Ontario Auto Insurance

Yes, auto insurance premiums in Ontario are gradually going down. Rates have gone down by 8.35% since the provincial government promised to reduce the rate in 2013. But this is an overall trend, the rates also go up. It went up by 1.5% in the third quarter of 2016. However, the actual amount you pay in Ontario auto insurance premium depends on you. You can shop around to choose cheaper coverage in order to save on your coverage.

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Ontario drivers are expected to carry $200,000 in third-party liability insurance for their vehicle in order to register their vehicles. Drivers are also expected to purchase direct compensation property damage (DCPD) coverage that provides coverage if another driver is at-fault in an accident. You will receive benefit from your insurer even if someone else damages your car.

Ontario has a very expensive auto insurance rate, 45% above the rate paid by Albertans and two times the rate paid by the Maritime provinces. Usually, insurance fraud that drives claims costs and increases the premiums paid by drivers is blamed for the high rates. Although the past provincial government vowed to stop the fraud, they could not. Your best bet is to shop around to get cheaper coverage for your policy requirements.

No single auto insurance company in Ontario offers the best rate. Even for the same service, the auto insurance premiums can vary between insurance companies. The rates are usually based on how the insurer rates a driver and their claims experience.

According to the Insurance Bureau of Canada, Ontarians pay about $120 in average auto insurance per month, which is up to $1445 per year. But the amount you will pay depends on your insurance history and personal driving record. Several other factors such as where you live, the vehicle you drive and so forth also determine the rate you pay.

You need basic information such as the make, model and year of your car to get a quote. Some other things you need to get a quote include the length of time you have been insured, the type of license you hold and how long you have had it, any accident or ticket you may have on your insurance or driving history.

Yes, you need car insurance to legally drive in Ontario. If your vehicle is not insured, you risk serious fines starting at $5,000 on the first conviction. You are required to purchase coverage from a private insurance company.