Ontario added gender X as an choice for driver’s licence purposes in 2017. Some insurers cost the identical price for gender X drivers as they do for feminine drivers, whereas others use a median of charges for women and men, says the Canadian Institute of Actuaries.
In June 2024, the Insurance Brokers Association of Ontario reported that fewer than a 3rd of insurance coverage firms provide the choice of choosing gender X when making use of for insurance coverage. The Financial Services Regulatory Authority of Ontario (FSRAO) has set steerage that every 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 rushing tickets, accidents or driving convictions. driving document means decrease premiums, says the FSRAO.
Marital standing
Whether or not or not you’re married can even have an effect on how a lot you’re charged for automobile insurance coverage. Canadian insurers will ask about your marital standing while you apply. Why? Insurers view married folks as much less dangerous drivers, partly as a result of they could have children within the automobile. In Ontario, they take this into consideration when figuring out your insurance coverage premium, based on 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 every day commuter? Do you drive children to high school day-after-day? Do you are taking many highway journeys? Your insurance coverage charges will possible be increased, due to the kilometres you rack up. Low-mileage drivers—sometimes, those that drive lower than 10,000 kilometres per 12 months—could also be provided a reduction.
How automobile sort impacts insurance coverage premiums
Claims rankings for various automobiles—that are organized by make, mannequin, physique fashion and mannequin 12 months—play a job in insurance coverage charges, says the Insurance Bureau of Canada (IBC). These rankings are calculated utilizing elements like theft charges, automobile design (some are safer or much less prone to collision injury), restore prices and substitute worth (which works down as your automobile ages).
How a lot is auto insurance coverage in Toronto?
Automotive insurance coverage in Toronto and the Higher Toronto Space (GTA) is dearer than in different components of Ontario. There’s no getting round that truth.
Right here’s why it’s dearer within the metropolis. If you happen to stay someplace the place motorcar accidents and auto theft are extra widespread, your automobile insurance coverage premiums will possible be increased. Toronto is a kind of locations, particularly if you happen to 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.”
