Cheap Car Insurance in Toronto: Best Auto Insurance Quotes (2024)

It’s important to compare car insurance quotes frequently to get cheap rates. You should shop around every year.

Your insurance policy is in effect for one calendar year from its renewal date. So, you have an opportunity each year to compare Toronto car insurance premiums. You can see which provider has the best offer for you.

Some years, it may be your existing employer. Other years, it may be another. But you won't know for sure if you don't take the time to compare your options.

But you will only know for sure if you take the time to compare your options.

Auto insurance in Toronto is expensive compared to other cities in the province. But, why is this the case? Here are the top 5 contributing factors:

• Lots of vehicles and traffic volume: Traffic congestion is an everyday occurrence in the GTA. Toronto has some of the busiest roads and highways in the world. This includes Highway 401, QEW, and Gardiner Expressway to name a few.
• More accidents: More cars equals more accidents on city roads and highways. More accidents increase claims frequency and costs.
• More tickets and violations: There are more drivers with tickets, fines, and accidents on their driving record. This increases the threat of a claim for everyone.
• An increased occurrence of auto theft: Auto theft rates have increased significantly in 2023.
• Insurance fraud: Insurance fraud costs the insurance industry well over $1 billion annually.

Each one of these factors contributes to increased costs. Insurance companies are constantly changing their rate calculations based on these factors. Get a quote often to make sure you are getting a cheaper price.

There isn’t a specific insurance company that offers cheaper rates than the rest. It depends on your unique situation.

You won’t know for sure who has the cheapest insurance unless you compare quotes from multiple providers. For example, you may find that CAA offers you the best rates. But for another driver, Aviva or Wawanesa may have more affordable premiums.

Car insurance rates change often for many different reasons. Insurance companies can apply for rate increases quarterly.

The FSRAO reviews the rate increase proposals and approves them. They assess current market conditions. A company can request an increase and it might be approved because of:

• The increased cost of claims: Insurers may request an increase because they’ve seen a spike in claims costs.
• More collisions on GTA roads: More collisions increase how much insurers have to pay out in claims.
• The prevalence of fraud: Fraud and crime rates increase the costs for everyone. These costs are passed down to drivers.

They can also increase if something has changed with your driving situation. A ticket, accident, change of address, or even the loss of a discount could affect your rate.

Adding a G1 driver may not affect your insurance costs. They cannot be added as the primary driver and can only drive with a parent or experienced driver. If they use your vehicle you need to notify your insurance company.

Once a G1 driver gets a G2 licence, you will see their rates increase. They can now drive solo. Young drivers are rated higher as they don't have much experience yet.

You can help offset the costs of adding a new or young driver by ensuring they complete a driver education program.

There are plenty of great opportunities to find cheap car insurance. While renewal time is the most common, you don't have to wait until you receive your renewal notification to shop around. There are many other good times to check rates:

• If you move: Location can have a big impact on the threats that exist to you as a driver.
• Completion of a driver's training program: You'll qualify for savings upon completion of driving school.
• Buying a new vehicle: Purchasing a new vehicle, or changing what you drive affects things like repairs and replacement costs.
• When you are getting married: Social status can affect your rates. Make sure to update it with your insurer.
• There is a change to your driving record: Is a ticket coming off your record? Tell your provider. They can make sure it's not impacting your premium.
• You add/remove a secondary driver to your policy: Adding or removing a driver will alter your costs.
• You qualify for new discounts: You can save money by checking rates to see if you qualify for new discounts.

Remember, you don’t need to wait until renewal time to shop around.

Where you get a car insurance quote will affect your premiums, coverage options, and potential savings. There are three main options:

• Direct writers or direct insurers can only offer a single rate from one company.
• Comparison sites (aggregators, lead generation sites) offer quotes from multiple providers. However, they sell your information to a third party and don’t offer coverage directly.
• Insurance brokers provide quotes and coverage from many companies. They help you find the best rate and coverage and then you can buy a policy through them. You also have access to expert advice, knowledge, and customer service.

Therefore, using a broker like ThinkInsure, offers you better options, convenience, and savings potential.

At any given time, you are only a crash or ticket away from more expensive car insurance rates. Whether you are a seasoned local or a tourist, you need the right policy and driving knowledge.

Here is some helpful advice for navigating the streets and highways safely:

• Stay alert: There are many potential dangers on the city's roads. Watch out for pedestrians, cyclists, taxis, and other vehicles.
• Avoid rush hour when possible: Before and after work have the most traffic volume. This increases your chances of being in a collision and seeing your rate increase.
• Pass streetcars with caution: When streetcars come to a stop and the doors are open, do not pass. Allow pedestrians to get on and off at all stops.
• Watch for cyclists: There are many cyclists and bike lanes. Pay attention when opening car doors. Give one metre when passing a cyclist.
• Take extra time when the weather is bad: It will take you longer to drive when conditions are poor.
• Expect construction delays: There is ongoing road construction so be prepared for delays. Check things in advance so you can find the quickest route to where you are going.
• Know your route: Use a GPS for directions, to avoid congestion, and arrive at your destination. Also, be aware of alternative routes to save time.
• Watch out for one-way streets: There are many one-way streets. Always be conscious of them and consider them when planning your route.
• Parking: Expect to pay a lot for parking. Consider using a commuter lot and taking the subway or GO train into town.
• Gas up: Fill up on gas before you head downtown – gas stations are more expensive and are less common.