It’s no secret that Ontario has the highest auto insurance rates in the country. New research from Kanetix.ca shows just how much these auto insurance rates vary across the province.
Toronto, ON (Feb. 18, 2015) – Kanetix.ca has determined which 10 cities in Ontario have the highest average annual car insurance rates, and most of them were found to be located in and around the Greater Toronto Area.
A number of factors go into determining a driver’s auto insurance rate, one of which is where they live.
“Urban areas tend to have higher insurance rates because there are more cars on the road, higher frequency of accidents and greater severity,” says Janine White, VP of Marketplaces. “Insurers set their premiums based on claims and actuarial data from a given region. These areas had the highest incidence of claims so this is reflected in the premiums.”
In addition to congestion, the type of vehicle you drive, the likelihood of theft, and your personal driving record also influence your rates, among other variables.
Brampton has the highest auto insurance rates in Ontario with an average of $2,393 per year, 46 per cent more than the provincial average of $1,538. Woodbridge and Vaughan followed, with annual auto insurance rates averaging $2,342 per year.
Top 10 Most Expensive Cities For Car Insurance In Ontario
| Rank | City | Avg. Annual Cost | Difference From ON Avg. |
|---|---|---|---|
| 1. | Brampton | $2,393 | + 44% |
| 2. | Woodbridge | $2,342 | + 41% |
| 3. | Vaughan | $2,342 | + 41% |
| 4. | Toronto | $2,017 | + 27% |
| 5. | Mississauga | $1,998 | + 26% |
| 6. | Hamilton | $1,987 | + 26% |
| 7. | Thornhill | $1,884 | + 20% |
| 8. | Markham | $1,829 | + 17% |
| 9. | Richmond Hill | $1,755 | + 13% |
| 10. | Ajax | $1,718 | + 11% |
The Cheapest Cities for Car Insurance in Ontario
Belleville, Kingston and the towns of Cobourg and Napanee were found to have the cheapest auto insurance rates, averaging $1,014 per year, a whopping 81 per cent lower than Brampton.
How The Average Annual Car Insurance Rates Were Determined
The data was aggregated using Kanetix.ca’s free online tool Insuramap, which lets users compare auto insurance rates across the province according to postal code. All averages are based on a 35-year-old driver with a clean driving record. Insuramap is available across Ontario, Alberta, Quebec, New Brunswick, Nova Scotia, and Prince Edward Island.
For more about the top 10 most expensive cities for car insurance in Ontario, click here.
About Kanetix
Launched in October 1999, Kanetix was Canada’s first online insurance quotes marketplace and today provides over a million quotes per year to consumers looking for lower insurance rates, as well as comparisons for mortgage rates and credit cards.
The Kanetix comparison service is a one-stop shopping environment for consumers. Each day, thousands visit the Kanetix website at www.Kanetix.ca to comparison shop their various financial needs. Shoppers choose what they want to compare, obtain a quotation and complete an online application or, with the help of Kanetix connect with the provider to purchase or apply for the product over the phone.
Through its Software as a Service team, Kanetix is also the leading provider of online insurance quotation technology, developing online quotation systems, mobile solutions, actuarial tools and websites for many of Canada’s largest insurance brands.
SOURCE: Kanetix
Tags: Auto Rates, Kanetix, Ontario, Toronto
