Questions & Answers about Auto Insurance Premiums
See what factors can affect the price you pay for your auto insurance:
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Q. How is my premium calculated?
A. Because each person's situation is unique, there isn't a single answer to this question. However, using statistics and complex formulas, insurance companies usually calculate your premium by taking into account where you live, the type of vehicle you drive (and how you use it), your driving and claims record, other drivers on your policy and the amount of coverage you want.
For more details, see How We Calculate Your Auto Insurance Premium.
Q. What kind of discounts can I get?
A. At RBC Insurance®, there are several ways to save on your auto insurance.
Depending on the province you live in‡, there are some discounts that may apply to you automatically—for example being claims-free for a certain time period or qualifying as a mature or experienced driver.
In other cases, there are specific things you can do to qualify for other potential discounts. This includes:
- Saving up to 5% when you get your no-obligation quote online†
- Saving up to 14% when you insure more than one vehicle††
- Saving up to 12% on your auto policy when you purchase a homeowners, condo or renters policy†††
Looking for other ways to save money? See How to Save Money on Your Auto Insurance.
Q. If I've had no accidents or claims, will I pay less?
A. Most likely, yes. Your driving record is one of the factors insurance companies consider when calculating your premium. The more experienced you are and the fewer claims and accidents you've had, the lower your premium is likely to be.
Q. Do I get a lower premium for having an RBC account?
A. We are sorry, but government regulations prohibit us from extending lower prices exclusively to RBC Royal Bank® customers. However, we strive to offer you competitive auto insurance rates, as well as numerous opportunities to save. Get a quote today and see for yourself.
Q. How can I pay for my premium?
A. At RBC Insurance, you have several choices for paying your premium:
- A yearly lump-sum payment by cash, cheque, Visa* or MasterCard
- Monthly payments via regular, pre-authorized chequing account withdrawals or credit card (Visa or MasterCard) debits
At the present time, RBC Insurance does not accept payments through RBC Royal Bank machines.
For more details, see Ways to Buy Your Auto Insurance.
Q. How do I set up pre-authorized chequing payments?
A. Many of our customers prefer the convenience of making automatic monthly premium payments directly from their chequing accounts. To take advantage of this easy payment option, all you need to do is give us your bank's transit and institution number, as well as your account number (a void cheque is not required) when you complete a pre-authorized chequing payment form. You can even choose the date you'd like us to debit your account each month.
All products and services are subject to the terms and conditions of the applicable insurance contract. In the event of any conflict, the terms and conditions of the insurance contract will govern.
All Licensed Insurance Advisors of RBC General Insurance Company are salaried employees.
Underwritten by RBC Insurance Company of Canada or RBC General Insurance Company.
*Registered trademark of Visa International Service Association. Used under license.
†The Online Discount is not available in all provinces, and where available varies by province, type of insurance, renewal term, and auto plan membership. Other exclusions and limitations also apply.
††This discount applies to certain sections of your policy and to certain classes of auto insurance.
†††Certain conditions apply. This discount also excludes endorsements (any additional (usually optional) enhancements that you add to your policy.)
‡Auto insurance is not available in British Columbia, Manitoba and Saskatchewan.
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