Toronto car insurance

There are a few key facts that all drivers should know when purchasing their car insurance. 

1. Car insurance is mandatory: In Toronto and across Canada, all drivers are required to have at least a minimum level of auto insurance based on the province in which they reside. In Ontario, drivers are required to carry a minimum of $200k in liability insurance. 
2. Rates are tailored to the driver: Auto insurance rates can vary widely depending on factors like your driving record, age, type of vehicle, location, and more.
3. There are different kinds of coverage: These include liability coverage, collision coverage, comprehensive coverage, and others. Speak with your Toronto car insurance broker to learn which is best for you. 

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So, why is car insurance more expensive in Toronto than the rest of Ontario?

One of the main factors driving Toronto car insurance rates is the high population density, which simply leads to a higher likelihood of accidents and claims.

A few other factors that can make car insurance more expensive in Toronto include:

• A higher cost of living
• A higher rate of car theft in Toronto
• Regulations and laws that can affect the cost of car insurance
• Increased rates of insurance fraud can contribute to the high cost of auto insurance in Toronto 

Thankfully, there are still a few ways that you can save on your car insurance premium if you reside in Toronto. 

Give the team at KBD a call, and we’ll match you with the best rate for your coverage needs. 

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There are a few reliable ways to get cheap car insurance in Toronto (or at least ways to lower it!). 

Here are a few that the brokers at KBD recommend:

1. Shop around: Compare rates from multiple insurance companies to find the best deal. 
2. Maintain a clean driving record: A good driving record can help you qualify for lower rates. Avoid getting tickets or causing accidents, as these can raise your rates.
3. Increase your deductible: A higher deductible will lower your monthly payments. 
4. Bundle your policies: Many insurance companies offer discounts if you bundle your auto insurance with other types of insurance, like homeowners or renters insurance – just make sure to have the deductible amount saved in case you need to make a claim! 
5. Download telematics: If you’re a safe driver, consider downloading telematics, an app that tracks your driving habits, and rewards good drivers.

As always, we recommend that our car insurance clients shop around to see which car insurance company can offer the best coverage and the cheapest car insurance in Toronto, for them. 

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Put simply, insurance companies need to assess the risk they’re taking on when insuring a new client. 

Generally, they’ll include the applicant’s personal information, driving history, and any other relevant factors.

These questions allow them to determine the appropriate premium to charge for that coverage, and whether the applicant is eligible. 

And in order to issue a car insurance policy in Ontario, a broker or agent needs a full copy of the client’s claim record as well as driving record.

If you provide false information, it can lead to your policy (or claim) being denied – so be honest!

That said, the broker or agent will find out your driving history anyways, so it’s better to be up front. 

Pro tip: If your application is less than ideal, and you’ve landed yourself in the high risk car insurance market, there’s still hope to get a lower rate.

Check out our guide on high risk auto insurance costs to learn how to get back into insurance companies’ good graces. 

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When you speak with your insurance broker, there are a few things to keep in mind:

• Be honest: Make sure that you provide accurate personal information and driving history. That way, you won’t be denied based on an inaccurate profile if you need to make a claim. 
• Don’t downplay the extent of damages: Likewise, if you’re in an accident, make sure that you accurately report the amount of damage so that you receive an appropriate pay out. 
• Fully understand your coverages: Know what you are and are not covered for so that there are no surprises if you need to make a claim. 

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Your monthly car insurance premium can be a big part of your budget. 

That said, every driver will have different coverage needs and premium rates based on their specific circumstances, which will affect individual prices. 

Common factors that affect the rate of car insurance for Toronto drivers (and province-wide) include: 

• The make and model of the car
• The driver’s age and driving history
• The driver’s claims history 
• The amount of coverage selected. 

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The best auto insurance for you is typically a tailored coverage package, at the best rate you can get. 

Here are some of the best ways to find the right auto insurance for your needs:

1. Shop around: Get quotes from multiple companies to find the best coverage – an insurance broker like KBD can help with that. 
2. Choose the right coverage: Make sure that you’re only paying for the coverages that you need – no more, no less. 
3. Download telematics: Also known as usage-based insurance, telematics tracks your driving habits and adjusts your rates accordingly. These programs can lead to lower rates for safe and responsible drivers.
4. Read reviews and ratings: Check out the reviews and ratings of insurance brokers and companies on Google before deciding who to go with. 
5. Bundle your policies: Many insurance companies offer discounts if you bundle your auto insurance with your home, renters, or condo insurance.

You can also look at the reputation of the insurance company, the customer service ratings, and the types of coverage that they offer. 

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Whether you’re newly licensed or you’re a first time car buyer, you will have to get your new car insured. 

That’s because car insurance is mandatory in the province of Ontario (and Canada-wide). 

To buy car insurance for the first time in Toronto, you’ll need to provide some information about yourself and your vehicle. 

This includes your driving history, the make and model of your car, and other personal information. 

But don’t worry about finding this info before calling – brokers like KBD can get access to this information simply by having your driver’s license number. 

An insurance broker can help you navigate the process and answer any questions you may have.

Visit our guide on buying car insurance for the first time to learn everything you need to know. 

Or, you can give us a call. 

The team at KBD will be happy to help. 

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