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Cheapest Car Insurance Quotes In Markham

Markam drivers save $818 on average by comparing car insurance quotes with RATESDOTCA.*

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How to get Markham car insurance quotes on RATESDOTCA

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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 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 auto insurance 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.

Markham Car Insurance By Postal Code

Postal Code Average Premium
L3P 0A1$2202
L3R 0A1$2240
L3S 0A1$2529
L6B 0A1$2240
L6C 0A1$2202
L6E 0A1$2240
L0H 0A1$2077
L3T 0A1$2202
L6G 0A1$2065

Above average insurance premium numbers are according to data from RATESDOTCA Insuramap.

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We saved Markham drivers a total of $7,561,930 last year.*

Sure, it’s easy to stay with your current insurer and to let your policy renew automatically. But you could be leaving money on the table by not shopping around.

Take three minutes to see if another insurance company can offer you a better rate. RATESDOTCA compares more car insurance providers than anyone else, so you can be confident that you’re finding the lowest price on car insurance.  As you can see, the savings add up.

Join the thousands of Markham drivers who use RATESDOTCA to lower their car insurance bills today.

*Represents the average saved by Markham shoppers who obtained a quote on RATESDOTCA and transacted via our contact centre between January and December 2021. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA.

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