HomeCar InsuranceHow Much Is Car Insurance Per Month in Ontario?

How Much Is Car Insurance Per Month in Ontario?

While we dream about getting a new vehicle, we usually imagine getting the keys, cruising off the street, ripping off down the garden country lane, or speeding down the highway.

We seldom take our time to sit down and imagine paying for auto insurance. However, car insurance is very important and almost as critical as filling up the gas tank when it comes to car ownership.

To be legally on the road as a driver, you must have car insurance for your own and others’ safety. Depending on the province and various other conditions, Canadians pay a significant fee to purchase this coverage. Some of these factors are car models, driving records, age, etc.

Sadly, auto insurance premiums have been rising, and getting coverage has never been more difficult from an affordability point of view to anyone. Let us examine how much car insurance costs per month in Ontario based on the factors determining the amount.

If you’re looking for an insurance policy in Ontario, you can contact Surex to assist you in getting an affordable rate and excellent coverage.

Car Insurance’s Rate in Ontario

Being one of the most populated provinces in Canada, Ontario is one of the most expensive areas when talking about car insurance.

Car insurance costs are more expensive in Ontario than in the rest of the country except in places like British Columbia. Driving around the province isn’t cheap; Ontario’s average car insurance costs about $1,500 or more in a year. Based on the calculation, this implies $125 or more monthly.

In Ontario, an average car insurance premium was about $107 in 2015. Several increments have been implemented by Ontario’s government which has sent the prices over a 19.2% increment from the average amount in 2015. The present amount ranges from about $125 to $127.

The cost of car insurance monthly depends on a number of factors which include:

1. Your Gender

It is believed statistically that the driving behavior of men tends to be reckless compared with that of women. So the male gender ends up paying a higher rate compared to the female gender.

2. Your Location

The insurance rate depends on your location since different locations are faced with varying types of risk. Also, accidents in some areas may be more fatal than in some other places.

3. Car Usage

One other factor that is considered is your car usage. When calculating your rate, most insurance providers factor in how often you use your vehicle. Frequent travelers are at a higher risk of accident compared to individuals that drive within the street.

4. Age

The age of the driver also influences the insurance rate. Teenage drivers within the age of 16 to 20 are prone to drive recklessly and have a higher risk of accident than older ones.

5. The Type of Car You Drive

Expensive and new model cars are expected to be expensive to maintain and repair. Most insurance providers also consider whether you bought your car out rightly or through a loan.

How to Shop for a Cheap Car Insurance

In Ontario, there are certain factors taken into consideration when applying for car insurance. It’s essential to note that some of these factors used when determining your rates are beyond your control.

However, you can also control some factors. Listed below are tips to get cheaper car insurance:

1. Do Your Assignment, Get Quotations, and Compare Rate

This isn’t going to be an easy job, so lace your shoes tightly and get ready to visit several insurance providers. Prepare to negotiate, bargain, and compare insurance companies against one another. They are also competing for clients, and your money, so do your background assignment and compare the rates. This will help you arrive at getting good coverage at a reasonable price.

2. Buy the Right Car

Cars with good safety features such as anti-braking systems, airbags, smaller engines, and high accident-test ratings mostly have lower insurance premiums. Ensuring damaged, second-hand or old models can also be costlier.

3. Combine Insurance

If you have purchased home insurance, you may be able to save money by combining it with your car insurance. Purchasing more than one insurance from the same insurer might also help you save on your premium costs.

4. Only Purchase the Essential Coverage

No doubt that all insurance is good, but not all are needed or essential. In order to save some cash, you might want to consider opting for the very important coverage.

For instance, some coverage may not be needed for your old car due to depreciation, so you need to draw your scale of preference and purchase the essential coverage.

Some coverage is required and mandated by Canadian law, for instance, third-party liability insurance. However, if your provincial government’s compulsory coverage allows it, you may consider removing collision insurance if your car has a lower resale value.

How Much is A Car Insurance Per Month In Ontario – FAQs

Q. Who has the Best Insurance Rates in Ontario?

Given how often situations can differ depending on several factors, no insurance provider can claim to have the lowest prices in Ontario.

Q. What are the Cheapest Cars to Insure in Ontario?

Based on the most recent statistics, the following cars are the cheapest to insure: Honda accord, Kia Cerato, Kia Sorento, Kia Optima, Toyota Camry, Toyota rav4, Toyota corolla, Kia forte, honda civic, Hyundai Kona, Hyundai Elantra, etc.


Having gone through this article, you should know how much car insurance costs in Ontario, the factors that determine this rate, and how to save money on premiums. You can go ahead with your car-buying plans.

Getting to know how much car insurance cost in your province is essential when considering getting a car out rightly or lending through loan or finance as this will be of good assistance in the long run

It’s helpful to understand these details before you purchase a car so that you can also prepare appropriately.

Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.


Most Popular