Will Usage-Based Insurance Increase My Premium?
While information collected on your driving habits can result in savings on your auto insurance, most programs will not increase your auto insurance premium. Usage-based insurance programs are voluntary, and drivers can opt out at any time.
