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Recent Toronto car insurance quotes from Ratehub.ca
Drivers all across the city come to Ratehub.ca, in search of the lowest car insurance rate on the market. Here are a few quotes our Toronto users received from us in May 2023 – to find your best option, be sure to take advantage of our auto insurance quote comparison tool today.
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How does auto insurance work in Toronto?
Matt Hands, VP, Insurance and MoneySense
Auto insurance is mandatory in Toronto. It's illegal to operate a vehicle that isn't equipped with the minimum required coverages, outlined in Ontario's Insurance Act. With that being said, most drivers increase their protection beyond the minimum aways by setting out higher payout limits and adding optional coverages to their policy.
Toronto (along with the rest of Ontario) runs on a no-fault insurance system. This doesn't mean you'll never be deemed at fault after an accident. Instead, it means that regardless of fault, you'll only be filing accident claims with your own insurance company to recoup compensation for your losses. The idea behind a no-fault auto insurance system is that the claims process can be streamlined and drivers will receive their payout as early as possible. On the contrary, a tort-based system means that drivers need to sue for compensation which undoubtedly, can take much more hassle and time.
Car insurance in Ontario is also provided by private insurance carriers that are regulated by the Federal Services Regularly Authority of Ontario (FSRA). This ensures that rate increases are substantiated – simply put, auto insurance companies can't just increase rates on their own. They need to be backed up by financial records and approved by the regulatory body.
With the many options available, it's important to research the best auto insurance company for your needs. You'll want to learn more about car insurance in Toronto before you secure your policy – and we can help you do exactly so.
Mandatory types of car insurance in Toronto
In Toronto, you'll need at least four different types of car insurance before you're able to hit the road – let's take a quick look at the mandatory coverages.
Direct compensation for property damage (DCPD)
Optional types of car insurance in Toronto
You also have the option to customize your auto insurance beyond the minimum requirements – here are some popular policy enhancements in Toronto.
Emergency roadside assistance
How much is car insurance in Toronto?
According FRSA data from October 2022, the average cost of auto insurance in the GTA is $2,245 per year – a much higher price than the Ontario-wide average of $1,674. To find the exact cost you'll be paying, be sure to compare car insurance quotes with us today.learn more
Factors that impact your Toronto car insurance quote
Insurers in Toronto don't just look at your coverage options and policy limits to determine your car insurance rate – they also look at your risk profile as a driver. Here, we cover a few of the individualized factors that'll impact your monthly bill (plus a few interesting numbers about our Toronto users from May 2023).
How to get cheap car insurance in Toronto
Shop and compare
Lucky for you, comparing car insurance quotes with us is completely free – you won't know which provider offers the lowest rate until you take a look.
Bundle insurance products
If you use the same insurance company for both your home and auto insurance needs, your insurer will thank you with a dip in the premiums.
Some Toronto auto insurance companies give a loyalty discount to drivers who remain active with them for several years. But you'll also want to make sure there isn't a better rate out there.
Get a multi-vehicle discount
If you have multiple cars within one household, listing all vehicles under one auto insurance policy can bring big savings.
Increase your deductible
Your deductible is the share you'll need to pay before your insurer foots the rest. If you're willing to set a higher one, you'll see lower rates.
Pay annual premiums
Paying monthly premiums adds to your insurer's administrative costs, so if you’re able to pay in full annually, you can lower your car insurance rate.
Stay safe on the road
Accidents can stay on your record for up to ten years, leading to higher rates. So stay safe on the roads – not just for physical self but also for your financial self.
Get a group rate
Ask your insurance representative about group rates – some providers offer discounts to certain members, professionals, or alumni.
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The cost of Toronto car insurance compared to other Ontario cities
To compare the cost of Toronto auto insurance with other cities, we took a look at the average rates our Ontario users received based on their location. While Toronto users who recently compared car insurance quotes with us saw an average monthly rate of $327, here's a brief overview of the trends we saw in four other popular cities. All data was last updated in May 2023.
The best car insurance companies in Toronto
Here are some of the most popular insurance providers within the city – keep in mind that the best car insurance company for yourself will be the one that offers all the coverage you need for the lowest rate possible. Compare quotes with us today to find out which one you should choose.
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Frequently asked questions
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Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read more
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