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Tips to save money on your car insurance

Are you looking for the best rates on car insurance in Ontario? There are many ways to save on your auto insurance premiums but the best way is to shop around. The difference in car insurance rates from one insurance company to the next can be hundreds of dollars or higher.

Compare quotes to get the best auto insurance rate

How often do insurance companies change their auto insurance rates?  Insurance companies must apply for rate increases or decreases to the Financial Services Regulatory Authority of Ontario (FSRA).  Every 3 months, the FSRA approves rate changes for one or more insurance companies.   This means if you had the best auto insurance rate last year or 2 years ago, you may not have the best rate now.

Is there a big difference in auto insurance rates from one insurance company to the next?

Yes, the difference can can range from a few hundred dollars between the lowest and highest premiums to upwards of $1,000.

We quoted a 55 year old male driving a 2012 Hyndai Sante Fe to work with $1,000,000 liability and a $1,000 deductible for collision and comprehensive coverage.  The rates did not include discounts.  10 insurance companies were quoted with $1,502 being the lowest and $2,025 being the highest or a difference of more than $500.

The best time to shop around for auto insurance is when you receive your auto insurance renewal policy around 45 days before your renewal date.  Or, you can start your online quote now!

Does where I live affect my car insurance rate?

Insurance companies divide Ontario into rating territories by postal code.  The table below shows the annual auto insurance premium from one insurance company across a number of rating territories. The premium is based on a 40 year old married male with a clear driving record who drives 15 kms to work and 25,000 kms annually. The vehicle is a 2016 Toyota Camry LE 4 door and coverage is $1,000,000 liability with a $1,000 deductible for collision and comprehensive coverage. The auto insurance rates do not include discounts.

If you compare the highest premium in Brampton with the lowest premium in Kingston, there is a very large difference in auto insurance premiums. However, if you compare the premiums in the large cities expect for Brampton, the premiums are close. The same can be said for the smaller cities.

Barrie (L4N) – $1,705

Brampton (L6R) – $3,230

Etobicoke (M8Z) – $2,135

Hamilton (L8V) – $2,147

Kingston (K7L) – $1,219

London (N5Y) – $2,163

North York (M2N) – $2,385

Oshawa (L1H) – $2,028

Ottawa (K1Z) – $1,441

Peterborough (K9J) – $1,462

Sault Ste. Marie (P6B) – $1,484

Thunder Bay (P7C) – $1,434

Toronto (M5E) – $2,426

Shop around

The best time to shop around is when you receive your car insurance renewal policy 45 days before renewal.

Multi-policy discount

Insure your home and auto insurance with the same company for a multi-policy discount of up to 15% on each policy.

Multi-vehicle discount

Insure all of your vehicles on one policy for a multi-vehicle discount of at least 10% on each of your vehicles.

Winter tire discount

Change out your tires seasonally. All insurance companies in Ontario are required to offer a winter tire discount.

Add other discounts

Good student, student away, loyalty, claims free, conviction free, anti-theft, roadside assistance.

Higher deductible

If you have a $500 deductible, consider increasing it to $1,000 for additional savings.


Install a telematics device, Some insurers offer discounts for good driving habits.

Pay annually

If you pay annually, you can avoid the financing charges on monthly payment plans.