Toronto, Ontario – Urban Ontarians are no strangers to high auto insurance rates, and thanks to an interactive map produced by Rates.ca, now they can compete with their friends to see whose neighbourhood has the highest rates.
Drivers in Brampton, Ontario pay the highest rates in Ontario coming in at an average of about $2,698 per year.
Closely following Brampton at the high end of results is Mississauga at an average yearly rate of $2,372 followed by Vaughan ($2,334); Richmond Hill ($2,286); Markham ($2,222); Toronto ($2,201) and Ajax ($2,141).
Population is not the only determining factor of insurance rates, however, as London ($1,509), Windsor ($1,412), Kitchener ($1,341) and Ottawa ($1,213) all reported numbers below the provincial average which currently stands at $1,616, a 9.7 percent increase since 2018.
The Insurance Bureau of Canada says that more than half of every dollar received by auto insurers goes toward claims settlements.
Proposed Bill 42, currently before Ontario Legislature, intends to prevent insurers from basing rates on factors primarily related to postal codes or telephone area codes, however, there is no timeline on the bill as of yet.