1.2 Impact on Insurance
Impact on Insurance
All moving violations (not parking) are recorded on your driver’s abstract, regardless of the number of points you get. To determine your insurance premiums, most Ontario insurance companies look at the number of convictions you have, and evaluate them by severity.
The Ministry of Transportation keeps your convictions on record for 3 years, but insurance companies usually keep this information for 5 years.
Because of this, a single conviction can result in huge losses. Even a minor offence can increase premiums by up to $300 annually. Over a period of five years, this can result in the loss of over a thousand dollars.
Your insurance provider may have a forgiveness policy for your first “minor” conviction. If this is the case, you’re in luck! The free pass is a fantastic way of avoiding the insurance hike that typically comes with a conviction.
Nonetheless, you should consider fighting your ticket. Once the free pass is used up, it’s gone. Furthermore, while your current insurance provider might be forgiving, others may not. Therefore, if you change up insurance providers, one minor conviction could have major effects!
What does this mean for me?
Below, you can find a chart outlining how certain convictions can affect your insurance. That being said, there are many other factors to consider. If you’d like to know more, be sure to contact an insurance professional to get a full picture!