Auto insurance in North York Ontario
Before even approaching the quoting process, it is easy to deduce that buying auto insurance in North York is expensive. The district is in Toronto, Canada’s most expensive insurance market. Secondly, Toronto is in Ontario, Canada’s most expensive province for insuring a vehicle. That leads to some simple car insurance math … North York is expensive!
Toronto and its surrounding municipalities are so expensive that they contribute hugely to Ontario’s overall auto insurance premium average, which is around $1,400. There are areas in the Greater Toronto Area that have an average premium 65% higher than the provincial average.
North York is in Toronto proper. The city as a whole is the fourth highest auto insurance market in Canada, 30% higher than the Ontario average with a premium price of $1,886. However, if we take North York in isolation, the cost of insurance a vehicle is even more problematic. The city is 48% more expensive on average compared to Ontario, or about 18% more expensive than the Toronto average.
This means drivers in North York pay over $2,000 per year on average to insure their vehicles. With such prohibitive costs, ensuring you get the best auto insurance policy at the most affordable price become essential.
Like the rest of Ontario, there is a set way in which the private insurance industry calculates auto insurance, but some of the most common criteria include:
- Your driving experience
- Your driving record
- Use and location of your vehicle
- The type of vehicle you drive
- The amount of coverage you’ve selected
- Your age and gender
The Ontario government requires insurance companies provide consumers with some basic auto insurance coverage benefits, such as Third-party liability, Accident Benefits Coverage, Uninsured Automobile Coverage, and Direct Compensation/Property Damage Coverage. Each of these mandated benefits can be seen in detail on our full Ontario landing page.
It is easy to question why North York is so expensive for car insurance. There are numerous factors, including insurance companies covering risk, to rife insurance fraud. It is worth remembering that the city is a transport hub, accidents are more likely to occur, especially with the busiest strip of freeway on the continent on the doorstep. Insurance companies must cover against the risk of a higher collision frequency by raising rates.
That’s only part of the problem, however. Auto insurance fraud in Ontario is almost at epidemic levels. Crime rings, especially focused on the Toronto region, are fake-stealing cars to sell in foreign countries and claiming off insurers. Insurance companies are starting to hit back with tougher investigative techniques and more scrutiny over claims, but it is a long process.
Government has also stepped in with pledges to cut auto insurance rates and combat fraud in Ontario. Again, it is a long process that is slowly moving in the right direction. One day, drivers in North York may feel they are paying a reasonable amount for their coverage, but it hasn’t happened yet. Compare