Renewal vs new car insurance quotes: a worked Ontario comparison with the arithmetic shown
How to compare a car insurance renewal with new quotes like for like: matching liability limits, OPCF endorsements and deductibles, then testing realistic claims, step by step.
To compare a renewal with new quotes fairly, first bring every quote to the same liability limit, coverages, endorsements and accident benefit choices, then compare three numbers: the annual premium on identical terms, the cost if you make one at-fault claim (premium plus deductible), and the total payable if you pay monthly. The lowest headline price often loses once a missing endorsement or a higher deductible is priced in. This worked example uses an Ontario policy because every part of it can be shopped; the same method works in Alberta, Quebec and the Atlantic provinces, and for the optional coverage in BC, Saskatchewan and Manitoba.
All figures are illustrative, not market prices. The pillar for this topic is the car insurance renewal checklist.
Step 1: write down the renewal as the baseline
A Mississauga household renews a five-year-old SUV worth about $22,000:
- Third-party liability $2 million
- Collision deductible $500, comprehensive deductible $300
- OPCF 20 (loss of use / rental), OPCF 27 (liability for damage to non-owned automobiles), OPCF 44R (family protection)
- Accident benefits: mandatory medical, rehabilitation and attendant care, plus optional income replacement kept for the main driver
- DCPD kept
- Annual premium $2,460
Step 2: collect quotes with the same specification
Two new quotes, as first received:
| Renewal | Quote A | Quote B | |
|---|---|---|---|
| Liability | $2M | $1M | $2M |
| Collision deductible | $500 | $1,000 | $500 |
| Comprehensive deductible | $300 | $500 | $500 |
| OPCF 20 | Yes | No | Yes |
| OPCF 27 | Yes | No | Yes |
| OPCF 44R | Yes | Yes | No |
| Income replacement | Yes | Yes | Yes |
| Premium | $2,460 | $2,115 | $2,270 |
Headline order: A ($2,115), B ($2,270), renewal ($2,460). It looks like A saves $345. It does not, yet.
Step 3: price the missing pieces
Ask each insurer to quote the missing items (illustrative prices):
- A: raise liability to $2 million +$30; add OPCF 20 +$40; add OPCF 27 +$25. New total: $2,115 + $30 + $40 + $25 = $2,210.
- B: add OPCF 44R +$25. New total: $2,270 + $25 = $2,295.
Order on identical endorsements: A $2,210, B $2,295, renewal $2,460. The gap between A and the renewal has shrunk from $345 to $250. A still has a $1,000 collision deductible.
Step 4: test realistic claims
No claim: A $2,210; B $2,295; renewal $2,460.
At-fault collision, $4,000 of damage (premium + collision deductible):
- A: $2,210 + $1,000 = $3,210
- B: $2,295 + $500 = $2,795
- Renewal: $2,460 + $500 = $2,960
Theft of a catalytic converter or a broken window, $1,200 (premium + comprehensive deductible):
- A: $2,210 + $500 = $2,710
- B: $2,295 + $500 = $2,795
- Renewal: $2,460 + $300 = $2,760
Not-at-fault collision in Ontario with an identified insured driver: paid under DCPD without a deductible on all three, so out-of-pocket is $0 and the premium decides.
Break-even between A and B. B costs $85 more but saves $500 if you have an at-fault collision. $85 / $500 = 0.17. If you think there is more than about a 17% chance of an at-fault collision claim in the year, B is better on these numbers; below that, A is cheaper on average. Many drivers also prefer the lower deductible because $1,000 can be hard to find at short notice. The quote comparison tool is pre-filled with these three options.
Step 5: compare the payment method
If you pay monthly, compare total payable. Suppose B charges a 5% yearly rate on monthly payments: on $2,295 that is about $196.47 a month, $2,357.63 in total (about $63 extra). A offers monthly payments with no charge: $2,210 / 12 = $184.17. The renewal adds a flat $60 charge. If you pay annually, ignore this step. The payment plan calculator does the arithmetic; see also monthly or annual payment.
Step 6: read the differences in the wording
| Item | Why it matters |
|---|---|
| Rental limit in OPCF 20 | Daily and total limits differ; a low limit may not cover an SUV rental |
| Accident forgiveness | May be included, available for a fee or not offered; it does not transfer between insurers |
| Repair shop choice | Some insurers steer to preferred shops |
| Telematics conditions | Some discounts require an app or device |
| Cancellation terms | Short-rate penalties if you cancel mid-term |
Step 7: decide
On identical terms, quote B is $165 cheaper than the renewal ($2,460 - $2,295) with the same collision deductible; quote A is $250 cheaper but carries a $1,000 collision deductible. The household calls its current insurer with quote B in writing. The insurer offers $2,380, still $85 above B. The household chooses B, sets it to start at 12:01 a.m. on the renewal date, cancels the old policy in writing and stops the old debits.
Frequently asked questions
Why do quotes come back with different endorsements?
Each insurer has its own default package. Brokers and online forms often show a standard set. Always ask for the same endorsements before comparing prices.
Should I include accident benefit choices in the comparison?
Yes. In Ontario, since 1 July 2026, most accident benefits are optional, so two quotes with different benefit choices are not comparable. See the Ontario 2026 guide.
Is it worth asking my insurer to match?
It can be. Have the competing quote in writing and make sure it is identical. The insurer has no obligation to match.
How many quotes are enough?
Two or three quotes through different channels usually show the spread. A broker can quote several insurers at once; see broker, agent or direct insurer.
Sources
- FSRA — Ontario auto insurance coverages and consumer guides
- Insurance Bureau of Canada — explanations of endorsements and coverages
- Registered Insurance Brokers of Ontario — check that a broker is licensed
