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Recent Toronto car insurance quotes from Ratehub.ca
Drivers all across the city come to Ratehub.ca, in search of the lowest car insurance rate on the market. Here are a few quotes our Toronto users received from us in October 2024 – to find your best option, be sure to take advantage of our auto insurance quote comparison tool today.
- $88/month
51-year-old female
driving a 2006 Mitsubishi Lancer under CAA Insurance
- $116/month
41-year-old male
driving a 2004 Toyota Corolla under Pembridge Insurance
- $142/month
66-year-old female
driving a 2020 Jeep Wrangler under Economical Insurance
- $147/month
54-year-old female
driving a 2020 Volkswagen Golf under SGI Canada
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How does auto insurance work in Toronto?
Matt Hands, VP, Insurance
Auto insurance is mandatory in Toronto. It's illegal to operate a vehicle that isn't equipped with the minimum required coverages, outlined in Ontario's Insurance Act. With that being said, most drivers increase their protection beyond the minimum aways by setting out higher payout limits and adding optional coverages to their policy.
Toronto (along with the rest of Ontario) runs on a no-fault insurance system. This doesn't mean you'll never be deemed at fault after an accident. Instead, it means that regardless of fault, you'll only be filing accident claims with your own insurance company to recoup compensation for your losses. The idea behind a no-fault auto insurance system is that the claims process can be streamlined and drivers will receive their payout as early as possible. On the contrary, a tort-based system means that drivers need to sue for compensation which undoubtedly, can take much more hassle and time.
Car insurance in Ontario is also provided by private insurance carriers that are regulated by the Federal Services Regularly Authority of Ontario (FSRA). This ensures that rate increases are substantiated – simply put, auto insurance companies can't just increase rates on their own. They need to be backed up by financial records and approved by the regulatory body.
With the many options available, it's important to research the best auto insurance company for your needs. You'll want to learn more about car insurance in Toronto before you secure your policy – and we can help you do exactly so.
Recent Toronto auto insurance news
The Insurance Bureau of Canada recently declared Toronto as the costliest city for car theft in Ontario – claims amounted to $371,815,072 in 2023 which marked a whopping 561% increase when compared to 2018. Other cities that followed behind include Brampton, Mississauga, and Vaughan.
2023 also marked the first year in which Ontario saw the cost of auto theft claims surpass $1 billion. While the incidence of policyholders making a claim increased by 165% in the last five years, the costs increased by much more – 524%.
Vehicle theft continues to be a threat to the insurance industry not only in Toronto but also in the rest of Canada. As more claims need to be paid out, insurance companies need to make the money back somewhere, starting with a rate hike for all. Those living in hot spots or driving high-risk vehicles can also expect their premium to increase further.
Standard types of car insurance in Toronto
In Toronto, you'll need a few basic types of car insurance before you're able to hit the road – let's take a quick look at the mandatory coverages.
Third-party liability
Accident benefits
Uninsured motorist
Direct compensation for property damage (DCPD)
Optional types of car insurance in Toronto
You also have the option to customize your auto insurance beyond the minimum requirements – here are some popular policy enhancements in Toronto.
Collision
Comprehensive
Specified perils
All perils
Emergency roadside assistance
Optional endorsements
How much is car insurance in Toronto?
According FRSA data from June 2024, the average cost of auto insurance in the GTA is $2,543 per year – a much higher price than the Ontario-wide average of $1,927. To find the exact cost you'll be paying, be sure to compare car insurance quotes with us today.
more about toronto car insuranceFactors that impact your Toronto car insurance quote
Insurers in Toronto don't just look at your coverage options and policy limits to determine your car insurance rate – they also look at your risk profile as a driver. Here, we cover a few of the individualized factors that'll impact your monthly bill (plus a few interesting numbers about our Toronto users from October 2024).
Age
Younger drivers tend to face the most expensive car insurance rates. The average Ratehub.ca user from Toronto is 37 years old.
Gender
Males tend to see higher auto insurance rates than females. The gender breakdown of our Toronto users is 72% (males) and 28% (females).
Location
Areas with a high rate of claims also come with a high (insurance) rate. Our data shows that Toronto users pay an average monthly rate of $428.
Vehicle type
Cars that cost more to replace, cost more to protect. Based on our Toronto averages, the Toyota Sienna is one of the cheapest cars to insure.
Driving history
A driving conviction will negatively impact your car insurance quote. According to our Toronto data, only 4% of our users have one on record.
Driving behaviour
Longer commutes lead to higher car insurance rates. Our internal data shows that Torontonians commute an average of 13 km per day.
License class
Getting your G license will lead to cheaper car insurance rates. According to our internal data, 90% of our Toronto users are fully licensed.
Vehicle use
A business-use car will cost more to insure than a pleasure-use one. 92% of our Toronto users come here, looking to insure a vehicle for pleasure-use.
How to get cheap car insurance in Toronto
There are many steps you can take to ensure you're paying the best price possible for your Toronto car insurance – here, we cover eight different tips to help you save on your premium.
- Shop and compare
Lucky for you, comparing car insurance quotes with us is completely free – you won't know which provider offers the lowest rate until you take a look.
- Bundle insurance products
If you use the same insurance company for both your home and auto insurance needs, your insurer will thank you with a dip in the premiums.
- Stay loyal
Some Toronto auto insurance companies give a loyalty discount to drivers who remain active with them for several years. But you'll still want to shop the market first.
- Get a multi-vehicle discount
If you have multiple cars within one household, listing all vehicles under one auto insurance policy can bring big savings.
- Increase your deductible
Your deductible is the share you'll need to pay before your insurer foots the rest. If you're willing to set a higher one, you'll see lower rates.
- Pay annual premiums
Paying monthly premiums adds to your insurer's administrative costs, so if you’re able to pay in full annually, you can lower your car insurance rate.
- Stay safe on the road
Accidents can stay on your record for up to ten years, leading to higher rates. So stay safe on the roads – not just for physical self but also for your financial self.
- Get a group rate
Ask your insurance representative about group rates – some providers offer discounts to certain members, professionals, or alumni.
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The cost of Toronto car insurance compared to other cities
To compare the cost of Toronto auto insurance with other cities, we took a look at the average rates our Ontario users received based on their location. While Toronto users who recently compared car insurance quotes with us saw an average monthly rate of $428, here's a brief overview of the trends we saw in four other popular cities. All data was last updated in October 2024.
Our data shows that the average driver from Ottawa pays a monthly auto insurance premium of $232 – a whole 46% less than the average driver living in Toronto.
get a quoteAccording to our user data, drivers in Mississauga pay an average monthly rate of $385 for their auto insurance. That's slightly less expensive (10%) than Toronto's average rate.
get a quoteBrampton drivers are known to face some of the highest auto insurance rates – at a monthly average rate of $571, drivers here pay about 33% more than Torontonians.
get a quoteCar insurance here tends to be cheaper – the average monthly rate for our Hamilton users is $284. That's about 34% less than the average cost of Toronto auto insurance.
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The best car insurance companies in Toronto
Here are some of the most popular insurance providers within the city – keep in mind that the best car insurance company for yourself will be the one that offers all the coverage you need for the lowest rate possible. Compare quotes with us today to find out which one you should choose.
Ready to get Toronto car insurance?
We can help – compare personalized auto insurance quotes from top providers across the city today.