Quick facts for car insurance in Toronto
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Quick facts for car insurance in Toronto
Toronto has one of the highest car insurance rates in Ontario, which is no surprise since it’s the biggest city in the province. Car insurance rates here can cost as much as $1,000 more than the provincial average due to increased risk factors for car insurance companies.
You’ll be required to purchase a minimum of $200,000 in third-party liability, which will typically give you a base rate of $1,000 or more. From there, you can choose to add on additional third-party liability or coverages such as comprehensive and collision for a higher premium.
Find out more about how much you’ll have to pay to get car insurance in Toronto, and compare a number of reputable providers to find the best rates.
It’s difficult to say exactly how much car insurance in Toronto will cost on average as there are relatively few legitimate studies on the subject. That said, the word on the street is that you’ll pay upwards of $2,000 to get your car on the road in this major city (compared to the provincial average of $1,505 per year).
Keep in mind that this amount is for basic coverage and may increase as you add collision and comprehensive to your policy. Your rates will also fluctuate based on a number of personal factors such as your age, gender, claims history, level of experience and car type. You may also pay higher premiums if you live in riskier neighbourhoods such as Downsview or North York.
It can be very difficult to pinpoint which car insurance is the cheapest option in Toronto. This is because you’ll pay different amounts for coverage based on your own unique personal situation. That said, we ran some tests to figure out what your coverage might look like with a run-of-the-mill vehicle and driver profile.
We chose to compare quotes for $1 million worth of third-party liability insurance on a 2017 Honda Civic clocking 10,000 km per year. We listed the driver as a 33-year-old female with over 10 years of experience and a perfect driving record.
It’s important to note that the prices outlined in our sample below are only a small representation of what’s available. You could also end up paying very different amounts based on personal factors such as what type of car you drive, what your claims history looks like and how long you’ve been driving.
The average car insurance prices for our Toronto-based driver were over $3,000 per year. These quotes were based on the recommended level of $1 million in third-party liability coverage.
Annual insurance rate (no discounts)
Annual insurance rate (discounts applied)
|Scottish & York||$5,005||$4,505|
Based on the sample of quotes we generated, we can draw a couple of generic conclusions about our driver’s coverage and what this might mean for you:
You can buy car insurance from a wide selection of private companies in Toronto. These include Canada-wide insurers such as Allstate, The Co-operators and several of Canada’s big banks. They also include all of the options listed in our sample above and many more.
You can find rates for car insurance by calling a number of insurance companies individually. You’ll also be able to compare rates with a car insurance broker, which is a third-party comparison site that searches for rates with several insurance companies at one time.
You’ll need to have a minimum level of insurance to drive a vehicle in Toronto, which includes the following:
To apply for car insurance in Toronto, you’ll typically need to meet the following criteria:
If you think you meet the eligibility criteria, you can apply for car insurance coverage with these simple steps:
You’ll pay more for car insurance in Toronto than you will in many other parts of Canada. This is because it’s one of Canada’s biggest cities and it’s located in a province that has notoriously high rates. Luckily, you can compare quotes from a number of different private insurers to find the best rates for your coverage.
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