Ontario has some of the highest car insurance premiums in the country, but the premiums have actually dropped for the first time in a while.
“This is definitely good news,” RatesDotCa insurance expert Tanisha Kishan told CTV News Toronto.
In the second year of the pandemic, many people still work from home and traffic remains low on many highways, so Ontario’s car insurance premiums have fallen by an average of 3.8%.
“Much fewer vehicles on the road mean far fewer complaints, which leads to lower consumer insurance premiums,” says Kishan.
According to RateDotCa, Ontario’s average car insurance premium in 2020 was $ 1,616. Last year it fell 3.8% to $ 1,555.
In Ontario, which has long held the title as the city with the highest premiums for automobile insurance, premiums have dropped by a maximum of 27%.
“I think Brampton’s premiums have been high for a long time because they had the most room to fall,” Kishan said.
The state’s most expensive city with car insurance is now Vaughan, with an estimated annual premium of $ 2,179.
This is followed by Ajax, Richmond Hill, Brampton and Mississauga.
Despite being the most expensive, tariff reductions have been seen in all five cities.
The Ontario Financial Services Regulatory Authority (FSRA) has approved over 100 rate cuts and 42 different rebates during the pandemic.
Tim Bzowey, Executive Vice President of Automotive Insurance Products at FSRA, said:
Not all drivers will see a price cut, but it’s a good idea to shop to find a better deal.
“Prices vary widely from insurance company to insurance company, so shop to make sure you’re getting the best price available at the time,” says Bzowey.
Not all cities saw a decline, and one of the state’s largest hikes took place in Oshawa, with premiums soaring 12%.
Some of the cheapest places to insure a car are Cobourg, Port Hope, Picton and Kingston, each with an average annual premium of around $ 1,100.
The FSRA said low rates will not last forever, as the pandemic is over and driving habits are expected to return to normal premiums.
Top 10 Most Expensive City in Ontario for Car Insurance
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Vaughan $ 2,179
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Ajax $ 2,104
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Richmond Hill $ 2,025
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Brampton $ 1,976
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Mississauga $ 1,971
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Pickering $ 1,959
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Toronto $ 1,953
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Oshawa $ 1,833
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Whitby $ 1,792
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Nobleton, Shonberg, Orangeville, King City $ 1,766
Ontario’s Cheapest City for Car Insurance
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Kendal $ 1,271
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Port Hope $ 1,175
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Amherst View $ 1,132
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Block Building $ 1,132
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Iroquois $ 1,132
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Martintown $ 1,132
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Elizabeth Town $ 1,132
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Cornwall $ 1,132
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Kingston $ 1,132
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Gana Nok $ 1,132
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