There is no doubt that Ontario is by far the most expensive province to insure a car in Canada. Drivers in the province pay considerably higher rates than drivers in other provinces. A 2016 report indicated that drivers in Ontario paid an average of $1,437 while drivers in other cities paid much less. The cities of Toronto, Brampton, Markham, Mississauga, and Vaughan are among the most expensive cities to insure a car in the province, with an average of between $1700 to $2300 annual premiums. According to insurers, the premiums are high in Ontario because claims settlement costs are high and there’s a lot of fraud.
Why insurance premium prices are different in every province
As noted, each of Canada’s 10 provinces and three territories has different rates for insurance, with Ontario being one of the most expensive. The main reason behind this disparity in rates is that some provinces have public auto insurance while others have a private auto insurance system. According to MyChoice, rates could also depend largely due to the number of drivers in the province and heavily populated cities.
Best time to get cheaper car insurance
Everyone wants to get cheaper car insurance. Auto insurers consider several factors when determining a rate for each driver. These could be car-related such as make, fuel type and age, or driver related such as location, history, and age. What many don’t know is that the time of the year when you buy car insurance can also influence the insurance rate you get.
A research conducted in Ontario revealed that insurance prices are lowest in July, August, September, and October. Precisely, the month of August had the lowest prices, 6% cheaper than the average rate across the year. The explanation behind this is that during these months, insurance companies experience a high volume of business as most car manufacturers release new vehicles during these months. On the other hand, insurance premiums are most expensive in February.
These findings show that premiums cost lower during the warmer months and rise during winter. However, if you want to have the full attention of your insurance agent, the winter period is the best time to get insurance. During these months, there’s less business volume; hence the agents have time to discuss your insurance package in details.
It is also advisable to get your car insurance before your policy expires. If you buy in haste, you will likely end up paying more than if you had time to shop around. Therefore, shop for a provider early in advance to increases your chances of finding discounts and great coverage for better rates. Also, if you’re buying a new car, the best time to buy insurance is before you buy the car. This allows you to compare rates and it might help you decide on which car to buy. You can also save some bucks by paying for your insurance annually rather than on a monthly basis. Other factors that can help lower your insurance rates in Ontario include having an anti-theft device, using winter tires, and installing dashboard cameras.
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