TO's priciest – and cheapest – areas for car insurance
October 08, 2015
You likely know that your car insurance varies depending on the type of vehicle you drive. But did you also know it can adjust based on where you live? Here are the top 10 most – and least – expensive areas for car insurance in Toronto, from Canadian online insurance comparison site Kanetix Ltd.
The average annual Toronto car insurance rate is $1,798, Kanetix says, but there is a huge range in rates depending on where in the city you live. The most expensive area in Toronto (North York - Downsview) costs 48 per cent more to insure a car than the cheapest (Downtown Toronto - Christie).
Some neighbourhoods have higher levels of auto theft, while others include intersections that are more prone to collisions. Insurance companies study statistical data and determine how factors may cause increases in a driver’s rate, regardless of their personal driving and insurance histories, the company says.
However, the most important determining factors are still your personal driving record and insurance history, Kanetix says.
The most expensive areas for car insurance in Toronto
According to Toronto Transportation Services, two of the most expensive areas happen to contain intersections with some of the highest collision rates in the city: Islington Avenue at Albion Road, and Sheppard Avenue at Morningside Road. It's possible this may contribute to higher insurance rates in these specific neighbourhoods, Kanetix says.
1. Downtown Toronto (Christie), $1,479
2. Central Toronto (Forest Hill North), $1,486
3. Central Toronto (Davisville North), $1,503
4. Central Toronto (Davisville), $1,505
5. West Toronto (Trinity), $1,511
6. Central Toronto (Summerhill/Forest Hill), $1,513
7a. Central Toronto (Moore Park/Summerhill East), $1,515
7b. East York (Leaside), $1,515
8. North York (Bayview Village), $1,529
9a. North York (Don Mills North), $1,530
9b. North York (York Mills, M2P Postal Code), $1,530
9c. North York (York Mills, M2L Postal Code), $1,530
10. Central Toronto (North Toronto West), $1,532
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About Wayne Karl
Wayne Karl is an award-winning writer and editor with experience in real estate and business. Wayne explores the basics – such as economic fundamentals – you need to examine when buying property. wayne.karl@nexthome.ca