Toronto, Ontario – Urban Ontarians are no strangers to high auto insurance rates, and thanks to an interactive map produced by Rates.ca, now they can compete with their friends to see whose neighbourhood has the highest rates.
Drivers in Brampton, Ontario pay the highest rates in Ontario coming in at an average of about $2,698 per year.
Closely following Brampton at the high end of results is Mississauga at an average yearly rate of $2,372 followed by Vaughan ($2,334); Richmond Hill ($2,286); Markham ($2,222); Toronto ($2,201) and Ajax ($2,141).
Population is not the only determining factor of insurance rates, however, as London ($1,509), Windsor ($1,412), Kitchener ($1,341) and Ottawa ($1,213) all reported numbers below the provincial average which currently stands at $1,616, a 9.7 percent increase since 2018.
The Insurance Bureau of Canada says that more than half of every dollar received by auto insurers goes toward claims settlements.
Proposed Bill 42, currently before Ontario Legislature, intends to prevent insurers from basing rates on factors primarily related to postal codes or telephone area codes, however, there is no timeline on the bill as of yet.
One Response
Thanks for sharing this, hopefully, the proposed bill could be passed sooner as it’s quite annoying to pay high car insurance rates simply because of living in Ontario despite having an excellent driving history and clean accident and insurance claim record. Based on what I read in this post, one of the best ways to get the best deal for car insurance is by getting multiple quotes from several auto insurance providers to be sure that you’re getting the most affordable option available that still offers the coverage you need.