The most and least expensive places to insure a car in Toronto

The Toronto metropolitan area is known for high insurance premiums, but some areas are less expensive than others. Which neighborhood fares best?

Motor & Fleet

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The Toronto metropolitan area is known for high insurance premiums, but some areas are less expensive than others. Which neighborhood fares best?
 
A new report from Kanetix may help to educate brokers on this matter, however, by providing key insights that allow them to assist current and future Ontario policyholders.
 
The study took into account the typical quote that would be assigned to a 35 year-old married driver of the popular Honda Civic, and examined how that figure varied among 102 Forward Sortation Areas (FSAs), or neighborhoods containing the same first three characters of a postal code.
 
The analysis not only found that average automobile premiums in Toronto amount to $1,798 annually, but the most expensive area, North York (Downsview), charges 48% more than the cheapest area, Downtown Toronto (Christie).
 
Broken down further, the most expensive premiums include:
 
Rank FSA Average annual rate Neighborhood
1 M3N $2,422 North York (Downsview)
2 M9V $2,418 Etobicoke (Albion)
3 M1X $2,373 Scarborough (Upper Rouge)
4 M1B $2,370 Scarborough (Malvern)
5 M9L $2,343 North York (Humber Summit)
6 M9M $2,314 North York (Humberlea)
7 M9W $2,253 Etobicoke (Rexdale)
8 M6M $2,241 York (Mount Dennis)
9 M3J $2,203 North York (York University)
10 M3M $2,157 North York (Downsview/Rexdale)
 
The cheapest car insurance rates, on the other hand, were found to be:
 
Rank FSA Average annual rate Neighborhood
1 M6G $1,479 Downtown Toronto (Christie)
2 M5P $1,486 Central Toronto (Forest Hill North)
3 M4P $1,503 Central Toronto (Davisville North)
4 M4S $1,505 Central Toronto (Davisville)
5 M6J $1,511 West Toronto (Trinity)
6 M4V $1,513 Central Toronto (Summerhill/Forest Hill)
7-A M4T $1,515 Central Toronto (Moore Park/Summerhill East)
7-B M4G $1,515 East York (Leaside)
8 M2K $1,529 North York (Bayview Village)
9-A M3B $1,530 North York (Don Mills North)
9-B M2P $1,530 North York (York Mills)
9-C M2L $1,530 North York (York Mills)
10 M4R $1,532 Central Toronto (North Toronto West)
 
 
The authors of the study believe that price differences persist because of some neighborhoods’ higher likelihood of theft, as well as the presence of collision-heavy intersections.
 
Still, the organization reiterates that the biggest impact on auto insurance rates remains within drivers’ control.
 
"Where you live can have a direct impact on your auto insurance rates, but it's not the only factor at play," Janine White, VP of Marketplaces at Kanetix, said in a statement. "Your personal driving record has the largest influence on your premiums. It's up to each driver to stay focused, avoid distractions, and obey the rules of the road. Tickets, collisions and claims can increase your insurance rates dramatically."

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