Auto Insurance in Toronto

There is no better time to shop around than now! Insurance rates change every few months, the company that was best in Toronto last year may not be today. Shop around for the best current car insurance rate! 

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Toronto Car Insurance Quote

What is required by Law?

Mandatory Auto Insurance Coverage in The City of Toronto

In Toronto, you must have an auto insurance policy in force to drive. Fines for not having valid insurance in Toronto can be up to $5,000. The following coverages are mandatory at all times:

How do rates compare to other cities?

Car Insurance Rates in Toronto

cheapest auto insurance quotes

Downtown Toronto is a driver’s paradise, said no one ever. With so many condo buildings and businesses in the area, the city had to stop cars from entering King St so that transit can get by. 

My advice as a Toronto Insurance Broker; if you live and work in the downtown core and do not need to buy a car, save your money and just use transit. The actual cost of the car (finance/lease), auto insurance, parking and gas can take a huge chunk out of anyone’s monthly paycheck. 

How Expensive is Toronto Car Insurance?

Living in any major city’s downtown core is never cheap. From high rent to expensive groceries, auto insurance is no exception. According to a survey, the most expensive postal code in the City of Toronto is M6H. The average in that area is $2,325 per year. Keep in mind that this is based on that entire area. If you have accidents, tickets of insurance cancellations on your record, it can be much higher. 

How to keep Toronto Auto Insurance low

Here are a few tips that will keep your rates as low as possible. Remember, there are always factors out of your control such as how all your neighbors drive which impact that areas claims ratio. These tips are ones which you are in control of.

1. In 2019, one of the biggest changes we have seen are regarding cancellations for non-payment. If an insurance company cancels your auto insurance policy because there were billing issues, you can expect your next policy to be much more expensive. Many companies now do not accept clients who have had a non-pay cancellation. 

2. The obvious tip is to stay away from tickets and accidents. We are noticing the insurance companies penalizing clients who have at-fault accidents a lot more now than before. You will be rated for accidents for 6 years while tickets for 3. Drive defensively and don’t get tickets! 

3. Bundling up! Yes, Winters in Canada are very cold and bundling up makes sense there too! But when it comes to auto insurance, if you can move your current property insurance policy to the same company, you can qualify for up to 20% off! 

4. The final tip can have one of the biggest impacts and that is to shop around. With so many auto insurance companies offering insurance in Ontario all at different rates, the only way to get the lowest price for your postal code is by shopping around! Make sure when shopping around you select the same coverage and endorsements so that you are comparing correctly and are not missing any information. 

Why Your Current Toronto Auto Insurance Is High

Many different factors affect your auto insurance rate in Toronto, but these three have the most weight and are likely the reason your rate is higher than your friends!

01

Address

The address is the biggest factor that will affect your auto insurance. Different parts of Torontowill have different rates.

02

Claims

If you have an at-fault accident on your record, expect your insurance rate to be high. At-fault claims are rated for six years. 

03

Vehicle

Your vehicle will have an impact on your car insurance price. New, expensive vehicles will cost more to repair and can increase insurance rates. 

Best Ways to Save on your Toronto Car Insurance

Toronto auto insurance rates are rising every year. Now more than ever is a great time to shop around! 

Below you will find three more ways on how you can save some money on your Toronto car insurance.

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How to reduce your rate

Toronto Auto Insurance Tips and Discounts!

Toronto, the capital of Ontario is known for it’s diverse population, nightlife and of course, the CN Tower. Toronto residents love the city and are proud to live there.

As great as Toronto is, the auto insurance rates are not. Unless you have a spotless driving record of over 20 years, your rates will likely be high.

Here are a few discounts to help reduce your auto insurance rates even more:

  1. Multi-vehicle discount
  2. Winter tire discount
  3. Telematics enrolment discount 
  4. Drivers training discount
  5. Home and car discount
  6. Pleasure usage 

Along with all those discounts, here are a few extra tips to help keep you auto insurance premiums as low as possible.

  • Collision and comprehensive coverage are not mandatory. If you have an older car, consider insuring it just one-way to help save on insurance costs.
  • You should always bundle your auto insurance along with your Toronto home insurance policy. If you do not own a home or condo, you can consider getting tenant insurance to qualify for the home and auto discount.
  • Increase your deductible. If you are confident in your driving ability, you should consider increasing your deductible because that will decrease your insurance rate.

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We have been providing auto insurance quotes across the entire province. Are you looking to move somewhere outside of Toronto? Get the best auto insurance quote in your city! View our service areas below! 

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