Wednesday, November 25, 2009, 1:14PM ET - Canadian Markets close in 2 hours and 46 minutes.
After only one week and one long weekend, 269 cars were impounded and 269 driver's licenses were seized since Ontario's tough new legislation came into effect on September 30th: That's an average of almost 30 a day!
Since September 30th, police can and have been, charging drivers (including motorcyclists) with significantly stiffer penalties when caught participating in street racing, driving contests or stunt driving. The new penalties could include:
• An immediate, seven-day licence suspension and seven-day vehicle impoundment
• If convicted of street racing, a possible maximum fine of $10,000
• For a second conviction, within 10 years of the first, a possible court-ordered licence suspension of up to 10 years
At the rate of almost 30 drivers a day, around 10,950 Ontario drivers a year might be wondering how these charges and penalties might affect their insurance rate.
Let's see what happens today by comparing insurance quotes through kanetix.ca
The scenario: You're a 30-year old driver in Toronto cruising around in your Toyota Corolla when you're pulled over by the police; they've clocked you doing 55 km per hour over the posted limit. The police not only tell you that they'll be revoking your licence for one week, but you'll also have to give up your car for the week because it is being impounded.
Up until now, your driving record has been spotless, but with your upcoming auto insurance renewal you want to know what you might be in for. So first - just to see the difference - you enter your information into the kanetix.ca auto insurance quote comparison service without the ticket and licence suspension you've just been handed. Then you modify your information to include your most accurate and up-to-date information. Whoa!
The results: The quotes you obtained based on your true information is now significantly higher than those great rates you saw first time around. In fact, the lowest quote with the ticket and suspension is 148% higher than the lowest one you got with your previously spotless record!
The conclusion: Driving aggressively or speeding could cost you your licence, your vehicle, your money and possibly your life (or the life of another driver on the road.) This reality is only too common and is highlighted by recent high profile accidents where extreme speeding, or aggressive driving, was a factor.
Don't be one of the 30 drivers a day!
Give the kanetix.ca auto insurance quote comparison service a try to see how much a conviction for extreme speeding and a licence suspension impacts your auto insurance rate. Visit kanetix.ca today to compare. Or better yet, if you know someone who drives like the person in our scenario get them to complete an online auto insurance quote. It's free, quick and anonymous, and allows everyone to see how much their actions might financially cost them.
Rates provided by 
| Mortgages Type | Rate |
|---|---|
| 1-yr Closed | 3.54% |
| 3-yr Closed | 4.15% |
| 5-yr Closed | 4.97% |
| GICs Type | Rate |
|---|---|
| 1-yr Annual | 0.95% |
| 3-yr Annual | 2.12% |
| 5-yr Annual | 2.77% |
| RRSP Type | Rate |
|---|---|
| 1-yr | 0.94% |
| 3-yr | 2.09% |
| 5-yr | 2.75% |
Quotes and other information may be supplied by independent providers. All information is provided on an “AS IS” basis, for informational purposes only, and is not intended for trading purposes, advice or planning. It would be unreasonable for you to make any trade without first consulting an authorized financial advisor and verifying the accuracy of all information. Yahoo! and its independent providers do not warrant the accuracy, completeness or timeliness of any information provided herein, and expressly disclaim any and all liability for any decisions made in reliance thereon. The information is not an endorsement or recommendation by Yahoo! of any trade, even where the information relates to Yahoo!. Notwithstanding anything herein, Yahoo! does not hold itself out as an advisor or planner of financial services of any kind. By accessing the Yahoo! site, you agree not to redistribute the information found herein, and to be otherwise bound by the Yahoo! Terms of Service.