Best Car Insurance Rates Toronto - How does an auto insurance company determine what your premium is? Trying to figure it out can be a confusing process.
There are many factors that affect how much you will be charged for car insurance. These factors mainly relate to your car (its make, age, fuel type and liability for theft) and you, the driver (your location, driving history, age and gender).
Best Car Insurance Rates Toronto
However, according to our data, the time of year in which you insure the vehicle can also affect prices.
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Over the past two years, we've collected data on how much drivers pay for car insurance in Ontario. More than a million Canadians received quotes during that time period, so there is a wealth of data that tells us how much drivers are paying and whether seasonality affects prices.
The data showed that prices are lowest in Ontario from July to October, and the cheapest time to insure is August. These are usually the months when automakers also launch new vehicles, so insurance companies experience a lot of new business.
Car insurance premiums were 6% cheaper in August 2017 compared to the annual average. This figure was similar in 2016. Insurance premiums are most expensive in February, with the average price being 6.1% more expensive than the average for the year.
While prices clearly drop in the warmer months, there is an argument for buying in the winter.
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State Farm's James Clarkson notes that since most people tend to buy cars and insurance policies in the warmer months, buying insurance in the winter will give you a better chance of getting quality care from your insurance broker or agent.
"If you want to have a little more time to devote to you, the winter months are definitely a better time to talk to someone because they'll have more time to spend detailed time with you," says Clarkson.
As already mentioned, where you live, your driving history and the type of car you drive have a significant impact on the amount of the insurance premium, among other things.
It's important to understand all of these moving parts before taking out insurance. Different insurance companies may even weight these factors differently. When you are ready to take out insurance, you should shop around and get quotes from a number of different companies. Price depends on many factors: your driving history, insurance history, vehicle make and model, and according to a recent study, even your zip code will play a role in determining how much you pay for a car over time. insurance.
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Kanetix.ca, an insurance and finance rate comparison site, conducted a study to determine how much a driver's position affects car insurance premiums. The study focused on 35-year-old 2014 Honda Civic drivers, all of whom had clean driving records. The only difference: their zip code.
While Ontarians pay an average of $1,316, Toronto residents pay an average of $1,743, an increase of 32%. And depending on where you live in the city, you could be paying more than $2,400 a year for your coverage.
The report also pared down its findings to the neighborhood level, with many areas within the GTA exceeding the $2,000 mark. Kanetix.ca listed 22 Toronto neighborhoods where residents are likely to pay $2,000 or more, with the most expensive premiums to be found in Scarborough.
Surroundings within the following zip codes: Scarborough: Agincourt North (M1S), Milliken (M1V), L'Amoreaux (M1W), Malvern (M1B), Rouge (M1X), Eglinton East (M1J), Kennedy Park (M1K), Clairlea- Birchmount (M1L), Wexford/Maryvale (M1R) Etobicoke: Mount Olive-Silverstone-Jamestown (M9V), West-Humber-Clairville (M9W) North York: Glenfield-Jane Heights (M3L, M3N), Humbermede (M9M), Westminster - Branson (M2R), Bathurst Manor (M3H), Humber Summit (M9L), York University Heights (M3J) York: Oakwood Village (M6E), Brookhaven-Amesbury (M6M), Weston (M9N), Forest Hill North (M4A) North York: Victoria Village (M4A)
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Neighborhood within these zip codes: Toronto: Casa Loma (M4V), Annex (M5R), University (M5S), Kensington-Chinatown (M5T), Niagara (M6K), Dovercourt-Wallace Emerson-Junction (M6G), Trinity-Bellwoods ( M6J), Playter Estates-Danforth (M4K), Mount Pleasant East (M4P), Rosedale-Moore Park (M4T, M4W), Church-Yonge Corridor (M4Y, M5B), Bay Street Corridor (M5G, M5H, M5K) , Waterfront Communities/Island (M5J, M5V) East York: Leaside- Bennington (M4G) Paying too much?
It is common for people to spend more money than necessary on car insurance. To help you spend less, follow Kanetix's top six tips:
Sonia Bell is an associate. She has a master's degree in communication studies and loves researching all things real estate, from home decor trends to neighborhood and market news. The average cost of car insurance in Toronto continues to rise slowly. The data shows that from 2019 to 2020, motorists in the city saw a 3% increase in average insurance premiums, and as of today, the average cost of car insurance in Toronto is stable compared to 2020. with an increase of only 0.5%.
Looking at this data doesn't exactly inspire confidence that drivers can secure lower car insurance rates in Toronto than they've paid in the past. But depending on the neighborhood you live in, you may pay less than the city average. You can also pay more.
Car Insurance: The Most Expensive (and Cheapest) Areas
Based on 2020 car insurance data, we break down the cheapest and most expensive neighborhoods in Toronto for car insurance.
We've covered insurance costs across the GTA in previous reports, but for the purposes of this report, we've decided to go deeper and focus exclusively on downtown Toronto neighborhoods.
To do this, we looked at data from drivers aged 30-39 with clean records who completed car insurance quotes on our site in 2020. So how do we determine which neighborhoods are more expensive or cheaper? In this report, we started with what was the average cost of car insurance in Toronto. We then looked for neighborhoods that deviated from this by 10%. So if your neighborhood is 17% more expensive than average, it's the most expensive deal. And vice versa.
It is important to remember that many different factors affect insurance rates in a given area. This can be the number of damages, tickets, violations, as well as where drivers can park their vehicles (street, street, garage), how congested it is, and whether drivers in the area usually jog, etc. While we can't say definitively why rates are X in one neighborhood and Y in another, we can speculate based on factors like these.
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Neighborhoods within this postcode: Northcliffe Village, Oakwood-Vaughan, Caledonia-Fairbank, Fairbank, Belgravia, St. Clair West Village, Corso Italia, Eglinton West (Little Jamaica), Earlscourt
The M6E zip code covers neighborhoods near Eglinton Avenue, as well as Allen Road and the 401. The proximity to the main road, along with the fact that much of Eglinton is (still) under construction, means that congestion is significant in the area. the area. This could contribute to higher insurance rates as well as the fact that people in this neighborhood may be driving faster than normal when entering and exiting the freeway.
City of St. James is one of the most densely populated neighborhoods in North America, which could contribute to higher car insurance rates. The more people, the more vehicles, the greater the congestion and the greater the likelihood of damage.
Both St. James Town and Cabbageotwn are also located west of the Don Valley Parkway, a major thoroughfare, and between Queen and Dundas, two very busy streetcar routes. There could be a lot of one-way streets in this area, as well as mostly on-street parking, all of which could explain why rates in this zip code are higher than the city average.
Why Is My Car Insurance So Expensive?
Neighborhoods within this postcode: Rockliffe-Smythe, Mount Dennis, Smythe Park, Stockyards District, Carleton Village, Harwood, Pelham Park, Roselands, Syme
The Stockyards neighborhood is home to a large shopping center targeting drivers, which could increase the risk of collisions. Keele Street runs through many of these neighborhoods. When setting insurance rates, it's important to consider how people drive in the area. Keele is one of the main streets in the Southwest that connects drivers to the 401. That means people could drive there faster than on other streets, making collisions more likely and resulting in higher insurance premiums.
There's also the fact that these neighborhoods top Toronto's southeast border with the highest ratings for vehicle theft, according to the Toronto Star, which could also contribute to the higher rates.
The M5C postcode includes parts of the inner city financial district. This means narrower streets, more congestion, more underground parking (which is ripe for collisions), and street parking, which insurance companies consider more risky than parking on the street or in a garage.
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Forest Hill and the surrounding neighborhoods are located between Eglinton and Lawrence, the two main east-west streets that transport drivers through the city. There are also several schools in this area.
Chaplin Crescent also passes through these neighborhoods. This is an important thoroughfare for drivers wanting to cross the city, which means it's likely to be more congested than usual.
Neighborhoods within this zip code: Danforth Village, East Danforth, Woodbine Heights, Woodbine-Lumsden, Crescent Town, Todmorden Village, Old
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