icon

Compare Markham Car Insurance Quotes

Compare 30+ insurance companies and find your cheapest Markham car insurance quote now.

Compare rates from car insurance companies you trust

sonnet insurance logo
Intact insurance logo
CAA logo
Aviva logo
Allstate Insurance Logo
Jevco insurance logo
Economical Insurance logo
Zenith Insurance logo
Gore Mutual Insurance logo
Cheiftain Insurance logo
Wawanesa Insurance Logo
Coachman Insurance logo
Dominion logo square.png
Desjardins Insurance logo
echelon insurance company
Millennium.png
OTIP.png
PAFCO insurance logo
pembridge insurance logo
Scottish & York Insurance logo
SGI.png

How to get your auto insurance quotes on RATESDOTCA

Ready to compare quotes and save?

New icon step 1 auto insurance

Tell us about your vehicle

Answer a few basic questions about your driving & car insurance history.

New icon step 2 auto insurance

Compare your quotes

See quotes from insurance companies side by side.

New icon step 3 auto insurance

Choose the right coverage

Find the right protection for your vehicle.

New icon step 4 auto insurance

Get Covered

Connect with the provider and secure your rate.

Auto insurance in Markham

Markham is a city that sits within the Regional Municipality of York that makes up part of the Greater Toronto Area (GTA). Its position as an important part of the Golden Horseshoe and strong industry ties makes Markham an important business hub in Ontario. This has driven population growth in recent decades and consequently led to Markham being among the most expensive auto insurance markets in Canada.

Despite playing host to an array of industries today, Markham’s heritage is of a town focused on agriculture. However, after World War II, the town started to develop and become and urbanized centre for commerce and business, while also acting as a satellite to Toronto. This development was accelerated upon the completion Highway 404 during the mid-1970s. The highway connected Markham with Toronto and has meant traffic growth around the city has been rapid, another contributor to high insurance premiums in Markham.

Why is car insurance expensive in Markham?

Markham is located within both the Golden Horseshoe and Greater Toronto Area. It is a centre of business and commerce and helps to make up an urban sprawl that is the most economically fruitful in Canada.

This area also carries notoriety for having average auto insurance premiums that are the most expensive in Canada. Markham is no exception to the rule. The city is very expensive for customers insuring a vehicle. Ontario as a whole carries the highest premiums in the country, with a provincial average of around $1,500.

The Greater Toronto Area is the base that makes the average across the province so high. The top ten most expensive insurance markets in the country are located in the Golden Horseshoe region, and Markham is among them. There are a number of factors that cause this, and here are some of the most important:

  • Insurance companies charge too much. The private auto insurance industry has been widely criticized for allowing rates to go too high over the last number of decades. In response, companies insist that market conditions resulting from other factors mean that premiums must be high to offset risk.
  • In Ontario, companies assess insurance on factors such as driving experience, driving record, type of vehicle, policy required, and age/gender. However, insurers will also look at external factors, such as the location a vehicle will be stored and used, how busy the area is, the amount of traffic, theft rate, and likelihood of a collision. Because of the population, size, and location of Markham, insurers essentially hedge their bets with high premiums to avoid losing money.
  • Fraud. Unfortunately, auto insurance fraud is a major problem in Ontario, with the focus on the Greater Toronto Area. Crime rings have formed that ship vehicles overseas and claim them as stolen to insurers. It is believed fraud costs customers over $1 billion per year and hundreds of dollars could be saved on an average premium if fraud was removed entirely.
  • Government failures. The government spent too many years ignoring the constant growth of premiums in Ontario. Over the last three years, the provincial government has enacted a number of initiatives to lower costs. It is a slow progress, but the hope is premiums will eventually fall.

Finding affordable car insurance in Markham

Really, in Markham, the only way to feel good about an insurance premium is to shop around. Still, some customers avoid shopping and take the first quote that comes their way. This is a huge mistake, customers who do not shop around are almost always overpaying for coverage.

Comparing quotes is crucial for customers who want the best value for money and a policy that meets their specific criteria. Shopping around manually is a time consuming chore, which is why our quote comparison tool is so useful.

Latest auto articles
What You Need to Know About No-Fault Insurance in Ontario
The term ‘no-fault insurance’ is confusing. Does it mean no one is to blame for a car accident? Not exactly. Find out how no-fault insurance works in Ontario.
Cheap(er) Car Insurance: Strategies to Save Money
There are options to lower the cost of your auto insurance. Here are some simple strategies that can help reduce your premium.
Ontario Okays Fully Digital Auto Insurance
The Ontario 2020 Budget includes an outline of how the province will continue to monitor the impact of COVID-19 on the provincial auto insurance system to ensure consumers are being treated fairly.