Cheap Toronto Car Insurance Quotes

1. Your neighbourhood: Your postal code can influence your car insurance rates. Insurance providers are risk assessors, so if drivers in your neighbourhood are more likely to file claims, then your rates will reflect this. Differences in the rate of claims from one postal code to the next can be linked to driving behaviour and congestion in the area, crime rates, and other geographic differences.
2. Your vehicle: Driving a car decked out with aftermarket accessories, customized specifications, or luxury trim will also raise your insurance rates. These cars cost significantly more to repair or replace in the event of an accident.
3. Your daily commute: You may have noticed that insurance companies request your annual mileage. The more time you spend on the road, the more likely you are to get in an accident. This is why commuters tend to pay more for car insurance. If you spend two hours on Highway 401 each day then zigzagging your way into downtown Toronto, you will face higher insurance costs than someone who leaves the car at home and takes the TTC or GO train to work. From an auto insurance perspective, commuting by transit, walking or cycling is a much better choice.
4. Your driving history: Your personal driving record has an outsized impact in determining your car insurance premiums. If you have any convictions or accidents on your record, you’ll pay more for insurance until enough time has passed (usually six years). Those pesky speeding tickets can raise a red flag if you have a pattern of accumulating them. While parking tickets will not increase your insurance rates, if your driver’s licence gets suspended because of too many unpaid parking tickets, this can cause your insurance provider to increase your rates.
5. The coverage you have: Like all cities in Ontario, Toronto has mandatory and optional auto insurance coverages. If you select coverages beyond the minimum requirement, you will pay more for that enhanced protection.
6. Discount eligibility: Your age, occupation and alumni are all potential sources of discounts. You can always ask your insurance provider the type of discounts you're eligible for to make sure you get the best rate.
7. Additional drivers: A policy that includes secondary drivers will expand the coverage of your vehicle, but it also means you'll pay more.
8. Bundle your insurance: Your insurance provider might also ask you to bundle your insurance policies, such as home and auto, is an easy way to reduce your premium from 5-15%.

How to get the cheapest car insurance in Toronto

Car insurance rates in Toronto are overseen by the Financial Services Regulatory of Ontario (FSRA). The tactics that lower your car insurance premium in Toronto apply to the rest of Ontario, too. Here are a few tips to get the cheapest car insurance in Ontario.

1. Compare quotes: Of course, the easiest way to save money is to compare auto insurance quotes on RATESDOTCA! If you’re looking to buy a new car, compare quotes for the vehicles you’re considering to see which one is cheapest to insure.
2. Increase your deductible: The deductible is what you must pay out of pocket if you file a claim. The more you agree to pay, the lower your premium will be.
3. Bundle home and auto insurance: If you bundle your home and auto insurance under the same insurance company, you can save 5 to 15% off both policies. This is also called a multi-line discount.
4. Change into winter tires: Toronto roads face some harsh winter conditions. Save 5% on your car insurance by installing winter tires for the season. Protect your wallet and keep you and your family safe on icy roads.
5. Know what coverage you need: Review your coverage each year and cancel any add-ons you no longer need. For example, if you drive an older car that isn't worth repairing, it would make economic sense to cancel your collision coverage.
6. Pay annually: If you can pay your premiums annually rather than monthly, you can often save a bit of money. Some insurance companies offer a discount on the payment of annual premiums upfront.
7. Drive less: The less you drive, the more you save. If you commute to work via car, switching to transit can slash your premiums. If you don’t drive as much as you used to, call your insurance company and let them know.
8. Drivers education: Most insurance companies offer discounts for new drivers who complete driver training from a Ministry of Transportation accredited driving school. A defensive driving course can also make you eligible for discounts.
9. Multi-vehicle discounts: Like multi-product discounts, multi-vehicle discount means you can insure more than one vehicle under the same insurance company to snag a 5 to 15% discount on your premiums.
10. Ask about employee or alumni discounts: If you are part of a professional association, union, or non-profit association, you may be eligible for group discounts.
11. Safety features: Installing approved anti-theft devices or safety features on your car can lead to discounts. Check device eligibility before you purchase and install it.
12. Avoid additional drivers: A policy that includes secondary drivers will expand the coverage of your vehicle, but it also means you'll pay more. If you have a family member who rarely uses a vehicle, consider whether you need to keep them on the policy.