Kanetix.ca data shows just how much rates vary from neighbourhood to neighbourhood across the city
Cambridge, ON (Sept. 19, 2015) – Drivers living in certain areas of North York pay 48 per cent more for car insurance than drivers living in downtown’s Christie neighbourhood, according to new data from Kanetix.ca, Canada’s premier online insurance, mortgages and credit card comparison company.
The two represent the most expensive and cheapest areas to insure a car in Toronto respectively.
Kanetix.ca ran quotes for postal codes in all 102 FSAs in Toronto to determine the top 10 most expensive and top 10 cheapest neighbourhoods for car insurance in the city. The results show just how much rates can vary within one municipality, and serve as a reminder of how important it is for drivers to regularly compare auto insurance rates to ensure they’re getting the best deal.
“Where you live can have a direct impact on your auto insurance rates, but it’s not the only factor at play,” says Janine White, VP of Marketplaces at Kanetix. “Your personal driving record has the largest influence on your premiums. It’s up to each driver to stay focused, avoid distractions, and obey the rules of the road. Tickets, collisions and claims can increase your insurance rates dramatically.”
Other variables that go into determining your auto insurance rate include how prone the area your live in is to car theft, your insurance provider’s claims history, the type of vehicle you drive, the time of day you drive your car, and where you drive it to.
The 10 Most Expensive Neighbourhoods for Car Insurance in Toronto
The following rates are based on the cheapest available option for a married 35-year-old driver with a clean driving record who drives a Honda Civic. For reference, the average annual auto insurance rate for a Toronto driver of this profile is $1,798.
The Most Expensive Car Insurance Rates in Toronto (Kanetix.ca)
The 10 Most Affordable Neighbourhoods for Car Insurance in Toronto
While the top 10 most expensive FSAs vary by several hundred dollars, the cheapest FSAs vary by just a few dollars per year.
The Cheapest Car Insurance Rates in Toronto (Kanetix.ca)
Car Insurance Rates For Other Neighbourhoods in Toronto
Drivers can use the Insuramap tool by Kanetix.ca to compare car insurance rates for their exact postal code with other neighbourhoods in the city.
Representatives from Kanetix.ca are available for interviews.
About the Survey
A survey of 1426 Canadian drivers was completed online between July 13 and 16, 2015 using Leger’s online panel, LegerWeb.
A probability sample of the same size would yield a margin of error of +/- 2.5%, 19 times out of 20.
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 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.