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4 Factors that Affect Car Insurance Rates in Ontario

car insurance rates Ontario


If you want to be sure that you are paying the cheapest rates possible for car insurance, it’s important to consider the various factors that can affect the rate you get. It’s a good idea to inform yourself of the different variables that play a part in setting your rates so that you can be prepared when doing research or gathering quotes from different providers.

4 factors that affect car insurance rates in Ontario

Your driving record: It’s pretty common knowledge that how you drive affects what you pay for insurance. If you’ve been in an accident (or several), whether you’ve received tickets and of course any driving convictions. High risk drivers will pay higher rates.

Where you live: Those that live in Toronto will pay different rates from those that live in Timmins. The more population in the area you live in, the more cars there are on the road and the greater chance that you could be involved in an accident. Likelihood of car theft also plays a role here. Click here to learn more about how where you live affects your auto insurance rates and here for more information about attempts at shifting this in the GTA. 

Your car: The type of car you drive makes a difference. Insurance companies will consider how expensive it is to repair your vehicle as well as how enticing your car is to potential car thieves.

How long you’ve been driving: If you’re a young driver, you’re considered a higher risk and will pay more to insure your car. You can learn more about getting the best rates as a young driver here.

For more information on how rates are set in this province, check out the Financial Services Commission of Ontario site for further details.

There are ways to save on your car insurance, no matter what type of driver you are, including some opportunities for discounts specific to Ontario. Check out this post on the blog with some helpful tips on how to get the best insurance rates.

Have any questions about how to save on insurance or specific ways that you can lower your rates? Get in touch with us and we’ll be happy to discuss further with you.

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