Published January 6, 2021
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If you live in Mississauga, you know auto insurance can be expensive, but how expensive is it compared to other Ontario cities?
“It’s no secret that Ontario is one of Canada’s most expensive provinces for insurance rates, and sadly these costs continue to rise. Additionally, motorists living in the Greater Toronto Area (GTA), which includes the city of Toronto, pay more for auto insurance than motorists elsewhere in the province, “said Liam Lahey, media spokesperson for RATESDOTCA. in a recently published report.
According to a recent RateDOTCA report which ranks insurance rates in Ontario, the average auto insurance premium in Ontario in 2018 was estimated at $ 1,473 per year. two years ago.
According to the report, Mississauga has the second-highest insurance premium on the list of Ontario’s 10 cities, with drivers paying around $ 2,372 per year (estimates are based on a 35-year-old Honda Civic rider with a clean record) .
The city with the most expensive prizes is Brampton, which costs an average of $ 2,698 per year.
After Mississauga, the cities with the highest payouts are Vaughan ($ 2,334), Richmond Hill ($ 2,286) and Markham ($ 2,222). Toronto, Ajax, Pickering, Whitby and Hamilton round out the rest of the top 10.
Lahey says the Financial Services Regulatory Authority (FSRA), Ontario’s insurance regulator, has allowed insurers in the province to offer premium discounts and rebates totaling an estimated $ 1 billion in driver savings to help mitigate the economic impact of the COVID-19 pandemic. -19 pandemic in 2020. However, the FSRA has allowed some insurers to raise their rates during the year.
As for why some drivers in some cities pay more than others, Lahey says insurance fraud, an increase in claims in a particular region, rising repair costs of modern vehicles, and collisions caused by distracted driving they all contribute to higher premiums for motorists. all.
According to the Insurance Bureau of Canada, more than half of every dollar received by insurance companies is used to settle claims.
“As the cost of claims increases, so do insurance rates,” says Lahey.
PRICES DOTCA states that cities with a population of over 15,000 that had the cheapest auto insurance rates in 2020 are:
- Grimsby and Waterdown have an average rate of $ 1,192 per year.
- Sudbury has an average rate of $ 1,165 per year.
- Sarnia has an average rate of $ 1,159 per year.
- St. Thomas has an average rate of $ 1,124 per year.
- Cornwall, Petawawa and Russell have an average rate of $ 1,107 per year.
- Kingston, Napanee, Port Hope, Cobourg, and Brockville all have an average rate of $ 1,103 per year.
- Other smaller urban centers like Collingwood, Owen Sound, and Stratford ($ 1,211 per year each) are also all below the provincial average.
Lahey says your place of residence may no longer play a role in your insurance premium in the future, adding that the provincial government has said it will explore several ways to lower rates, including eliminating location-based pricing.
As for how to keep the premium as low as possible, Lahey says keeping a clean driving record is key. It also says it’s helpful to bundle your car and home insurance, invest in winter tires, and take out usage-based insurance.
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