Toronto, Ontario — Insurance research firm, Rates.ca has released its list of cities that pay the highest auto insurance premiums in Ontario, with the average estimated premium growing by 12 percent in 2023, compared to 2021.
This is the largest increase recorded by the Insuramap survey, with the average estimated premium sitting at $1,744, compared to a previous estimate of $1,555.
This has been cited to the lifting of COVID restrictions prompting pre-pandemic routines, inflation, vehicle and parts shortages, increasing repair wait times, upticks in car theft, increases in the severity and number of claims filed, along with rising operating costs for insurers.
Rates.ca highlights that premiums will vary by the age of the driver and cost of the vehicle, and that 22 insurance providers have received approval to increase rates since the start of the year, with most increasing by 6.5 percent.
While cities outside the Greater Toronto Area remain below the provincial average, Rates.ca warns that drivers everywhere should anticipate even more rate increases.