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These are uncertain times, but one thing that is certain is our commitment to you. As an online business, we're set up to help you remotely so you can still take care of your insurance, mortgage and money decisions.
To learn about financial relief, insurance rebates, billing flexibility and other relief efforts offered by insurance and personal finance companies, read our COVID-19 insurance relief guide. You can also use our Covid-19 rebate calculator to figure out how much money these efforts can help you save on your auto insurance premiums during this unprecedented time.
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A car insurance quote estimates your premium for a car insurance policy. Insurance companies calculate the quote using the information you provide, such as your age, car you drive, driving history, and postal code. Every insurer uses a unique formula to calculate your car insurance quote, so even if you provide the same information to different insurance companies, no two quotes will look the same.
After applying for a policy, an insurance company's next step is to figure out how much risk you pose to them — what is the likelihood of you getting into a car accident, and how expensive will the damage be?
Insurance companies use roughly the same methodology to assess risk. Here are the main things that influence your rate:
In addition to the criteria above, car insurance companies in Ontario can also use the following factors to calculate your rate:
Depending on your answers, insurers will place you in a specific rating group (people with similar profiles). Your rating group determines how much you pay for coverage.
Insurance companies have an ideal customer they want to attract. Most insurers reserve their lowest rates for experienced drivers over 50.
On the other hand, some companies are willing to assume more risk, so they offer inexperienced drivers coverage at competitive rates. You can't tell which insurer will provide you with the lowest rate based on their advertisements. It's better to compare rates from multiple insurance companies.
Use our car insurance calculator to calculate and compare your auto insurance quotes from 50+ Canadian car insurance companies all at once to find your best quote.
Which car insurance company is right for you? It's impossible to know for sure if you don't shop the market.
Insurance companies charge different rates for the same coverage. That means there are savings to be found. Last year, drivers who shopped for car insurance quotes on RATESDOTCA saved an average of $772 on their annual premium.*
RATESDOTCA makes insurance transparent, simple, and fun. By comparing quotes, you can easily see which company offers you the best insurance rate based on your unique driving history and insurance needs.
Find out why people trust us to find the cheapest car insurance quotes in Canada and compare rates today. Ready? Let's get started.
RATESDOTCA makes it easy for you to get an accurate auto insurance quote. You will be asked to provide basic information about yourself that will help insurance companies determine your premium. All we need is:
Oh, and don’t worry, RATESDOTCA values your privacy, and will never sell your personal information. Your info will remain safe, secure, and protected.
Auto insurance is required by law in every Canadian province and territory. The type(s) or coverage and the amount of coverage required vary by location.
Here’s a breakdown of each of these coverages:
These are the optional coverages you can add to a car insurance policy. Note that in some provinces or territories, these coverages may be mandatory.
Saskatchewan, Manitoba and British Columbia operate within a public car insurance model. Car insurance in these provinces is available through the government. In other provinces, including Alberta and Ontario, drivers must purchase insurance from private insurance companies. Quebec is the only province that uses a mix of both.
In each province and territory, a minimum amount of auto insurance is required by law. This typically includes third-party liability insurance, which covers medical expenses and property damage caused by the insured (aka, you). There’s also some level of accidents benefits or property damage coverage that is also mandatory.
Average rates vary across the country. According to the Insurance Bureau of Canada, British Columbia has the highest average auto insurance rate in Canada, averaging $1,832 per year. Ontario and Alberta are in second and third place, averaging $1,505 and $1,316 respectively. Drivers in Quebec pay the least in Canada, with an average premium of just $717.
| Province or Territory | Mandatory Minimum Liability | Mandatory Minimum Coverage | Average Annual Premiums |
|---|---|---|---|
| Alberta | Third party liability $200,000 | Accident benefits | $1,316 |
| British Columbia | Third party liability $200,000 | Accident benefits, Uninsured automobile protection | $1,832 |
| Manitoba | Third party liability $200,000 | All perils (collision, comprehensive), Personal injury, Hit and run, Inverse liability protection | $1,140 |
| New Brunswick | Third party liability $200,000 | Accident benefits, Uninsured automobile protection, Direct Compensation – Property damage | $867 |
| Newfoundland & Labrador | Third party liability $200,000 | Uninsured automobile protection | $1,168 |
| Northwest Territories | Third party liability $200,000 | Property damage, personal injury | $978* |
| Nova Scotia | Third party liability $500,000 | Accident benefits, Uninsured automobile protection, Direct Compensation – Property damage | $891 |
| Nunavut | Third party liability $200,000 | Property damage, Personal injury | $963* |
| Ontario | Third party liability $200,000 | Accident benefits, Direct Compensation – Property damage, Uninsured automobile protection | $1,505 |
| Prince Edward Island | Third party liability $200,000 | Accident benefits, Uninsured automobile protection, Direct Compensation – Property damage | $816 |
| Quebec | Third party liability $50,000 | Accident benefits, Property damage | $717 |
| Saskatchewan | Third party liability $200,000 | Property damage, Personal injury | $1,235 |
| Yukon Territories | Third party liability $200,000 | Property damage, Personal injury, | $812* |
Above annual average insurance premium are according to data released by Insurance Bureau of Canada, 2020.
* Annual average of year 2017
No. All registered vehicles in Canada must have insurance, as required by law. If you own and drive a vehicle in Ontario, you are required to take out a basic car insurance policy that includes all mandatory coverages. Drivers in Ontario who do not carry valid auto insurance can be fined anywhere from $5,000 to $50,000. You also risk having your license suspended and your vehicle impounded, not to mention facing sky-high insurance rates in the future.
What you see is what you get. The auto insurance quotes you receive are accurate, based on the details you provide. A representative from the insurance company will confirm your information before issuing a policy. As long as your details stay the same, so will your rate.
A deductible is the amount of money you agree to pay in the event of a claim before your insurance coverage kicks in. A driver with a $500 deductible and $2,000 in damage resulting from an accident will pay $500 out of pocket while the insurance company covers the remaining $1,500. Think of a deductible as your share of the repair cost.
Your deductible will also determine your policy premium. The higher the deductible you are willing to pay, the lower your insurance rate will be.
RATESDOTCA partners with over 50 top insurance companies in Canada, more than any other comparison site. Our partners include Intact, Aviva, Wawanesa, Jevco and Echelon, to name a few. See our full list of insurance partners here.
RATESDOTCA is 100% free, and we are committed to saving you time and money.
What's the catch?
There's no catch and no hidden costs or strings attached. We make our money from our partners, not from you.
Is it cheaper to shop direct?
No. Your quotes come straight from the auto insurance companies. They are the same rates you would get if you called them directly.
The last word
RATESDOTCA makes buying car insurance easy. We compare more insurance providers than anyone else, so you can be confident that you are getting the best deal.
*Shoppers in Ontario who obtained a quote on RATESDOTCA and transacted via our contact centre from July to December 2021 saved an average amount of $772. 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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