Car Insurance in Toronto

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Auto Coverage in Toronto

Insurance like elsewhere in the province, is required by law. But there's no law that forces you to stay with the same company year in, year out. In fact, the company who offered you the best rate five years ago, two years ago, or even last year, may no longer offer you the best rate today. Why? Because rates often change which means there's an opportunity for you to save.
  • Did you know the Financial Services Commission of Ontario (FSCO) each quarter, reviews, approves and publishes the rate changes? Keep track of your rates with the Car Insurance Rate Tracker.

The Basics of a Car Insurance Policy

Like elsewhere in Ontario, the Toronto policy is made up of some mandatory coverages, as well as a few optional coverages that can be purchased.

The following are some of the mandatory coverages that your policy will include:
  • Accident Benefits: Accident Benefits covers the people in a vehicle in the event of injury. Coverage can include medical and rehabilitation costs, funeral expenses, death benefits, as well as income replacement. As of June, 2016 there are some changes to your Accident Benefits. Learn more about the changes.
  • Third Party Liability: Third Party Liability coverage pays for a legal claim against the policyholder in the event that they are responsible (whether wholly or partially) for a collision that causes injury or damage to a third party. The minimum limit requirement is $200,000 although most drivers go with at least $1 million.
  • Direct Compensation - Property Damage: Commonly referred to as DCPD, this provides coverage for damage to your car and any property inside the car as a result of an automobile accident in which you are not-at-fault.
  • Uninsured Motorist Coverage: This component of the standard Ontario policy provides coverage for you and your family if you are in an accident and injured or killed by hit-and-run driver or by a driver who is not insured.
There are optional coverages as well, that can be added to your policy to ensure you're protected in the way you expect to be covered. Two of the most common coverages are:
  • Collision: This covers damage to your vehicle as a result of an impact or collision with another vehicle or object.
  • Comprehensive: This insures your car against damage caused by events like theft and vandalism.
Both of these optional coverages typically come with a deductible. A deductible is the portion of an insurance claim you agree to pay. Your deductibles will factor into how your auto insurance rates are calculated. The higher the deductible the lower your rates.

What Goes into Your Rate?

Toronto has a population of more than 5.4 million with a sizable amount of licensed drivers. Interestingly, the average age of a Toronto driver shopping for auto coverage at is 38 and there are significantly more male drivers (70%) than female (30%) shopping their rate.

When drivers apply for new policies or renew existing ones, your rate is calculated by taking a number of factors into consideration. Where you live, your commute, the car you drive, and your driving record are just some of the components in determining the rates you pay.

Where You Live in Toronto

Drivers pay some of the highest rates in the country. It's a big city after all with lots of drivers and cars on the road. More people equals more cars which translates into more chances of being in a collision or even theft.

Your Commute

If you work close to home (or take public transit), chances are you'll pay less for your coverage than someone who commutes every day. Statistics show the average daily commute in Toronto is about 65.6 minutes, which equates to more time on the roads or highways, therefore more chances for accidents.

The Car You Drive

Vehicle model and year are used in generating rates. Auto premiums are calculated with this information in mind because theft rates, vehicle safety ratings, and the historical repair costs for different cars may vary significantly. In Toronto, the Honda Civic is the most popular car for drivers shopping their rate. The second most common vehicle dotting the 10,033 streets is the Mazda3, followed by the Toyota Corolla. The Honda Accord and Volkswagen Jetta are the fourth and fifth most driven vehicles in the city, respectively. If you're in the market to buy a new car make sure you factor in the cost of insurance before you lay down the cash. Let us help make your purchase decision easier. Compare quotes for multiple vehicles, side by side.

Your Driving Record

Your driving record is one of the most influential factors in determining your insurance rate. Tickets affect your rates for up to three years and accidents stay on your record for at least six! With a bad driving record, you can find yourself paying a lot of extra premium over the years. Your driving record is in your hands, literally. In Toronto, more than half of all drivers admit to having been involved in an accident while getting their quotes. In fact, 54 per cent have reported at least one incident. Somewhat surprising is that significantly less have received at least one ticket, with just 39 per cent indicating that this is so. The percentage of male drivers with at least one ticket (43%) exceeds the female group (29%) by a reasonably large margin.

More Benefits of Driving Safely

Winter driving presents challenges for drivers. The vast majority of customers in Toronto (84%) use winter tires to help them navigate through inclement weather. Many of these drivers are aware and take advantage of the fact that car insurance companies in Ontario provide a discount for drivers who buy and install four winter tires in November and keep them on until April. This discount can save drivers up to 5 per cent on their rates. It is important to note that more than a third of all Toronto shoppers (34%) participate in some form of roadside assistance program, which might be another source of savings on rates.

Discounts Can Help You Save on Rates

Holding multiple policies with your car insurance provider often results in significant savings. It`s evident that drivers are taking advantage of this, as more than half (52%) wish to enrol in multi-line discount plans from their auto insurance company.

It is always in your best interest to shop around and ask for appropriate discounts when you choose your company. Things such as driver training courses, installing additional safety and security features on your vehicle, being retired or even enrolment in certain groups or associations may provide cost savings.

Shop Around to see if You Can Save Money

Compare rates regularly to ensure you're getting the best price for your coverage. Compare rates annually at renewal, but also if your situation changes like when you get married (or divorced), move, buy a new car, add drivers to your policy (like your teen), get a ticket, are involved in a collision, change jobs or retire. These are all ideal times when you should shop around to see if a cheap car insurance rate can be had.
*60% of Kanetix customers in Ontario who participated in the survey said Kanetix helped them identify an average savings amount of $776.58 (December 1, 2015 - February 29, 2016) on their car insurance. The cited amount represents the average difference between the best quote obtained at and the current premium amount of participants in the survey. The savings amount varies by individual and does not constitute a guarantee; in each individual case, the difference may be smaller or greater than the savings amount cited.

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Car Insurance Quotes Premium
Customer 63, TORONTO, ON
Desjardins Insurance$1123
Johnson Insurance$1187
Aviva Agency$1494
CAA Insurance$1548
Range of top quotes$425
Customer 29, TORONTO, ON
Johnson Insurance$1755
TD Insurance$1958
The Co-operators$2000
Range of top quotes$409
Customer 63, TORONTO, ON
CAA Insurance$2235
Dominion of Canada$2319
Range of top quotes$1092
Customer 24, TORONTO, ON
TD Insurance$1962
Desjardins Insurance$2021
Dominion of Canada$4959
Aviva Agency$5362
Range of top quotes$3400
Customer 57, TORONTO, ON
Desjardins Insurance$1059
Johnson Insurance$1077
Dominion of Canada$1497
Intact Insurance$1681
Range of top quotes$680
Customer 30, TORONTO, ON
The Co-operators$1529
Range of top quotes$857
Customer 23, TORONTO, ON
TD Insurance$1749
Desjardins Insurance$1978
Zenith Insurance $4237
Dominion of Canada$4362
Range of top quotes$2613


Live in Ontario? Use the Kanetix car insurance Rate Tracker to easily compare the rate fluctuations of Ontario's car insurers.

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