Cities in the GTA top the list, just released by Kanetix; within Toronto, neighbourhoods in Scarborough are the most expensive
Toronto, ON (Oct. 10, 2017) — There are a lot of variables that go into determining your car insurance premiums, including your driving record, insurance history, the make and model of your vehicle, and how likely it is to get stolen, to name just a few. Another important factor is where you live. But how much does where you live truly matter?
When all else is equal, except the postal code, Kanetix.ca’s InsuraMap charts out how significantly premiums can vary depending on where you live.
2017’s most expensive cities for auto insurance in Ontario
If you live and drive anywhere in the Greater Toronto Area (GTA), chances are you’re paying a lot for your auto insurance coverage. Provincially, the average comes in at about $1,316, yet many cities in the GTA exceed the provincial average.
- Brampton (estimated premium: $2,268);
- Vaughan ($1,825);
- Mississauga ($1,788);
- Markham ($1,785);
- Toronto ($1,743).
Premiums in Richmond Hill, Ajax, Hamilton, Pickering, and Whitby also exceed the provincial average. To view the full list, along with the estimated premiums for each city that made the top 10, click here.
2017’s most expensive neighbourhoods for car insurance in Toronto
As Canada’s largest city, it’s estimated that the city average for auto insurance premiums comes in at $1,743 per year. However, there are 22 neighbourhoods in Toronto where residents likely pay $2,000 or more; and, some of the most expensive premiums are found in parts of Scarborough.
The most expensive areas in Toronto for car insurance are found within the following postal codes:
- M1S — Agincourt North (estimated premium: $2,384);
- M1V — Milliken ($2,384);
- M1W — L’Amoreaux ($2,384);
- M1B — Malvern ($2,313);
- M1X — Rouge ($2,313).
To view the map that shows where premiums exceed $2,000 a year and to see which neighbourhoods pay the least for their auto insurance coverage, click here.
InsuraMap is an interactive tool, which lets drivers see how rates compare to other parts of their city or province. It is available to drivers in Ontario, Alberta, Quebec, New Brunswick, Nova Scotia, and Prince Edward Island.
All estimated premiums are based on a 35-year-old driver of a 2014 Honda with a clean driving record.
Launched in October 1999, Kanetix.ca was Canada’s first online insurance marketplace and today provides over a million quotes per year to consumers looking for insurance, as well as comparisons for mortgage rates and credit cards.
The Kanetix.ca comparison service is a one-stop shopping environment for consumers. Each day, thousands visit the Kanetix.ca 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.ca connect with the provider to purchase or apply for the product over the phone.
Source: Kanetix.caTags: auto premiums, Kanetix