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Why is the price of insurance for your Quad different from someone else’s?

Have you ever wondered, when comparing the insurance cost of your quad with the one of your friend, why there is a difference in price?

Well, dear friends, you should know that several factors can influence the insurance rate that each person has to pay. In this article, I will present you with the factors that influence your price.

First, I must tell you that each insurance company does not necessarily use the same method of calculation, but normally each one will take into consideration your age, your driving experience (car and ATV), the year of manufacture of your vehicle, the brand and the model you drive.

Indeed, some ATVs and CCVs are more popular with thieves than others and there is also the fact that, for some quads, replacement parts are more expensive. Other factors that influence the cost include the strength of the engine. Quads with powerful engines may be involved in accidents more often.

Other factors include where you use your quad (the area you live in), what you use it for and your credit record.

But why the credit score you ask? Well, according to the information found on the CAA Quebec website, “studies have shown that credit information is a key indicator of the likelihood of a customer making claims in the future. Thus, a higher credit score leads to a lower probability of having a damage incident, and therefore a lower risk of a claim.”

Be reassured, they only have access to your credit score and not your entire file, and you can also opt out of this verification.

You should also know that your past claims are taken into consideration and that some insurers will only consider those related to this type of vehicle (quad) to calculate your rate, but that others will consider those related to any type of vehicle.

Gaspésie Quad Tour - Day 2

In addition to all this, the price depends on the protections you choose:

1- Civil liability

You can choose only the civil liability (chapter A).  This is the minimum and it is mandatory to have at least $1,000,000 of coverage since 2021, June 29. However, it is possible to have one of 2 millions.

2- Damage caused to your quad

You can choose to cover damages caused to your quad during a collision or a rollover, you must then take the “collision and rollover risk” protection (chapter B2).

3- All risks except collision

If you only want to cover fire, theft, vandalism and other risks, you must take the “all risks” coverage excluding collision or rollover (chapter B3)

4- Specific risks (fire and theft)

Finally, if you decide to cover only fire and theft, take “specific risk” (chapter B4).

To all this, you can add other additional protections, such as replacement value. Ask your insurer for more information.

It’s also a good idea to check with your insurer to find out how much you can deduct, because the higher the amount, the lower your cost. Ask if you can get a discount by insuring more than one vehicle of the same category (recreational vehicles). These discounts are quite common in the industry.

So there you have it, I hope it has helped you to see things more clearly.

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