If you are below 25 years of age and want the lowest auto insurance rates, start by building a good driving record, free of at-fault accidents and driving convictions.


This includes having good driving habits and obeying the rules of the road, such as wearing a seat belt and not using a cellphone or handheld device while driving.


Insurance companies also favour the completion of a recognized driver training course, and the experience acquired by being an occasional driver on the policy of a parent or guardian.


You can also save money by following these tips from the Financial Services Commission of Ontario (FSCO), the regulator of the auto insurance industry in Ontario:

• Ask about student discounts.

• Compare rates, either online or by making phone calls and getting recommendations. The rate you pay could vary significantly from company to company.

• Don’t pay for coverage you don’t need. For example, if your vehicle is worth less than $1,000, collision coverage may not be cost effective if your deductible is $1,000 or higher.

• Consider a higher deductible. This means you'll contribute more towards the loss if you have an auto accident, but it will give you a lower rate.

• Make payments on time. If you’re late the consequences can include the cancellation of your policy, which can impact your ability to get insurance in the future.


• Make a wise choice on the vehicle you drive. For example, if you buy a vehicle with a high theft rate, your insurance rates will be higher. Consider choosing a vehicle with good security features.

More information on auto insurance is available online at fsco.gov.on.ca.