As of Jan. 1, 2016, all insurance providers operating in Ontario are required to provide discounts—typically 2 to 5 percent—to policyholders who purchase and install winter tires. These discounts, which were mandated by the Ministry of Finance and the Government of Ontario, were put into force to not only reduce insurance rates but also to improve overall roadway safety.
Any drivers that are seeking a new policy or whose policy is up for renewal should speak to their insurance broker to determine the rates and coverage that fits their needs. Discounts and requirements tend to vary by provider, making it all the more important for drivers to connect with an expert.
How do I qualify for the Ontario winter tire discount?
In most cases, it is likely you will need to prove to your insurer that you have installed winter tires. This is generally done by providing pictures, receipts, or documentation that confirms a verbal endorsement.
Winter tires are designed to enhance safety and reduce the likelihood of collisions in frost, snow, slush, and under cold and icy conditions. When purchasing and installing winter tires, it’s important to do the following:
- Purchase tires that feature a logo of a peaked mountain and a snowflake. This indicates that the tires are rated for wintery conditions.
- Install winter tires in sets of four.
- Avoid mixing tires that feature different tread patterns.
- Check your tire pressure monthly and change tires that are worn.
Winter tires are critical to road safety in hazardous conditions. In fact, when compared to all-season tires, vehicles equipped with winter tires have been shown to decrease the stopping distance of a car by 30 to 40 percent.
The policy discount is meant to encourage drivers to take full advantage of the safety benefits winter tires have to offer. To ensure you are getting the most out of your policy, contact a Magnes Risk Consultant today.
Expert Advice from The Magnes Group
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As an independent insurance broker, we pride ourselves on providing straightforward, uncomplicated, and honest advice. We treat others as we would like to be treated ourselves. Not to increase market share but because it’s the right thing to do. You can rely on the expert advice from the Magnes Group.