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Toronto is a busy city. With so many vehicles on the road, Toronto drivers are used to heavy traffic. One thing we can never get used to, however, is the higher car insurance rates that come with living in, or commuting to, the city. Insurance rates vary depending on a lot of factors. If you haven’t been comparing rates, you are probably not getting the cheaper rates you deserve.
It won’t make your commute faster but comparing rates will help you save. Our data shows that drivers from the city saved an average of $511 on their car insurance premiums after comparing rates on RATESDOTCA.
With savings like that, you could afford to park downtown!
Toronto operates under a no-fault insurance system, which means drivers always go through their own insurance company, no matter who is at fault in an accident. Auto insurance in Toronto is a privatized industry, meaning you purchase your policy from a licensed insurance broker, insurance agent or direct writer:
Insurance brokers - they represent number of different insurance companies and their job is to find you the best rate from insurance companies that they represent.
Insurance agents - they represent only one insurance company. They only resell that particular company's insurance products.
Direct Writers - they are insurance companies that sell their own insurance policies directly to you.
Car owners in Toronto (same as all cities in Ontario) are required by law to have car insurance. If you are found driving without valid auto insurance, your driver's license will be suspended and your vehicle will be towed. Fines for not carrying valid auto insurance is ranging from $5000 to $50,000.
Toronto auto insurance (same as Ontario auto insurance) is regulated by the Financial Services Regulatory Authority of Ontario (FSRA), formerly known as the Financial Services Commission of Ontario (FSCO), an agency of the Ministry of Finance. FSRA regulate all Ontario auto insurance rates to ensure all insurance company's proposed rates are reasonable, but also allow them to charge enough to cover their operating cost, future claims from consumers and their own profit.
| Insurance type | Mandatory coverage | Optional/Additional coverage |
|---|---|---|
| Third-Party Liability | $200,000 minimum. Provides coverage in the event of a lawsuit resulting from an accident where you are at fault. | Coverage can be increased to $500,000, $1 million, or $2 million, with up to $2 million limit. |
| Direct Compensation-Property Damage (DC-PD) | Covers damage to your car, or loss of use of your vehicle, if someone else is at fault. Must involve another insured vehicle. | For additional vehicle coverage including for when you are at-fault, consider collision coverage. |
| Uninsured Automobile Insurance | Provides up to $200,000 in coverage if you are injured or killed by an uninsured driver, or if your vehicle is damaged as a result of a hit-and-run by an unidentified, uninsured motorist. | Family Protection Coverage is an optional coverage that includes additional coverage of up to $1 million in the case of a hit-and-run by an uninsured motorist. |
| Statutory Accident Benefits | Provides coverage if you are injured in an accident, regardless of who is at fault. Covers medical expenses that aren’t covered by OHIP. | Coverage limits can be increased. |
| Collision Coverage (Also Upset Coverage) | Optional | Covers the costs of repairing or replacing your vehicle following a collision with another vehicle, an object, or property. |
| Comprehensive Coverage | Optional | Covers damages caused by named perils identified under the Specified Perils coverage, as well as losses from other perils like falling or flying objects, theft, fire, hail, windstorms, missiles, and vandalism. |
| Specified Perils Coverage | Optional | Covers damages caused by named perils such as theft, attempted theft, explosions, natural disasters like fire, lightning, windstorm, hail, rising water, earthquakes, and also other perils specified in your policy. Specified perils do not cover damages due to vandalism, breakage of glass, etc. |
| All-Perils Coverage | Optional | Combines collision/upset and comprehensive coverage. Also provides additional protection if a household member or an employee steals your vehicle. |
| OPCF 20: Coverage for Transportation Replacement | Optional | Covers the cost of your transportation replacement and rental car insurance if you were to get into a car accident or if your vehicle is stolen. |
| OPCF 27: Liability for Damage to Non-Owned Automobile(s) | Optional | Covers if you damage a borrowed or rental vehicle. The coverage limit is usually around $25,000 to $50,000. |
| OPCF 39: Accident Waiver/Forgiveness | Optional | Protect your premium from rising when you have your first at-fault accident. |
| OPCF 43: Waiver of Depreciation | Optional | Protects you by removing your insurer's right to deduct depreciation from the value of your vehicle when settling a claim. This coverage is for new vehicles with fewer than 5,000 kilometres. |
| OPCF 44R: Family Protection Coverage | Optional | Protects you if you or a family member is injured, regardless of whether you or your family members are in the car when the accident occurs |
Toronto consistently ranks in the top ten most expensive cities for auto insurance. The average Torontonian pays around $1,952 per year, which is $397 more than the provincial average of $1,555.
It doesn’t come as a surprise since Toronto is one of the most populous cities in Ontario. High premiums are also linked to the likelihood of claims, as well as crime rates in the city, which is why Toronto drivers pay more than drivers who live in smaller towns.
Toronto premiums range from $1,620 to up to $2,746 per year according to RATESDOTCA Auto Insuramap data.
Insurance companies base your rates on how likely you are to make a claim. Although your driving history is a major factor, high traffic volumes, collision numbers, and the cost of repairs also play a part.
Despite these factors, you can always find a better rate. Compare insurance rates today to get the best quote.
In 2019, the average annual savings for Toronto drivers who used RATESDOTCA was $511*. Some drivers saved thousands by comparing quotes with us. If we look at the whole of Ontario, drivers who used RATESDOTCA saved an average of $520 on their annual car insurance premiums.**
Our tool is free to use, and it only takes a few minutes to find the cheapest rate. If you complete the process and don’t like what you see, you are under no obligation to buy. RATESDOTCA does not take any payment information. That’s left to our insurance partners whom we connect you with directly.
Toronto drivers pay a lot for auto insurance, but you can help bring the average down. Get a personalized car insurance quote today and see how much you can save!
* Savings are calculated by deducting the lowest available quote from the second-lowest available quote. In 2019 the average savings for Toronto drivers were $510.63.
** Savings are calculated by deducting the lowest available quote from the second lowest available quote. In 2019 the average savings for Ontario drivers were $520.40.
You don’t need to wait until renewal time to shop around for rates. If you’re done paying big city premiums and want to find cheaper rates, the easiest way to switch to a better rate is to shop online and compare. Let’s take a look at what else you could do to get cheaper car insurance rates:
Everyone pays a different amount for car insurance, and insurance companies factor in a lot of details when they calculate your rate. Some are obvious; if you have received multiple speeding tickets or have been at fault for collisions, you would expect to pay a higher premium.
Here are some of the lesser-known aspects that insurance companies consider when calculating car insurance rates in Toronto:
| Postal Code | Estimated Premium |
|---|---|
| M4C | $1,810 |
| M4E | $1,810 |
| M4J | $1,810 |
| M4K | $1,810 |
| M4L | $1,810 |
| M4M | $1,810 |
| M4P | $1,810 |
| M4R | $1,810 |
| M4S | $1,810 |
| M4T | $1,810 |
| M4V | $1,810 |
| M4W | $1,620 |
| M4X | $1,620 |
| M4Y | $1,620 |
| M5A | $1,810 |
| M5B | $1,620 |
| M5C | $1,810 |
| M5E | $1,810 |
| M5G | $1,620 |
| M5H | $1,620 |
| M5J | $1,620 |
| M5K | $1,810 |
| M5L | $1,810 |
| M5M | $1,887 |
| M5N | $1,887 |
| M5P | $1,810 |
| M5R | $1,810 |
| M5S | $1,620 |
| M5T | $1,684 |
| M5V | $1,620 |
| M5W | $1,810 |
| M5X | $1,810 |
| M6B | $2,060 |
| M6C | $2,161 |
| M6G | $2,060 |
| M6H | $1,684 |
| M6J | $1,684 |
| M6K | $1,684 |
| M6L | $1,887 |
| M6N | $2,238 |
| M6P | $1,684 |
| M6R | $1,684 |
| M7A | $1,620 |
| M7Y | $1,810 |
Estimated insurance premiums are from the 2022 RATESDOTCA Auto Insuramap.
Like in the rest of the province of Ontario, car insurance rates in Toronto are governed by the Financial Services Regulatory of Ontario (FSRA). To get the cheapest car insurance in Toronto will be same way as getting the cheapest car insurance in Ontario.
Toronto is a busy place, and while sharing the road is not something you have to enjoy, it is something you have to be good at!
Watch out for streetcars
Never pass a streetcar when it is stopped. Streetcars stop at almost every downtown intersection to let passengers hop on and off. When they stop, all cars behind them must stop too.
It might seem obvious, but also don’t drive into streetcar tunnels! You will inconvenience thousands of people, you will be embarrassed, and quite possibly arrested. Take your time to ensure you understand Toronto’s transit signage.
Watch out for cyclists
There are lots of cyclists in downtown Toronto. Take great care when driving in the city, especially when turning right or opening your door, to ensure that there are no cyclists in your blind spot.
Don’t stop in bike lanes, and make sure you keep a one-metre (three feet) distance when passing cyclists in your car. It’s the law.
Toronto Mayor John Tory worked with the city to identify ten of Toronto’s most congested intersections. They are:
It is fair to say that driving during rush hour at any intersection, in any city, is probably a bit of a pain, but if you can adjust your route to avoid these Toronto hotspots you’ll save time (and perhaps keep the grey hairs at bay for a little longer).
We understand that it’s easy to stay with your current insurer and automatically renew it when it’s time. But there’s nothing wrong with checking out other rates. Compare quotes from more than 30 of Canada’s top insurance companies and find better rates today. You’re all about those savings, and we’re all about helping you find them.
*Shoppers in Ontario who obtained a quote on RATESDOTCA and transacted via our contact centre from August to December 2020 saved an average amount of $676. 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.
