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Car Insurance Rates in Ontario

by Alexey Saltykov

posted in Insurance

Syndicate This Article
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Without a doubt, car insurance rates represent the highest insurance cost for Canadians. This type of insurance is significantly more expensive than home and life insurance. Car insurance rates vary significantly across Canada. Did you know the average rate in Ontario is $1,920 per year, but it is only $912 in Quebec and $1,092 in Nova Scotia?
Why Car Insurance Rates in Ontario are the Highest in Canada
Despite the fact that there have been government-led initiatives to reduce car insurance rates in Ontario, they continue to be the highest in the country. There a number of reasons for this, including:
  • Sufficient space for insurance fraud leading to high claims payouts
  • Highest population density
  • The worst roads
  • High rate of vehicle theft

There are a lot of factors that are considered when determining insurance rates in Ontario, such as: location, car make and year, driving experience, driving history, age, marital status and even gender. The ones with the largest impact on car insurance rates are gender, driving history, and age.
Gender: On average, women pay slightly less than men; and this is based on accident history. However, it's important to note that women don't have less accidents than men, their accidents just tend to be less costly.
Driving History: A driver's history is a factor that greatly impacts car insurance rates. On average, drivers with a clean driving record in Ontario pay $1,812 per year; whereas those with more than two violations in the last three years, or a license suspension in the last six years, pay $3,252 per year, which is almost double the amount.
Age: Car insurance rates are higher for individuals under 25-years old because they are considered high risk drivers. Older drivers, on the contrary, benefit from lower insurance costs.
How to Reduce Your Rate
The good news is that there are dozens of ways to reduce your car insurance costs; and they range from buying your insurance in a bundled package with your home insurance, to completing a driving course, to customizing your protection options and deductibles.
Other ways to reduce your car insurance rates are completing a driver course, adjusting amount of your coverage (e.g. buying only liability protection if your car is old and does not need a comprehensive coverage), increasing your deductibles (i.e. amount that you would pay for each claim before an insurance payment kicks in), and many others.
Insurance broker vs insurance agent.
An insurance broker has access to several different products across a variety of suppliers, as opposed to an insurance agent who sells products of one company only. Brokers are compensated by the insurance companies, so you don't pay extra to use one.
Make an Informed Choice
Hopefully with this information you'll be able to put a dent in your car insurance rates in Ontario. Remember, an informed choice is the best choice. You don't have to simply take the rate that one insurer offers. It truly pays to shop around and compare various prices.
About the Author: Alexey Saltykov is a co-founder and managing director of InsurEye Inc, a Canadian company that provides online tools for consumers to educate them about insurance, create transparency in insurance market place in Canada. We also connect consumer with insurance brokers in Edmonton and insurance brokers in Ottawa and all across Canada.
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