Kanetix.ca Releases Annual List of the 10 Most Expensive (and Cheapest) Areas for Car Insurance in Toronto

Depending on where you live in the city, you could be paying as much as $955 more for auto insurance than your fellow Torontonians

TORONTO, Nov. 15, 2016 /CNW/ - If you live in the north, east or west ends of the city, chances are you're paying higher-than-average car insurance premiums, according to the results of Kanetix.ca's 2nd annual list of the 10 most expensive areas for car insurance in Toronto. This year, drivers in Scarborough's Malvern and Rouge neighbourhoods are paying the highest rate in the city – an estimated $2,595 annually for car insurance. The data comes from InsuraMap – a Kanetix.ca interactive tool which allows motorists to compare estimated auto insurance premiums according to their postal code.

"Where you live can directly affect what you pay for auto insurance, and as we see from InsuraMap, rates can vary sharply within a single municipality," says Janine White, VP of Kanetix.ca. "That said, Toronto drivers in general, pay some of the highest premiums in the province, about 30 per cent more."

The Most Expensive Areas for Car Insurance

This year, the estimated annual auto insurance rate for a Toronto driver is $1,886 – that's $438 more than the Ontario average of $1,448.

Rank

Postal Code

Estimated Premium*

Neighbourhood

1-a

M1B

$2,595

Scarborough (Malvern)

1-b

M1X

$2,595

Scarborough (Rouge)

3-a

M3N

$2,428

North York (Glenfield-Jane Heights)

3-b

M6E

$2,428

Toronto (Oakwood Village)

3-c

M6M

$2,428

York (Keelesdale-Eglinton West)





*Figures are based on the cheapest available option for a single 35-year-old driver with a clean driving record.

The Cheapest Areas for Car Insurance

Meanwhile, drivers residing in midtown and central Toronto are paying the lowest premiums. The following five areas all come in at an estimated premium of $1,640 per year:

Postal Code

Neighbourhood

M6H

Toronto (Palmerston-Little Italy)

M6G

Toronto (Dovercourt-Wallace Emerson-Junction)

M6C

Toronto (Forest Hill North)

M4V

Toronto (Casa Loma)

M5P

Toronto (Yonge-Eglinton)

To view the full lists, click here.

Where Does my Neighbourhood Rank?

If you live in Toronto, the Greater Toronto Area or anywhere else in Ontario, you can visit InsuraMap to compare auto insurance rates. But you don't need to relocate if you're paying more than the typical rate. Maintain a clean driving record, bundle your auto and home insurance policies, install winter tires and pay your premiums in one lump sum instead of monthly to help you save. And there's something else motorists shouldn't forget.

"The most important thing drivers should be doing is comparing rates," says White. "Don't wait until it's time to renew. Shop the market now and make sure you're getting the best rate possible. We've found at Kanetix.ca, drivers can save an average of $750 just from comparing quotes."

About KANETIX®

Launched in 1999, KANETIX was Canada's first online insurance marketplace and today provides over a million quotes per year to consumers looking for insurance, as well as comparisons for mortgage rates and credit cards.

The KANETIX.ca comparison service is a one-stop shopping environment for consumers. Each day, thousands visit the KANETIX website to comparison shop their various financial needs. Shoppers choose what they want to compare, obtain a quotation and complete an online application or, with the help of KANETIX connect with the provider to purchase or apply for the product over the phone.

Through its Software as a Service team, KANETIX is also the leading provider of online insurance quotation technology, developing online quotation systems, mobile solutions, actuarial tools and websites for many of Canada's largest insurance brands.

SOURCE Kanetix

For further information: For media inquiries, please contact Tara Bolger: tbolger@blueskycommunications.com, 647-228-3944.


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