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How parking affects auto insurance

By SmartCoverage Team on December 18th, 2017

There are plenty of things that can influence the price of your auto insurance. As a provider, they want to assume the least amount of risk on your policy, so, the less risk your policy proves to be the lower your premiums will be. There are a number of variables that can lead your policy to be considered higher or lower risk in the eyes of your insurer, including (but not limited to) the make and model of your vehicle, your driving and claims history, how much you drive your car, and even the neighborhood you live in. So, if something like where you live can affect the cost of your premiums, does where you choose to park your car also play a part? Let’s look at some of the numbers and find out.

How the prices compare

To see how the numbers stacked up we used the SmartCoverage.ca auto insurance quoting tool. To get the most accurate prices possible, we used the same driver and vehicle information for every test, changing only the form of parking.

Specifications of the study:

Vehicle

Subaru Crosstrek

Year

2013

Leased/owned

Owned

Winter tires

Yes

Personal/business

Personal

km one way to work/km per year

10km work/10000km year

Comprehensive/collision coverage

Both - $1000 deductible for both

Location

Mid-town Toronto

Sex

Female

Age

28

Licence class

G

Prior claims/tickets

None

Bundled with other services

Yes

Prices with available parking options (monthly):

 

Scottish & York

Travelers

PemBridge

Private garage

$98.08

$117

$116.83

Private driveway

$98.08

$117

$116.83

Underground parking

$98.08

$117

$119.83

Parking lot

$98.08

$117

$119.83

Carport

$98.08

$117

$116.83

Indoor storage

$98.08

$117

$119.83

Street

$98.08

$117

$119.83

The prices listed above are reflective of the top three providers offered with the driver and vehicle information inputted into the SmartCoverage.ca quoting tool.

What the numbers tell us

After looking at the numbers calculated with the SmartCoverage quoting tool, it appears that where you park your car does not play a significant role in premium prices. Both Scottish & York and Travelers had no price changes from one form of parking to another, while PemBridge saw a price variation of $3 depending on the parking option. Some other insurers that did not make the top three prices also had slight variations in price depending on where you park your vehicle.

While your parking situation does not necessary having the biggest impact on your premium prices, there are so many other factors that do. So, when looking for auto insurance, it is always best to shop around to find the best price to fit you and your coverage needs.

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