What Is The Discount on Winter Tires?
Having winter tires on your vehicle may lower your insurance premium as they are considered to be a safety feature. Insurance companies may offer discounts to drivers who have winter tires installed on their vehicles during the winter months as they are less likely to get into accidents in winter weather conditions.
However, the exact amount of discount you may receive for having winter tires can vary between insurance providers and depends on several factors, such as your driving history, age, and the type of vehicle you drive.
The average car insurance premium in Ontario without winter tires can be around $1,500 per year, while the average cost with winter tires can be slightly lower, around $1,400 per year. However, these are rough estimates and your actual premium may be higher or lower based on your individual circumstances. It is best to obtain quotes from multiple insurance providers to get a more accurate estimate of the cost of your insurance premium.
How Do You Get a Discount on Winter Tires?
Having winter tires on your vehicle can affect your car insurance premium in a positive way in Ontario, Canada. Insurance companies may offer discounts to drivers who have winter tires installed on their vehicles during the winter months as they are considered a safety feature and are less likely to get into accidents in winter weather conditions.
The exact amount of discount you may receive for having winter tires can vary between insurance providers and depends on several factors, such as your driving history, age, and the type of vehicle you drive.
It is always a good idea to check with your insurance provider to see if they offer a discount for winter tires and to obtain quotes from multiple insurance providers to compare prices and coverage options. Having winter tires on your vehicle not only improves road safety but may also help you save money on your car insurance premium.
Is It Worth It?
Winter tires are expensive. It could start from around $70 to upwards of $200, plus tax, depending on the size you buy. Multiply that by four, and you spend at least $500 on tires you would be using for a few months each year. As a result, many try to use the tires all year. The result is poorer road safety in the summer months when winter tires do not work as well. But you do not have to resort to this to make the cost worth it. On average, considering the price of winter tires and the discount you get, you would have gotten your money’s worth after seven years.
This might not be rewarding enough for some people. However, at the end of the day, winter tires are about safety. They are not just a way to get a discount on your insurance coverage. The amount you would be paying for includes peace of mind and extra security in addition to qualifying for a discount on insurance.
Are Winter Tires Required by Law?
In some Canadian provinces, winter tires are required by law during the winter months. In Ontario, there is no specific law that requires drivers to have winter tires, but some insurance companies may require them in order to qualify for certain discounts.
In Quebec, the law requires all vehicles to have winter tires on their wheels from December 15 to March 15. Failure to comply with this requirement can result in fines or other penalties.
In British Columbia, the law requires winter tires to be used on certain routes in mountain passes and on highways in the northern part of the province during the winter months.
In other provinces, such as Alberta and Saskatchewan, there is no specific law requiring winter tires, but it is highly recommended to have them for improved road safety during the winter months.
It is always a good idea to check the laws and regulations in your specific province to determine if winter tires are required by law.
Conclusion
Since 2016, insurance companies in Ontario have been giving discounts on winter tires. This is because the provincial government mandated it, to help lower insurance costs. However, the government did not regulate the discount rates offered. As a result, different insurance companies offer different rates. On average, it ranges from 2-5%. The discount also affects the final price differently depending on where it is placed on different components of the policy.
To avail of the discount, all four of your tires must be marked with the mountain peak and snowflake logo. They must also be in use during your insurer’s designated months. While you do not need to show extra proof that you are using snow tires, it is still best not to lie to your company in the event of an accident.
In the end, while not required, snow tires do a lot for road safety. It is not only for your own safety but for the safety of other motorists and pedestrians too. The insurance discount is just an added bonus that would pay off in terms of peace of mind and added security.
About the Author: Ashley Miller
