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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 a 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.

Recent Auto Quotes in Ontario

Shopper from SCARBOROUGH, ONTARIO
2006 TOYOTA TRUCK/VAN HIGHLANDER HYBRID 4DR 4WD
Aviva
$1690
per year
Economical Mutual
$1902
per year
Desjardins General Insurance
$1924
per year
Pembridge Insurance Company
$1949
per year
Range of quotes $259
Shopper from ETOBICOKE, ONTARIO
2002 MAZDA PROTEGE5 ES 5DR
SGI Canada
$1266
per year
Wawanesa Mutual
$1288
per year
Royal & SunAlliance
$1316
per year
Desjardins General Insurance
$1426
per year
Range of quotes $160
Shopper from NEWMARKET, ONTARIO
2017 NISSAN TRUCK/VAN PATHFINDER PLATINUM 4DR 4WD
Peel Mutual Insurance
$1882
per year
Aviva Product (S&Y)
$2000
per year
Western Assurance Company
$2033
per year
SGI Canada
$2116
per year
Range of quotes $234
Shopper from PEMBROKE, ONTARIO
2008 HONDA CIVIC DX 4DR
Dominion of Canada
$880
per year
Gore
$917
per year
SGI Canada
$985
per year
Wawanesa Mutual
$1002
per year
Range of quotes $122
Updated Mar 29, 2020

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