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How Do I Use The Car Insurance Calculator?

To begin the calculation, you may enter your postal code above and click on the compare for free quotes button.

Step 1: The next screen will ask you to enter your vehicle details very specifically. It may ask you if you lease your car, the main purpose, and annual mileage, if you use winter tires, and your car’s parking spot. On the bottom part of the same screen, you may choose your coverage level and deductibles. At this point, you may choose to add another vehicle and click on continue.

Auto Insurance Estimator Step 1

Step 2: The second screen will ask for the personal information of the driver such as age, gender, marital status, and occupation. Thereafter, you need to enter the license information, driving history, and current insurance. It may also ask for any gaps in coverage, the length of insurance, suspensions, accidents, or tickets. At the end of this screen, you may choose to add more drivers to the policy and click continue.

estimator step 2

Step 3: The third screen will determine your applicable discounts. It will let you enter any professional associations, bundling offers, roadside assistance membership, and if you want to use telematics. Then you may choose to get the best rate options free as an email once every 30/60/90 days. If you agree then you may enter your name and email address. You may also choose to get subscriptions and click continue.

estimator step 3

Wait for a couple of seconds and you see your best annual rate on the fourth screen with at least 15 quotes to compare. You may choose to give your phone number and unlock the rates and insurer details. An insurance advisor may contact you as per your choice or you may follow up to finish your car insurance shopping. It’s that simple!

Tips

  • Collect all your information and be ready: You may need to gather all the relevant information for your car insurance ahead of time. It may not be time savvy if you are scrambling around for paperwork while using the car insurance calculator. So, keep your driving license, claims record, insurance details, other drivers, and vehicle information handy.
  • Know how much insurance you need: When you are pretty confident about how much coverage is adequate for you then choosing limits is a breeze. This helps you to tweak other factors to check how it affects your rates. This also applies to how much deductible amount you may afford.
  • Don’t focus on just the price: Apart from the lowest quote, you may also want to see if other factors are comparable. Price is not the only factor to consider in a quote and you must ensure that you have sufficient coverage and policy limits.

What Information Do I Need To Provide To Use The Auto Insurance Calculator?

Each quote is very specific to the details input by you in the calculator. In order to calculate your car insurance premiums, you may need the following information.

  • Location: Your postal code holds a lot of weight when calculating insurance rates.
  • Driver License: The driving license will show your experience and personal information.
  • Vehicle Profile: The value, make, type, age, and model of your car will change rates.
  • Claims history: If you had any past claims that may increase your rates.
  • Violations or tickets: These would also negatively affect your rates.
  • The level of coverage and deductible amount: The type of coverage and deductibles would change premiums. Higher deductibles would lower your premiums.
  • Any optional coverage or endorsements: This is an additional cost for getting more protection and customized coverage.
  • Discounts or professional associations: If you are a member of a professional association or armed forces, you may get a discount.

How Auto Insurance Works in Ontario

Ontario works under a government-regulated private insurance system. It’s one of the most regulated insurance markets in the country, a factor that contributes to the highest auto insurance rates in the country. Each insurance company submits operating procedures to the Financial Services Commission of Ontario, which oversees the auto insurance market. When these procedures are approved by the FSCO, they are binding, which means the insurance company must follow them to the letter. They cannot arbitrarily change procedures without first gaining FSCO approval.

Every insurer uses its own methods to calculate premiums. Statistical and personal data are analyzed and each policyholder represents a blend of this data. This creates the risk factor used for the policyholder, and their auto insurance premium stems from this risk factor. Statistical data used in Ontario includes a driver’s age; driving experience; postal code of home residence; and make, model, and year of car. Personal information that impacts premiums include; driving record; insurance claims history and how the car is used, including daily and annual kilometers.

This risk base applies to minimum mandatory insurance coverage as required by the government. Every car on Ontario’s roads is required to have a minimum level of insurance, or the driver/owner of the vehicle could face fines from $5,000 to $50,000. Minimum mandatory coverage includes premiums covering four basic sections. Third-party liability coverage in the amount of $200,000 protects the driver against lawsuits arising from at-fault accidents. Accident benefits pay for medical and rehabilitation costs attributable to an accident for the driver and vehicle occupants. Direct Compensation-Property Damage coverage pays losses to a driver back directly by their own insurer, in the case of specific types of accidents. Uninsured/unidentified motorist coverage protects against incidents where the other driver is uninsured, or in the case of a hit and run accident, where the other driver is unknown. Additional optional coverage and increases on mandatory minimum coverage are available also.

How are Car Insurance Quotes Calculated in Ontario?

As per the province that you live in, there are various factors that affect car insurance premiums. Some of these factors are as below:

Apart from the above, government rules, taxes, healthcare costs, towing expenses, repair costs, and insurance fraud also influence insurance rates.

What Are Average Car Insurance Rates in Ontario

Drivers in Ontario pay the highest rates compared to any other part of Canada. Congestion, poor roads, and high claims costs add to tight government regulations to create high costs. Car insurance fraud is thought to be another contributor to high rates, adding over $1.5 billion in claims annually. As of 2020, on average, drivers pay about $1,250 annually for auto insurance. This average doesn’t apply on a local basis. Drivers in eastern Ontario, around Kingston and Belleville, enjoy the lowest average, around $1,100 annually. The north and northwest suburbs of Toronto experience the highest rates, around $2,400 annually.

The average cost of car insurance in Ontario is $1,349.

CityAverage Car Insurance Rates*
Clarington$995
Kanata$983
Kingston$972
Ottawa$985
Peterborough$1,022
Sarnia$1,010
North Bay$1,112
Sault Ste. Marie$1,166
Sudbury$1,133
Thunder Bay$1,142
Stratford$1,208
St. Catharine$1,214
Cambridge$1,208
Guelph$1,211
Burlington$1,246
Kitchener$1,219
Oakville$1,257
Brantford$1,271
Milton$1,312
Niagara Falls$1,355
Brock Township$1,323
Georgina$1,348
Caledon$1,343
Barrie$1,356
London$1,460
Aurora$1,452
Newmarket$1,445
Windsor$1,451
Oshawa$1,494
Hamilton$1,501
Ajax$1,505
Markham$1,691
Richmond Hill$1,692
Toronto$1,675
Pickering$1,666
Scarborough$1,852
Mississauga$1,891
Brampton$2,116

 

*Methodology: We used a sample profile for a male driver aged 30 years with his own vehicle having mandatory coverage. He drives a Honda Civic 2012 car. With an average mileage of 5000 – 8000 km per year to commute to work. He has a clean driving record history of 5 years with no accidents or collisions.

We surveyed the car insurance prices for the purpose of illustrating. The ranges in quotes are based on driving records, location, and other criteria. To get a customized quote, enter your postal code above.

YoY (Year-over-Year) Average Ontario Car Insurance Prices

YearAverage Auto Insurance Policy Price in Ontario*
2007$1,128
2008$1,236
2009$1,201
2010$1,272
2011$1,279
2012$1,244
2013$1,262
2014$1,301
2015$1,308
2016$1,333
2017$1,389
2018$1,312
2019$1,388
2020$1,305
2021$1,318
2022$1,349

How to Get the Best Possible Car Insurance Quotes in Ontario

Because Ontario has a competitive private auto insurance market, the price for one driver’s policy may change drastically between insurance companies. Each company has its own method of calculating driver risk, as well as interpreting statistical risk data. An insurance company may also target a select segment of the auto insurance market, offering incentives, promotions, packages, and discounts to attract certain segments of the insurance-buying market.

This presents both opportunities and challenges for the auto insurance consumer. The best rate is out there, but the only way to find it is through aggressive comparison shopping. There are over 100 companies underwriting car insurance in Ontario, and not all of them issue policies in all areas. Contacting 100 companies isn’t something most people have the time to do.

Brokers represent a number of companies, so they can make the search somewhat easier. One drawback, however, is that the two brokers may have some overlap. That is, each may represent several insurers in common. Brokers may favor certain companies also, which may or may not be in your best interests.

A new tool in the car insurance price war is available right here at Ratelab. It’s called a car insurance calculator. You start by entering your home postal code on the Ratelab page. Continue filling out your personal data and car insurance needs, and the calculator will search through dozens of auto insurance providers online, behind the scenes. You’ll be presented with quotes from the lowest-cost insurance companies that meet the features and coverage that you want. Armed with the best deals, you’ll know where to start to make your smartest car insurance purchase.

Best Rated Auto Insurance Companies in Ontario

CompanyRanking based on a 1000-point scale
The Co-operators781
State Farm768
Intact Insurance764
Belairdirect759
The Personal755
Ontario Regional Average753
Wawanesa752
Aviva Insurance749
Desjardins741
Travelers738
RBC Insurance737
Allstate734
TD Insurance734
Johnson Insurance721

Source: JD power

 

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