Are you looking for cheap auto insurance in Ontario? The province has some of the highest insurance rates in Canada, with the average insurance premium being an estimated $1,616 annually, according to RATESDOTCA’s Insuramap.
In Brampton, drivers pay about $2,698, and in Toronto, drivers pay roughly $2,201. These figures cost a startling $500 to $1,000 more than the provincial average. With over six million residents in the greater Toronto area (GTA), factors like traffic and congestion account for the higher premiums. But it is possible to find cheap auto insurance coverage.
Every quarter, insurers can request to have their rates raised or lowered. The Financial Services Regulatory Authority of Ontario (FSRA) regulates insurance pricing by approving or denying all insurers’ requests.
For the most part, rate increases might occur because of higher payouts due to increased car accident claims in larger cities. But a city’s size is not always indicative of the insurance rate that a Canadian driver will pay.
A few of Ontario’s biggest cities have lower insurance premiums than the provincial average, including:
About 83% of auto insurance fraud in Ontario takes place in the GTA, according to the Ontario Auto Insurance Anti-Fraud Task Force. Overall, insurance fraud costs consumers over $1 billion annually or up to $236 per year per policy.
When shopping for the cheapest car insurance in Ontario, you’ll find that rates are more reasonable outside of the GTA.
Here are the towns or cities in Ontario that have some of the cheapest car insurance rates in 2020:
Even if you’re an excellent driver, your rates can change if you move, buy a new car, change your commute distance, or add other vehicles to your policy.
Here are a few tips to lower your auto insurance costs:
In some parts of Ontario, drivers will pay more for auto insurance premiums. But, outside of the GTA, there are areas where insurance is cheaper. A clean driving record, bundling policies and comparison shopping are among factors that can reduce rates. Compare cheap car insurance quotes from Canada’s leading insurers to find the best price.