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Ontario Auto Insurance

Compare Ontario Auto Insurance Quotes and Get the Best Rate

Ontario has a notoriously high auto insurance rate and many Ontario residents question if there is actually a way to save on their auto coverage. Of course, there are many ways to save on your coverage but none is more effective than comparing quotes before purchasing.

In fact, it is recommended that you compare Ontario auto insurance quotes from at least three companies before you purchase a policy. However, you can contact insurdinary.ca for a more effective and effective quote comparison. When you contact insurdinary.ca, we will connect you to insurance advisors in Ontario who will guide you to choose the most affordable coverage.

Our insurance advisors have helped Ontarians to save hundreds of dollars on auto insurance. Furthermore, the advisors compare insurance quotes in the same amount of time it will take you to get a single policy. You definitely want to save but at the same time, you want to spend time with your family or focus on what truly matters to you. We can help you make it all possible.

To compare insurance rates click here.

What are the Different Factors that Affects Ontario Auto Insurance Rates/Prices?

Auto insurance companies in Ontario consider a plethora of factors to determine the amount you pay on auto insurance. Your insurance rates are determined by the following factors or variables.

  • Your driving record and experience.
  • Your gender and age.
  • Where you drive your vehicle.
  • How you use your vehicle.
  • The type of vehicle you drive, and
  • The amount of coverage you need.

To compare insurance rate, click here.

Ontario Auto Insurance FAQ

Why is auto insurance so expensive in Ontario?

Ontario has a very expensive auto insurance rate, 45% above the rate paid by Albertans and two times the rate paid by the Maritime provinces. Usually, insurance fraud that drives claims costs and increases the premiums paid by drivers is blamed for the high rates. Although the past provincial government vowed to stop the fraud, they could not. Your best bet is to shop around to get cheaper coverage for your policy requirements.

Which Ontario auto insurance company has the best rate?

No single auto insurance company in Ontario offers the best rate. Even for the same service, the auto insurance premiums can vary between insurance companies. The rates are usually based on how the insurer rates a driver and their claims experience.

How much is average car insurance in Ontario?

According to the Insurance Bureau of Canada, Ontarians pay about $120 in average auto insurance per month, which is up to $1445 per year. But the amount you will pay depends on your insurance history and personal driving record. Several other factors such as where you live, the vehicle you drive and so forth also determine the rate you pay.

What do I need to get a car insurance quote?

You need basic information such as the make, model and year of your car to get a quote. Some other things you need to get a quote include the length of time you have been insured, the type of license you hold and how long you have had it, any accident or ticket you may have on your insurance or driving history.

Do you require car insurance to legally drive in Ontario?

Yes, you need car insurance to legally drive in Ontario. If your vehicle is not insured, you risk serious fines starting at $5,000 on the first conviction. You are required to purchase coverage from a private insurance company.

Will Ontario Auto Insurance Rates Go Down Anytime Soon?

Yes, auto insurance premiums in Ontario are gradually going down. Rates have gone down by 8.35% since the provincial government promised to reduce the rate in 2013. But this is an overall trend, the rates also go up. It went up by 1.5% in the third quarter of 2016. However, the actual amount you pay in Ontario auto insurance premium depends on you. You can shop around to choose cheaper coverage in order to save on your coverage.

To learn more about Ontario auto insurance, click here.

What is the Minimum Requirement For Ontario Auto Insurance?

Ontario drivers are expected to carry $200,000 in third-party liability insurance for their vehicle in order to register their vehicles. Drivers are also expected to purchase direct compensation property damage (DCPD) coverage that provides coverage if another driver is at-fault in an accident. You will receive benefit from your insurer even if someone else damages your car.

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Auto Insurance By Province

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Average Auto Insurance Rates By Province

Year
Rate Change
British Columbia
$1,680
Ontario
$1,445
Alberta
$1,251
Newfoundland and Labrador
$1,132
Manitoba
$1,080
Northwest Territories
$978
Nunavut
$963
Saskatchewan
$936
Nova Scotia
$842
New Brunswick
$819
Yukon
$812
Prince Edward Island
$796
Quebec
$661

Ontario Auto Insurance News

After Ontario Government revealed in its Fail Economic Statement that it will look into reforming auto insurance regulation in the province, it appears that the situation is favoring auto insurers.

Related legislation includes ending the rate discrimination based on the drivers’ addresses and also a review of the rate regulation system in the province carried out by the Financial Services Regulatory Authority of Ontario. The government’s statement also includes the promotion of innovation in auto insurance via a regulatory framework that would make usage-based insurance, electronic proofs of insurance, and full electronic commerce viable.

Donna Ince, SVP of personal insurance for RSA Canada told Insurance Business that the proposed changes will address the escalating costs and low profitability on the product. But insurers can still make rate changes.

She said that a significant amount of work needs to be done so as to get regulators comfortable with the rate change. She added that there is a restriction around the amount of rate you can take and also there is currently a lot of controversy about whether you can rate based on territory because it has become politically sensitive. Furthermore, another driver of rising auto insurance costs is technology especially as technology is becoming an integral part of most vehicles.

To learn more about Ontario auto insurance news click here.

Ontario Auto Insurance Rate Changes

Year
Rate Change
2018 Q4 (Oct.1 – Dec. 31)
+3.35%
2018 Q3 (Jul. 1 – Sep. 30)
+2.06%
2018 Q2 (Apr. 1 – Jun. 30)
+1.1%
218 Q1 (Jan. 1 – Mar. 31)
+2.23%
2017 Q4 (Oct.1 – Dec. 31)
+1.03%
2017 Q3 (Jul. 1 – Sep. 30)
-0.1%
2017 Q2 (Apr. 1 – Jun. 30)
+0.76%
2017 Q1 (Jan. 1 – Mar. 31)
+1.24%
2016 Q4 (Oct.1 – Dec. 31)
-0.14%
2016 Q3 (Jul. 1 – Sep. 30)
+1.50%
2016 Q2 (Apr. 1 – Jun. 30)
+0.33%
2017 Q1 (Jan. 1 – Mar. 31)
-3.07%

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