Where Is Auto and Property Insurance the Highest and the Lowest in the GTA?

Where Is Auto and Property Insurance the Highest and the Lowest in the GTA?

GTA is one of the most desirable areas in Ontario to live, work, start a family or pursue career opportunities. Its popularity is reflected in the ever-increasing population, high demand for properties, and the standard of living.  We already know that buying properties in GTA’s famous areas requires big money, but what about property and auto insurance? Accordingly, they are also in the upper price range when compared to the provincial average. Not surprisingly, insurance premiums tend to be higher in the GTA on average, especially in certain cities and neighbourhoods.

Why are insurance premiums higher in GTA?

Many individual factors play a role in determining insurance premiums for cars and properties.

In a nutshell, the higher the risk of any damage, the higher the premiums. For auto and home insurance, besides the usual factors like age, type of vehicle, mileage, and driving record, the following can also impact your premiums:

-         City or even the postal code or neighbourhood you live in, based on:

-         Crime rates in the area

-         Population density

-         Traffic congestions

All of these are somehow connected to a higher damage/accident risk. For example, in denser and more congested areas, GTA residents are more likely to be involved in a collision or accident, just like residents of areas with higher crime rates run a higher risk of car theft, and so on.  Now, let’s take a look at the numbers in GTA’s hotspots.

Ontario compared to other provinces.

Ontario’s average premiums come to about $1,150 annually to insure a car, ranking second of all provinces, right after British Columbia. Auto and home insurance depend on different things, but so far, it is clear that driving in the GTA will cost you more than driving in Quebec, Alberta, Nova Scotia, etc.

Premiums within the GTA

Within the GTA, Brampton is the city with the highest auto insurance premiums with close to $2,500 annually, representing 65% or 2/3 above the provincial average. Vaughan closely follows with over $2,100 annually, and Mississauga is closely behind with somewhat over $2,000. Richmond Hill is next with $2,033, while auto insurance in Toronto is slightly under $2,000.

Of course, it may come to about more or less depending on your postal code within Toronto, Mississauga, or elsewhere, which further determines the final insurance premium price.

In GTA, Ajax, Bradford, and Stouffville are the most affordable, but even above the provincial average.

Saving tips for car and property owners

You may not be able to get around these insurance premiums, but property and car owners can always make sure that they don’t push up the premiums.

1. Keep your driving record clean and ticket-free
2. Keep annual mileage as low as possible.
3. Increase deductible to lower your premiums, but bear in mind that you will have to pay more for insured accident-related repairs in case there are any.

1. Pick one company for car and home insurance as the insurance companies usually offer a discount in such instances.

Living in the GTA means adjusting to a certain standard of living, including higher insurance premiums. Still, there are more benefits to living in Canada’s most coveted places than downsides in terms of quality of life, possibilities, and opportunities. Feel free to give us a call for any additional information on GTA properties, GTA real estate and GTA living.