Hamilton on top 10 list of Ontario cities with highest car insurance
Published May 5, 2023 at 1:34 pm
Car insurance data released this week shows that Hamilton drivers pay, on average, slightly more in premiums than the Ontario average.
RATESDOTCA, an online insurance and financial comparison company, released its list of cities that have the highest car insurance premiums in Ontario.
Hamilton placed ninth on the list, with drivers there paying, on average, $1,810. That’s a 16 per cent increase from the previously recorded figure of $1,564 in 2021.
The average estimated Ontario premium in 2023 is $1,744, about $66 less than what Hamilton drivers will pay.
Auto insurance prices have been going up for years and there are numerous factors that impact the rise or fall of premiums. For instance, the model of the vehicle, the driver’s experience behind the wheel and even your postal code can affect your premiums.
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Insurance companies in Ontario are cautioning their customers to brace themselves for a challenging year in 2023, as it might be a “bumpy ride.”
“Rapidly rising inflation triggered numerous Ontario insurers to request permission to increase rates. Rate change requests to the Financial Services Regulatory Authority began trickling in late last year, some of which were major,” reads a statement in the RATESDOTCA Insuramap report.
Overall, Ontario car insurance rates jumped 12 percent in just over a year between 2021 and 2023, the data shows.
“A decrease in the number of vehicles on the road will lead to price decreases,” said Tanisha Kishan, a chartered insurance professional, in a released statement.
“For consumers, the best thing that you could potentially do is check your rates at renewal, especially in Ontario. There are so many insurance companies out there, so it is in your best interest to shop around to see that your premium is the lowest.”