Compare Car Insurance in Toronto for the Cheapest Quote

Let us help you get the cheapest car insurance in Toronto

Insurancesumo.ca can help you find the lowest possible auto insurance rate in Toronto through our simple quoting comparison software, which allows you to choose the most affordable rated auto insurance quote. It’s easy, fast and will save you money!

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Comparing Auto Insurance Quotes in Toronto Couldn’t be Easier

Comparing car insurance quotes in Toronto for the cheapest rate isn’t an unreasonable thing to do, especially considering the high cost of vehicle insurance in the metropolitan Toronto and surrounding area. Car insurance in Toronto can be a very expensive proposition, with BlogTO declaring that the GTA is “officially the most expensive place to be a driver in Ontario…”  

Comparing for the cheapeast car insurance quotes in Toronto. How it Works:

How to get the most affordable car insurance in Toronto

Cheapest Car Insurance Toronto 1

Shop Around

Car insurance companies in Toronto update their rates on a continuous basis. Shop for the best rate and make it a habit!

Bundle Home and Auto

Discounts of 20% or higher for insuring your home and auto with the same insurance company.

Increase Deductible

Increasing your deductible brings down your premium because you’re willing to take on more risk, and at the same time, taking some risk away from the insurer.

Switch Vehicle Type 

Some vehicles are more expensive to insure than others.  You can save some money by choosing a vehicle that cost less to insure!

Reduce Coverage

reducing auto insurance coverage is usually not a good idea, but if your risk tolerance can handle it than this option is sometimes available to you.

Group Insurance

Group insurance discounts to members/employees of the group, which is another way of saving on your car insurance, not only in Toronto but anywhere in Canada.

Switch Company

Car insurance rates change monthly from one insurance company to the other. This can present a savings opportunity for you. 

Drive Cautiously

It is no surprise that driving according to the law and minimizing traffic infractions /accidents can dramatically decrease your auto insurance premium. 

FAQs  about car insurance in Toronto

The average cost of car insurance in Toronto is roughly $2,000 according to thinksure.ca.   However, even if a reasonable sample was used to generate an average monthly auto insurance cost of approximately $170 a month, every driver presents a whole new risk and different auto insurance premium.  This means that a driver’s history, past claims, at-fault accidents, tickets, a record of non-payment, the nature behind the use of the vehicle and the vehicle itself are all factors that can change the cost of car insurance for the Toronto driver.

Auto insurance can be purchased online or physically at an insurance agency or brokerage.
You can purchase car insurance directly through an insurance company; Insurance agent or you can choose to use an insurance broker of Ontario. Knowing the differences between insurance providers is crucial, especially if you’re looking for the best coverage for the best price.

– Insurance Agent – an Insurance agent sells and service auto insurance, mainly from one company. Insurance agents are usually employed by Direct Writer insurance companies, which means they can sell directly to the consumer public as employees of the insurance company. Essentially there is no “middleman” between the insurer and the insured. A good example of this would be TD or RBC insurance.

– Insurance Broker – An insurance broker is an intermediary who helps find the best and most affordable auto insurance for you. Insurance brokers are also responsible for ensuring that your insurance needs are met, through remarketing for better prices or explaining insurance coverages and auto claims procedure. Most insurance brokers and brokerages in Toronto, posit themselves as independent and a separate legal entity from the insurance companies they represent, but that is not always the case.

– Independent Insurance Agent – an independent Insurance agent is very similar to an Insurance agent but works as an independent contractor. From a legal business structure, independent insurance agents are a separate entity from the insurance company they represent. Although an independent insurance agent is a separate legal entity from the insurance company, they typically sell the insurance products of one company. A good example of this would be State Farm Insurance or Desjardin.

– Managing General Agent or Wholesale Broker – a Managing General Agent (MGA), or Wholesale Broker works as an intermediary for both retail insurance brokers, Insurers and sometimes with the insured. An MGA mainly works to find specialized insurance coverage, while having no contact with the insured.

Car insurance for a new driver in Toronto can range from $2,000 to $11,000. The broad range of auto insurance prices for new drivers in Toronto stems from the multitude of factors that factor in the whole auto insurance premium. Every driver in Toronto presents a different risk and location is just one factor in the entire car insurance premium.

Some additional factors that contribute to the cost of auto insurance for new drivers in Toronto are as follows:

– The Vehicle itself – based on insurance bureau statistics that measure the likelihood of an injury or extent of damages of a vehicle based on make and model of car.
– How you use the vehicle – whether you are using your vehicle for commuting, pleasure or for commercial reasons will affect the cost.
– Driver Training – Auto Insurance companies offer discounts to new drivers with accredited driver training, which can save some money, typically for three years of receiving your G2 driver’s license. Driver training accreditation will not affect your insurance cost if you’ve accumulated over three years of driving experience.
– A principal or Occasional Driver – being a new driver in Toronto can be an expensive proposition based on your location and lack of driving experience, alone. Being classified as a principal driver will cost you even more than as an occasional driver under your Parents or Guardian’s auto policy. The difference can be substantial but it is not a reason to fudge the truth about how the vehicle will be used. Keep in mind that there are serious consequences for omitting and being dishonest on an automobile insurance application. Your insurance company could drop you, deny a potential claim and will affect the cost of your future auto insurance.
– Out of Province or Country Driver’s Experience – most auto insurance companies in Toronto will honour and accept driving experience from another country, or from outside of Ontario, which could be credited towards your driving experience and history in Ontario. If you’re not new to driving, but new to driving in Toronto, getting credit for driving and auto insurance history from outside of Ontario might save you some money!

Car insurance in Toronto is expensive mainly because of population and traffic density. Toronto has a population of over three million people. If you can imagine a population base where an average family has two vehicles, that’s a lot of vehicles on the road! The more people on the road, the more likely accidents, and injuries happen.

Insurance companies are forced to pay out on a higher claim frequency in Toronto, compared to cities that have less population and traffic density. This means that the insurance “pool” is being used mainly by drivers of the Toronto area which insurance companies calculate and make reflective on the cost of car insurance in that area.

It’s difficult to pick a singular vehicle and class it as the “cheapest” to insure. Your car insurance premium is an inclusive amount that includes your driving profile, driving history and other factors that make the sum of the premium cost. It would be difficult to separate the risk amount attached to the vehicle itself, from all the other factors that help calculate your auto insurance premium.

As mentioned earlier, auto insurance companies in Toronto use the CLEAR rating system to establish auto insurance premiums. Based on statistical data, insurance Actuaries and Underwriters can determine the likelihood and extent of injuries or damages resulting from an accident involving a particular make and model of vehicle.

Car insurance premium in Ontario is broken down into specific coverages, which include all mandatory and optional loss coverages. Each specific coverage is attributed to a price that reflects the rating basis that was calculated by the CLEAR system. The price associated with each insurance coverage reflects the likelihood and severity of injuries and/or property damage resulting from that specific make and model of vehicle could or has already statistically proven.
For example, a Honda Civic has been historically known as a very popular vehicle to get stolen. Therefore, the cost of comprehensive insurance coverage would cost more, since the peril of theft is covered by comprehensive or All Perils car insurance coverage.

Another example could be a pick-up truck. Pick-up trucks usually generate a lower premium cost for Accident Benefits coverage compared to a private passenger sedan or car. Since pick-up trucks are usually larger and heavier than a car or motorcycle the odds of becoming injured in a vehicle accident while in a pick-up truck are much lower. This would probably result in a lower accident benefit cost

A third example could be a higher-end luxury vehicle. The cost to repair higher-end vehicles such as Mercedes, BMW, Audi and exotics vehicles generate a higher collision, All-Perils, and Direct Compensation Property Damage (DCPD) coverage. Since the cost of repairs and maintenance for higher-end vehicles is much more, the cost of Collison, All Perils and DCPD coverages will also cost more.

Getting car insurance quotes directly from your insurance broker or agent is the most convenient way to price out car insurance in Toronto, or anywhere else! All you need to do is call or email them, provide the vehicle details (VIN# would be ideal) and they will try and find the most affordable auto insurance coverage.

The best way to find the cheapest car insurance in Toronto is to simply shop around. Although getting auto insurance quotes is a simple task, it can be overwhelming, tedious and frustrating. The upside of doing a comprehensive search for cheap auto insurance is that you will find the most affordable auto insurance. By doing an exhaustive search, getting as many quotes as possible, trying different distribution agents, you will see that the cheapest car insurance is always relative to what that business can offer. This means that a company will always tell you the cheapest auto insurance quote they can offer. It doesn’t mean that more affordable options are out.

Here’s an example:
Insurance Brokerage A provides an auto quote from Aviva Canada, Economical Insurance, Jevco, Intact, Travelers and Aha Insurance
Insurance Brokerage B offers quotes from only three of the auto insurance companies that insurance brokerage A offers.

If the cheapest auto insurance quote came from an insurance company not being represented by Brokerage B, then the most affordable option would come from Brokerage A. An insurance company, Brokerage or Agency will only be able to offer the cheapest car insurance that they can sell you. So, if anyone claims “that’s the cheapest” it usually the cheapest they can offer, not necessarily what you could get in the marketplace.