Ontario added gender X as an choice for driver’s licence purposes in 2017. Some insurers cost the identical fee for gender X drivers as they do for feminine drivers, whereas others use a mean of charges for men and women, says the Canadian Institute of Actuaries.
In June 2024, the Insurance coverage Brokers Affiliation of Ontario reported that fewer than a 3rd of insurance coverage corporations supply the choice of choosing gender X when making use of for insurance coverage. The Monetary Providers Regulatory Authority of Ontario (FSRAO) has set steering that each one insurers within the province should account for gender X of their practices earlier than Jan. 1, 2026.
Driving document
Your driving document consists of how lengthy you’ve had a licence, the quantity of driver training you’ve, and whether or not you’ve had any dashing tickets, accidents or driving convictions. A very good driving document means decrease premiums, says the FSRAO.
Marital standing
Whether or not or not you’re married may also have an effect on how a lot you’re charged for automobile insurance coverage. Canadian insurers will ask about your marital standing whenever you apply. Why? Insurers view married individuals as much less dangerous drivers, partly as a result of they could have children within the automotive. In Ontario, they take this into consideration when figuring out your insurance coverage premium, in accordance with Ratehub.ca. (MoneySense and Ratehub.ca are each owned by Ratehub Inc.)
How a lot you drive can have an effect on your insurance coverage price
Are you a each day commuter? Do you drive children to high school day-after-day? Do you’re taking many street journeys? Your insurance coverage charges will doubtless be greater, due to the kilometres you rack up. Low-mileage drivers—usually, those that drive lower than 10,000 kilometres per yr—could also be provided a reduction.
How automobile kind impacts insurance coverage premiums
Claims rankings for various autos—that are organized by make, mannequin, physique model and mannequin yr—play a job in insurance coverage charges, says the Insurance coverage Bureau of Canada (IBC). These rankings are calculated utilizing elements like theft charges, automobile design (some are safer or much less inclined to collision injury), restore prices and alternative worth (which matches down as your automotive ages).
How a lot is auto insurance coverage in Toronto?
Automotive insurance coverage in Toronto and the Better Toronto Space (GTA) is costlier than in different components of Ontario. There’s no getting round that truth.
Right here’s why it’s costlier within the metropolis. Should you stay someplace the place motorcar accidents and auto theft are extra widespread, your automobile insurance coverage premiums will doubtless be greater. Toronto is a kind of locations, particularly in the event you stay in sure neighbourhoods. The Wellesley Institute, a non-profit analysis group, notes: “In Toronto, the very best premiums affect residents with postal codes based mostly in Etobicoke, North York and Scarborough.”