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How car insurance in Toronto, Ontario works

Matt Hands

Despite the 16 lane highways, the rage-inducing commutes, and year-round road repair, Toronto is still relatively safe for driving. According to a 2013 report, Torontonians have the 2nd lowest auto accident fatality rate in North America.

Car insurance in Toronto, and across Ontario is a requirement for all drivers. To operate a vehicle in Toronto, you must have insurance. To get the best car insurance quotes in Toronto, it's vital to understand how it works. 

Toronto operates in a no-fault insurance system. No-fault means drivers use their own insurance company regardless of who is at-fault in an accident.  In other words, you only ever deal with your own insurance company for a claim or following an accident. 

Ontario auto insurance is provided by private insurance carriers and is regulated by the Financial Services Regulatory Authority of Ontario (FSRAO). FSRAO ensures rate increases are substantiated. Simply put, an insurer can't raise rates without prior approval from the regulatory body and is based on their financial records. 

Available Toronto car insurance coverage is broken down into two categories - mandatory and optional.

Mandatory Toronto auto insurance coverage includes:

  • Third-party liability
  • Accident benefits 
  • Uninsured automobile insurance
  • Direct Compensation Property Damage (DCPD)

Optional Toronto car insurance coverage includes:

Also available in any city in Ontario are Optional Policy Change Forms (OPCF) which are coverage enhancements. Here are 4 common Ontario endorsements. 

  • OPCF 20 - covers the cost of a rental vehicle while yours is being repaired or replaced
  • OPCF 27 - Ports your existing insurance to a rental car or car you borrow
  • OPCF 39 - Your insurer forgives your first accident claim so it doesn't impact your insurance rate
  • OPCF 43 - Removes depreciation in calculating the value of your car when settling a claim

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Mandatory coverage for auto insurance in Toronto

Mandatory insurance is mostly about protecting you from damage you may cause to others and their property. Protecting you personal car is available with optional coverages.

Third-party liability

Accident benefits

Uninsured motorist

Direct compensation property damage

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In less than 5 minutes, you can compare multiple insurance quotes from Toronto's top personal auto insurers, for free.

Optional coverage for auto insurance in Toronto

The below coverages are optional, unless you lease your car and your lessor requires them. Typically, new cars will get the optional coverages.

Collision insurance


Emergency roadside assistance

Specified perils

All perils

How much is car insurance in Toronto?

The average cost of car insurance in Toronto is roughly $2,000 per year, or about $170 per month. Are you paying more? Could you be paying less? Let's find out.

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Car insurance companies in Toronto

If you're looking for cheap auto insurance in Toronto, you have to compare car insurance quotes from insurance companies in Toronto. Here are some of the best car insurance companies located right here in Toronto, in no particular order. 




RH Insurance (Brokerage)

20 Queen St. W Suite 1101, Toronto, ON M5H 3R3


Intact Insurance

700 University Ave., Toronto, ON M5G 0A1


Aviva Canada

100 King St. W, Toronto, ON M5X 1E3



106 Spadina Ave., Toronto ON M5V 2K4



121 King St. W Suite 1400, Toronto, ON M5H 3T9


Travelers Canada

165 University Ave., Toronto ON M5H 3B9


Wawanesa Insurance

4110 Yonge St. Suite 100, North York, ON M2P 2B7


RSA Canada

18 York St. Suite 800, Toronto, ON M5J 2T8


SGI Canada

10 Four Seasons PI Suite 200, Toronto ON M9B 6H7



Direct car insurance companies may be experts on car insurance products, but they don’t necessarily give you the best market price possible. By providing us with a few details, we can compare car insurance quotes from various auto insurance companies in Toronto, so you can select the cheapest option possible. We’ll also connect you with a licensed insurance broker to guide you through the entire process of obtaining the coverage you need.

Instead of calling, save your time by comparing quotes now

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Factors that impact your Toronto car insurance rates

It pays to shop around to find cheap car insurance in Toronto. Even though an insurance application is fairly standard you will find that different insurance companies offer different rates based on their existing users, the number of active claims on their fiscal books, and overall risk tolerance calculations. Furthermore, there are several factors beyond your control that impact a risk tolerance calculation, like if you live in an area with higher than average levels of insurance fraud. Here are seven factors auto insurance companies consider before offering personal car insurance in Toronto:

Driver demographics

Where you live

Vehicle type

Driving history

Driving activity

Type of insurance coverage

Applicable discounts


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How to get cheap car insurance in Toronto

  1. Shop and compare

    Research which company provides cheap car insurance in Toronto, and also the best value for you and your vehicle. Rates may change up to four times a year, but lucky for you comparing Toronto car insurance with us is free.

  2. Stay with your current insurer

    Some Toronto auto insurance companies will give loyalty discounts to drivers who remain active with them for years. Especially if they add family members or multiple vehicles to their policy.

  3. Bundle your policies

    If you use the same insurance company for both your home and auto insurance needs, your insurer will often thank you with a dip in premiums.

  4. Get a multi car discount

    If you have multiple drivers and vehicles in the same household, by putting them all on one policy can save you money.

  5. Increase your deductible

    Your deductible is the portion you pay when settling a claim before your insurer will pay the rest. If you’re willing to double your deductible, it could save you money.

  6. Ask about discounts

    If you’re a member of a large corporation, union, or a school alumnus, it could help you get cheaper Toronto car insurance

  7. Pay premiums annually, instead of monthly

    Paying monthly adds administrative costs to your insurer, so if you’re able to pay in full annually you can lower your premiums.

  8. Maintain a good driving record

    If you’re a safe driver, obey the rules of the road and drive according to road conditions you can reduce your chances of an accident. Car crashes stay on your insurance record for up to ten years and can result in higher premiums.

  9. Install winter tires

    You can save up to 5% simply by adding winter tires to your car in Ontario


Ready to compare car insurance in Toronto?

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Frequently asked questions about car insurance in Toronto

Why is Toronto car insurance so expensive?

Which car has the cheapest insurance in Toronto?

Do you need insurance to rent a car in Toronto?

What are the best insurance companies in Toronto?

Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.

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