As you surely know by now, car insurance is more expensive in some areas compared to other locations in Toronto. For example, if you live or drive in the regions that accidents and theft happen frequently, your insurance rate will rise and vice versa.
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Cheapest area for car insurance in Toronto
However, it’s not only the place you live in those impacts your insurance costs. You can live in the cheapest auto insurance area and still pay a significant amount of money for your insurance.
How these prices are set
Regarding the postal codes, elements like car ownership, the number of accidents occurring in that area, and insurance claim rates influence premiums.
The neighborhoods
Old Toronto: Notable neighborhoods include the core, Harbourfront, The Beaches, Midtown, East Danforth, Yorkville, Casa Loma, Bloor West Village, Liberty Village North York: Don Mills, Downsview, Hillcrest Village, North York Centre, Parkwoods, Uptown, York Mills Scarborough: Cliffside, Eglinton East, Golden Mile, Morningside, Port Union, Scarborough City Centre, Steeles, Wexford Etobicoke: Centennial Park, The Kingsway, Mimico, Rexdale, Islington City Centre West York: Eglinton West, Oakwood-Vaughan, Old Mill, Weston East York: Broadview, Pape Village, Danforth, Leaside, Woodbine Heights Map
How Much is Car Insurance in Toronto ?
Most expensive to least expensive Areas
- M6E You can see this postal code in Oakwood-Vaughan, Eglinton West, Fairbank, St. Clair West Village, Earlscourt, Corso Italia, Belgravia, Northcliffe Village, Oakwood-Vaughan, Caledonia-Fairbank, Fairbank, Belgravia, St. Clair West Village, Corso Italia, Eglinton West, Earlscourt, and Caledonia-Fairbank.
In these neighborhoods, you should pay 24.6% more than the average amount insurance companies charge drivers. - M4X Cabbagetown and St. James Town have this postal code. Drivers should pay 22.6% more than the city’s average.
Both of these neighborhoods have one-way streets and street parking which higher the chances of accidents or theft, which explains the high insurance premium. - M6N The areas with this postal code include Stockyards District, Pelham Park, Rockliffe-Smythe, Syme, Harwood, Mount Dennis, Carleton Village, Smythe Park, Roselandsin. Insurance companies charge drivers who live in this area 21.8% more than what is considered average in Toronto.
This rise in insurance costs is because of a significant driver-centric shopping center in that area, increasing the risk of collisions. - M5C This postal code is in Old Town Toronto and Downtown Toronto. Drivers pay 19.8% above average car insurance price. This area includes narrow streets and street parking which can raise the chance of accidents and collisions.
- M5N Lytton Park, Forest Hill, Caribou Park, Lawrence Park South, Allenby have this postal code. If you are considering living in any of these neighborhoods, note that you have to pay 15.5% more for your insurance.
- M4C Todmorden Village, East Danforth, Crescent Town, Danforth Village, Woodbine-Lumsden, Old East York, Woodbine Heights have this postal code.
Drivers in this neighborhood pay 11.9% more for insurance premiums because there’s a busy street around this neighborhood, including “The Don Valley Parkway” expressway.
- M6J West Queen West, Beaconsfield Village, Trinity-Bellwoods have this postal code. This area is primarily home to young people in Toronto, and this area pays 11.6% more than the average amount insurance companies charge drivers.
- M6S This postal code can be seen in Lambton, Runnymede, Old Mill, Warren Park, Swansea, Bloor West Village, Baby Point.
Drivers in this area pay precisely 15% less than Toronto’s average insurance premium. A majority of people living in this area don’t drive. So, the chances of collisions or accidents decrease. - M4W Rosedale and Governor’s Bridge have this postal code. Insurance companies charge you approximately 17.5% below the city’s average if you’re living here.
- M4M East Chinatown, Port Lands, Studio District, Leslieville, Riverside. These neighborhoods are family-friendly and safer, so companies charge drivers in this area 22% less.
- M6R The areas that have this postal code include High Park, Parkdale, and Roncesvalles. Drivers should pay 22.4% less in these neighborhoods for their car insurance premiums.
People living in this area file fewer claims; therefore, insurance companies charge people living in this area less. - M6G Palmerston-Little Italy, Bracondale Hill, Koreatown, Davenport, Bickford Park, Hillcrest Village have this postal code. Drivers insure their car with 23.1% below the city’s average in these areas.
This area is in uptown, and uptown has the cheapest insurance rates. - M4N This postal code can be seen in Yonge and Lawrence, Teddington Park, Lawrence Park, Sherwood Park, Sherwood Park. These are the cheapest neighborhoods you can find in Toronto, with 23.5% less than any other area.
Remember that the cheapest area may not be the best for you. Think about your decision carefully and visit the place you want to live in.
