Mississauga has one of the highest car insurance rates in Ontario


Published May 5, 2023 at 9:41 am

(Photo: Unsplash)

Mississauga drivers are paying the third-highest car insurance premiums in Ontario, data released this week shows.

According to RATESDOTCA Insuramap, an online interactive tool that shows the average vehicle insurance rates by postal code, Mississauga residents are paying an average estimated premium in 2023 of $2,311.

That’s up by $340 (17 per cent) from the previous recorded figure of $1,971 in 2021, when Mississauga was paying the fifth-most in premiums, on average.

Topping the 2023 list of the 10 most expensive car insurance premiums in Ontario is Brampton ($2,707, up 37 per cent from $1,976 in 2021) followed by Toronto ($2,325, up from $1,953 or 19 per cent).

Richmond Hill ($2,188) and Vaughan ($2,158) round out the top five. See table below for the remainder of the top 10.

Rate estimates are based on a 35-year-old driver of a 2019 four-door Honda Civic with a clean driving record.

Auto insurance companies in Ontario warn customers that they can expect “a bumpy ride” in 2023 with respect to insurance premiums.

“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 per cent in just over a year between 2021 and 2023, the data shows.

The average estimated Ontario premium is currently $1,744, more than $500 less than the 2023 Mississauga figure, marking the largest increase in the history of the Insuramap survey.

(Source: RATESDOTCA Insuramap)

insauga's Editorial Standards and Policies advertising