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When to Install Winter Tires to Qualify for the Insurance Discount?
It's the time of year when you bring in your patio furniture and bring out your hats and mitts. Winter is just around the corner and ensure you aren't sliding past the corner by getting winter tires on your vehicle.
Winter driving conditions can make the road even more dangerous than it already is.
While all-season tires are designed for all-weather use, they don't perform as well in icy and slippery conditions. Winter tires give you better traction when driving in ice and snow, and help make driving safer.
What You Need to Know About the Ontario Winter Tire Discount
Most people know that winter tires begin to outperform other tires when the temperature falls below 7°C. This typically is the case starting from the end of October in Ontario until the temperature warms back up above 7°C, hopefully by the end of March!
In addition to the 7°C rule, it's important to consider who your car insurance is with. Most require drivers to have winter tires installed by a certain date.
Since 2016, insurance companies in Ontario have been mandated to provide drivers with a discount when they install winter tires. While the discount varies, it's important to understand each insurance company's requirement for the discount to apply.
When do winter tires need to be on in Ontario for insurance?
Most insurance providers in Ontario require drivers to keep proof that 4 winter tires were installed by a certain date. Check out your insurance company below. If yours isn't listed, let us know.
Aviva
December 1
Economical
November 15
Gore Mutual
November 1
Intact
December 1
Jevco
December 1
RSA
December 1
Travelers
November 1
Having winter tires on in Ontario for the insurance discount is good motivation, but it isn't all about saving money. Winter tires are proven to provide performance benefits in ice, snow, and at temperatures below 7°C.
If you plan to drive your vehicle this winter, please consider having winter tires installed for the safety of everyone.
When do winter tires come off in the Spring?
Generally speaking, you should replace your winter tires after April Fool's Day.
Seriously!
Remember, winter tires only work better in temperatures colder than 7°C, so as the weather starts to warm up, it's time to change your winter tires.
In terms of your car insurance discount, each insurance company has different dates by which you need to have winter tires on your vehicle. Here are the dates you can have your winter tires off your car and still qualify for the winter tire discount:
Aviva
March 31
Economical
March 31
Gore Mutual
April 1
Intact
March 31
Jevco
March 31
RSA
March 31
Travelers
April 1
Contact your insurance broker if you have any questions about winter tires.
Don't know your broker? Sign in to Scrivens Online to find their contact details.
Take a few minutes and get an online car insurance quote.
FAQs
What is financial advising?
Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.
Why is financial planning important?
Financial planning is crucial for several reasons:
Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.
Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.
Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.
Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.
Can financial advisors help with debt?
Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.
What exactly does a financial advisor do?
The specific responsibilities of a financial advisor can vary, but generally, they:
- Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
- Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
- Provide investment advice and portfolio management services.
- Offer guidance on retirement planning, estate planning, tax planning, and insurance.
- Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
- Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?
The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.
Common fee structures include:
Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.