Shop Insurance Canada Consumer Guide - Auto Insurance Rates in Greater Toronto Area

November 03, 2015 (PRLEAP.COM) Business News
TORONTO, ON, November 3, 2015 The Greater Toronto Area (GTA) remains the most expensive region in Ontario for auto insurance data from shows, but premiums in the other Ontarian cities are lower, falling the greater the distance from the GTA region. The online resource for auto insurance found that the neighborhood of Brampton is the most expensive for average premiums over a year, while the general Greater Toronto Area is home to rates that are above the provincial average of $1,538.00.

Shop Insurance Canada, one of the country's leading auto insurance comparison outlets and industry authorities, conducted a rate test on the cost of insuring a motor vehicle in the GTA region, showing that the city of Toronto and its surrounding neighborhoods remain the most expensive places to insure a car. However, the data shows that moving away from the GTA region results in lower premiums, while some insurance providers are vastly more affordable than others.

The company ran quotes on all major neighborhoods in the Greater Toronto Area based on the same criteria for all quotes.*
Most Expensive Neighborhoods for Auto Insurance Yearly Premium in Toronto
1. Brampton
Western Assurance - $1,773.00
Aviva, Scottish & York - $2,103.00
Aviva Insurance - $2,181.00

2. Vaughan
Western Assurance - $1,728.00
Aviva, Scottish & York - $1,785.00
Aviva Insurance - $1,925.04

3. Mississauga
Aviva, Scottish & York - $1,509.96
Aviva Insurance - $1,629.00
Western Assurance - $1,956.00

4. Richmond Hill
Algoma Mutual - $1,496.04
Aviva, Scottish & York - $1,532.04
Aviva Insurance - $1,652.04

Brampton, Vaughan, Mississauga, and Richmond Hill are the most expensive locations to insure a car in Toronto, but the GTA region as whole is above the provincial average ($1,538.00), but some other neighborhoods managed to fall below the Ontario average according to ShopInsuranceCanada's criteria. The city proper of Toronto is actually the most affordable place in the GTA area, with the lowest premium costing $1,314.96 per year.

Aviva, Scottish & York - $1,314.96
Aviva Insurance - $1,413.00
Western Assurance - $1,523.04

It should be noted that the cost of an auto insurance premium can even change drastically depending on specific areas within a single neighborhood. For example, consumers in Vaughan East will likely pay different rates compared to those living Vaughan West.

Outside the Greater Toronto Area
ShopInsuranceCanada points out that premium rates tend to fall substantially as the distance between Toronto and another city increases. The company says this shows that the GTA region is largely responsible for Ontario as a whole becoming known as the province that is home to the highest auto insurance rates in Canada.

Of the cities outside of Toronto, Hamilton is the most expensive with a yearly insurance rate of $1,371.96 at its most affordable. However, there are very affordable places in Ontario, and ShopInsuranceCanada points to Ottawa as a city where consumers will be able to get a good deal.

Aviva, Scottish & York - $1,371.96
Aviva Insurance - $1,476.96
Western Assurance - $1,725.96

Aviva, Scottish & York - $1,167.96
Aviva Insurance - $1,259.04
Gore Mutual - $1,386.00

Aviva, Scottish & York - $1,104.96
Western Assurance - $1,161.00
Aviva Insurance - $1,193.04

Aviva, Scottish & York - $830.04
Aviva Insurance - $897.00
Economical Insurance - $1,044.96

Cost and Providers
At first glance there may not seem to be much disparity between auto insurance providers in terms of their monthly premium rates, sometimes as little as a couple of dollars. However, when spread out over a 12 month policy the difference in price is easy to see in many cases. Indeed, in some results the differences can be hundreds of dollars, such as in Mississauga, where the most affordable rate is $1,509.96 and the third most affordable rate is $1,956.00, over $400 between the two premiums.

It is clear from the data that Aviva Insurance and particularly its subsidiary Scottish & York is dominant in offering competitive rates across the Greater Toronto Area and Ontario as a whole. ShopInsuranceCanada argues that the size of Aviva as a global entity lets it offer rates that reflect its finances and position among Canada's biggest auto insurance providers.

Disclaimer used the following criteria for auto insurance quotes:
35-year old single male, 15yrs driving experience with full G license.
Vehicle: 2014 Honda Civic DX 4DR
Assumptions: Winter Tire + Telematics discounts applied, no major conviction, no at fault accident.
The company conducted its quote test based on the above criteria and based on other parameters rates may be different. The data supplied above and throughout this press release is intended to give consumers an idea of the price of auto insurance in the Greater Toronto Area and Ontario as a whole. It is not intended to be viewed as a definitive market study.

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