Toronto remains the most expensive auto insurance market in Ontario, while the Greater Toronto Area is bucking a province wide-trend, according to figures from Kanetix. The city’s car insurance prices continue to rise despite the fact Ontario auto insurance premiums are declining across the province.
The study, based on a single 35-year old with a clean driving record in a 2013 Honda Civic, found that the average premium is now $1,886, up $88 from last year. As always, where a customer lives in Toronto can mean a big difference, up to $955, between paying close to the Ontario average or paying well above it.
Ontario has seen its excessively high average of around $1,500 stick because the GTA region remains so expensive, Taken away, the rest of Ontario has experienced declining auto insurance rates overall. Toronto’s position as the most expensive market is down to higher population and traffic densities and more accidents and claims.
Thirteen neighbourhoods including Yong-Eglinton and Mount Pleasant West were among the most affordable Toronto markets with an average of $1,640. However, even this is a $161 on the most affordable market a year ago. Under the same criteria, the most expensive market is Malvern at $2,595, $173 more than it was last year.
“Insurance is determined by the postal code where car is parked at night. If you live in the area, chances are you are in those high-collision intersections,” the company says. “The cheapest neighbourhoods have good access to public transit and high walk score areas. You may find fewer people in those areas actually drive cars, which means fewer accidents.”