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Updated
Car insurance is mandatory in all provinces and territories in Canada, so if you plan to drive in Richmond Hill, Ontario, you will need to get it. Hopefully, it will also meet your budgetary and driving needs.
The Financial Services Regulatory Authority of Ontario (FSRA) was created to help protect consumers in Ontario when it comes to insurance and similar services. It replaced the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). FSRA oversees insurance regulations in the province and has the power to approve or decline car insurance rate requests. As of March 2023, FSRA regulated or registered 290 insurance companies, 68,956 insurance agents, 6,838 corporate insurance agencies and 1,852 insurance adjusters.
Finding cheap insurance in Richmond Hill starts with knowing the players in the business. Here are the four major types of players:
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| 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 |
Car insurance in Richmond Hill ranks as the fourth most expensive in Ontario, according to the 2023 RATESDOTCA Insuramap data. The report shows that the average annual car insurance rate in Richmond Hill is $2,188 per year or about $183 per month. That’s 20% higher than the provincial average of $1,744 per year.
The cities that rank above Richmond Hill are Brampton, with an annual car insurance rate of $2,707, Toronto, at $2,325, and Mississauga, at $2,311.
Given Richmond Hill’s location, it makes sense that it ranks high on the auto insurance premium list. Richmond Hill, like Brampton and Mississauga, borders Toronto and has many commuters make their way into the city for work and other activities. It is a congested area that also has its own industrial and factory areas with people constantly on the road. Highway 404 runs through Richmond Hill as does Yonge Street. There are efforts underway to extend the Toronto subway system into Richmond Hill, which may ease congestion in future years, but until then, premiums will remain expensive.
(how Richmond Hill compares to 6 other most expensive cities in Ontario)
Average insurance premium numbers are according to data from RATESDOTCA Insuramap (gathered in 2023).
Note: The rates above may not apply to you, as they are based on a specific profile. Be sure to learn more about our methodology.
| Company name | Company type | Phone number | Address |
|---|---|---|---|
|
Aaxel Insurance Brokers |
Insurance broker |
416-893-3186 |
10255 Yonge St, Richmond Hill, ON L4C 3B2 |
|
All-Risks Insurance Brokers |
Insurance broker |
416-893-3186 |
10255 Yonge St, Richmond Hill, ON L4C 3B2 |
|
ATS Insurance Inc. |
Insurance agency |
905-883-9602 |
346 Newkirk Rd, Richmond Hill, ON L4C 5H2 |
|
Billyard Insurance Group |
Insurance broker |
905-237-0808 |
104-30 East Beaver Creek Rd, Richmond Hill, ON L4B 1J2 |
|
Hagerty Canada |
Insurance agency |
1-877-922-9701 |
5 Via Renzo Dr, Richmond Hill, ON L4S 0J6 |
|
Quotes comparison |
1-855-821-7312 |
225 King St W, Suite 1000, Toronto, ON, M5V 3M2 |
|
|
Quotes comparison |
1-855-487-6911 |
401-1910 Yonge St, Toronto, ON M4S 3B2 |
|
|
Quotes comparison |
1-844-726-0907 |
225 King St W, Suite 1000, Toronto, ON, M5V 3M2
|
|
|
Pacific Insurance Broker Inc. |
Insurance agency |
416-494-1268 |
101-120 East Beaver Creek Rd, Richmond Hill, ON L4B 4V1 |
|
Insurance broker |
1-866-456-6620 |
22-300 Lincoln St, Welland, ON L3B 4N4 |
To mitigate some of the factors listed above and avoid paying an unnecessarily high insurance premium in Richmond Hill, or anywhere else, consider doing the following:
Need more information on Richmond Hill car insurance? We got you covered.
Car insurance varies from driver to driver. Because your circumstances are different from everyone else due to your specific driving history, location, commuting time and so on, your premiums will be different as well.
To find the cheapest car insurance premium for you, compare quotes on a site like RATESDOTCA, which aggregates quotes from more than 50 top insurance providers in Canada.
No. Month-to-month insurance coverage isn't available in Richmond Hill. However, select insurance companies offer policies that are six months long instead of the usual term of one year.
Drivers needing month-to-month coverage should consider other options, such as a pay-as-you-go policy, having another driver add you to their policy or purchasing a six-month plan.
It’s the same as an experienced driver. Talk to a broker or agent or compare quotes on RATESDOTCA.
Unlike agents, RATESDOTCA can compare quotes from more than 50 insurance providers in just three minutes. That way, you’ll find the coverage that meets your needs, accompanied by the cheapest rates in your area, for free.
Ridesharing insurance is available throughout Ontario, including Richmond Hill, and all legal rideshare companies in the province offer insurance from their own providers.
Commercial insurance coverage applies from the moment you turn on the app. When you're not logged on, your personal insurance kicks in.
The FSRA maintains a list of all the recognized rideshare apps and the insurance companies that underwrite their driver policies. Here’s the list:
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 Richmond Hill drivers who use RATESDOTCA to lower their car insurance bills today.
*Shoppers in Richmond Hill who obtained a quote on RATESDOTCA from January to December 2023 saved an average of $664 per year. The average savings represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third-lowest quoted premiums generated by RATESDOTCA.
Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.
He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.
He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."
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