Car insurance: The most expensive (and cheapest) areas

The Greater Toronto Area (GTA) has some of the highest insurance premiums in the province, but just how expensive depends on a number of factors – your driving record, insurance history, vehicle make and model, and according to the latest study, your postal code will also play a significant role in determining the amount you pay for auto insurance.

Kanetix.ca, an insurance and financial rate comparison site, conducted a study to see how much a driver’s location will impact their car insurance premiums. The study examined 35-year-old drivers of 2014 Honda Civic, all of which had a clean driving record. The only difference: their postal code.

While Ontarians pay an average of $1,316, Toronto residents pay an average of $1,743 – about 32 per cent higher. And depending on where you live within the city, you could pay upwards of $2,400 per year for your coverage.

 

most expensive cities for auto insurance map

The report also narrowed its findings down to the neighbourhood level, and many areas within the GTA exceed the $2,000 mark. Kanetix.ca listed 22 neighbourhoods in Toronto where residents likely pay $2,000 or more, and the most expensive premiums are found in Scarborough.

Here are the most expensive – and the cheapest – areas for auto insurance in Toronto.

 

Most expensive rates for car insurance map

Neighbourhoods within these postal codes:
Scarborough: Agincourt North (M1S), Milliken (M1V), L’Amoreaux (M1W), Malvern (M1B), Rouge (M1X), Eglinton East (M1J), Kennedy Park (M1K), Clairlea-Birchmount (M1L), Wexford/Maryvale (M1R)
Etobicoke: Mount Olive-Silverstone-Jamestown (M9V), West-Humber-Clairville (M9W)
North York: Glenfield-Jane Heights (M3L, M3N), Humbermede (M9M), Westminster-Branson (M2R), Bathurst Manor (M3H), Humber Summit (M9L), York University Heights (M3J)
York: Oakwood Village (M6E), Brookhaven-Amesbury (M6M), Weston (M9N), Forest Hill North (M4A)
North York: Victoria Village (M4A)

Least expensive rates for car insurance map

Neighbourhoods within these postal codes:
Toronto:
Casa Loma (M4V), Annex (M5R), University (M5S), Kensington-Chinatown )M5T), Niagara (M6K), Dovercourt-Wallace Emerson-Junction (M6G), Trinity-Bellwoods (M6J), Playter Estates-Danforth (M4K), Mount Pleasant East (M4P), Rosedale-Moore Park (M4T, M4W), Church-Yonge Corridor (M4Y, M5B), Bay Street Corridor (M5G, M5H, M5K), Waterfront Communities/The Island (M5J, M5V)
East York: Leaside- Bennington (M4G)

Are you paying too much?

It’s common for people to spend more money on auto insurance than needed. In order to help you spend less, follow Kanetix’s top six tips:

  • Maintain a clean driving record.
  • Bundle your auto insurance and home insurance policies to see savings of five to 15 per cent.
  • Install winter tires and save up to five per cent.
  • Increase your deductibles and save up to 10 per cent; just make sure you can cover the amount in the event of a claim.
  • Pay your premiums annually, in one lump sum, instead of monthly to avoid the extra fee that many companies charge to administer payments each month.
  • Shop around. Get quotes from various providers to ensure you’re getting the lowest rate

 

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TOs priciest – and cheapest – areas for car insurance

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