How Much is Car Insurance in Toronto ?

How Much is Car Insurance in Toronto ? Insurance costs highly depend on elements like your driving record, the type of car you drive, your age, etc. However, auto insurance is expensive in Ontario. Ontario has the second most expensive car insurance in Canada.

Average Car Insurance in Toronto

According to statistics, in 2021, the average annual auto insurance cost in Toronto is $2124. It means $117 per month.

Why is auto insurance so expensive in Toronto?

Toronto has a population of 6.2 million which means so many cars on the road, which increases the risk of accidents. Another reason is insurance fraud. If you live in a neighborhood that chances of insurance fraud are high, you should pay more for your insurance. Plus, in Toronto, there is a no-fault insurance system. It doesn’t mean that no one is at fault when an accident occurs. It just means that it doesn’t matter who is responsible for an accident; you deal with your own insurance company.

Also, there are so many other factors that impact your insurance premium.

How Your Auto Insurance is Calculated

1-Type of the Car You Drive

The car you want to insure can make your insurance costs rise. For example, insuring a sports car will be very expensive, but some companies offer good discounts to insure it if you have a hybrid vehicle.

2 – Where You Live

What neighborhood do you live in? Do a lot of accidents happen, or it’s family-friendly? How often insurance fraud occurs where you live? These all can make your premium go up or down.

3 – Where You Park Your Car

If you park your car on the street, your insurance cost might go a bit higher because the accident risk is higher on the road than in your garage.

4 – How often You Drive

Either you drive to work or you go occasionally impacts your insurance fee. The more you drive, the higher your insurance premium will be.

5 – Your Gender and Age

Your age influences your insurance rates. Naturally, young and inexperienced drivers drive a higher insurance rate compared to the mature driver. Some companies charge male drivers a little more than female drivers because statistics show that women tend to get into less severe accidents than men.

6 – Your Marital Status

Statistics show that married couples are safe drivers, and since insurance companies based their decisions on statistics, they charge a married person less than a single one.

7 – Your Driving Record

A driving record can highly affect your insurance premium. Nothing can decrease insurance costs like a clean driving record.

If you want a complete explanation of these factors.

Which Company is the Best for You ?

None. As mentioned, car insurance costs are highly dependent on factors mentioned that can make a policy unique and fit for each individual.

Whant to know about different insurance companies and what they have to offer?