These cities have the most expensive auto insurance rates in Ontario

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Published October 29, 2024 at 10:16 am

highest car insurance ontario

It’s known that auto insurance is very expensive in Ontario, but some areas are more pricey than others.

Ratehub.ca recently took a look at where Ontarians pay the most for auto insurance and cities in the Greater Toronto Area top the list.

Ratehub said that data from the Financial Services Regulatory Authority of Ontario (FSRA) shows that drivers in the GTA pay around 32 per cent more than the provincial average.

Topping the list in Ratehub’s analysis is Toronto, with an average annual quote of $2,044, followed by Brampton at $1,957.

In third is Markham at $1,730, followed by Mississauga and Vaughan, which are tied at $1,588.

Ratehub.ca

Reasons for the higher rates in the GTA can be attributed to several factors, Ratehub said, including the number of stolen vehicles, traffic congestion and auto insurance fraud.

Driver demographics are also a factor, with newcomers possibly facing higher costs due to a lack of an approved driving record or insurance history, Ratehub said.

“While these factors primarily increase rates on an individual basis, they can also drive up the overall city-wide average,” it said.

The analysis used a driver profile of a G-licenced, 40-year-old man who has been building his insurance history since he was 18 and has a clean claims history and driving record.

“We gathered quotes using our auto insurance rating tool from the top 12 cities in Ontario where we have the highest number of users,” Ratehub noted.

“The quotes were based on three of the province’s top-selling vehicles – a sedan (2024 Honda Civic), an SUV (2024 Toyota RAV4), and a truck (2024 Ford F-150) – and then averaged out to provide an overall comparison.”

Ratehub.ca

Meanwhile, Ratehub also highlighted data from the FSRA which compares the prices of auto insurance in the GTA to the rest of the province.

The average rate for the GTA differs because Ratehub used a single hypothetical driver for its analysis.

Ratehub.ca

For more information, visit Ratehub.ca.

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