Toronto auto insurance premiums have gained a reputation for being the most expensive among all Canadian provinces. However, despite the Ontario government’s continuous efforts to address the issue, these premiums remain persistently high due to factors such as elevated claim ratios and insurance fraud.

While it is possible to lower Toronto auto insurance premiums, it often entails a reduction in coverage proportionate to the decrease in cost. As a potential solution, opting for a higher deductible can be a viable option if it is affordable for you.

It’s worth noting that more than 30 insurance companies offer Toronto auto insurance through various distribution channels. These include insurance brokers, exclusive insurance agents, and direct online or telephone sales. As a result, fierce competition exists among these companies, as they strive to differentiate themselves through variations in premiums, coverage, limits, bundles, and discounts.

When it comes to insurance agents, they exclusively represent one insurance company, such as All State, Cooperators, Desjardins, State Farm, TD Insurance, RBC Insurance, and others. To ensure adherence to industry standards, the Financial Services Regulatory Authority (FSRA) regulates all insurance agents, providing oversight and protection for consumers.

On the other hand, insurance brokers are required to represent at least two insurance companies, typically representing three to ten. The Registered Insurance Brokers of Ontario (RIBO) serves as the regulatory body for all insurance brokers, responsible for overseeing their operations and ensuring compliance with industry regulations including Toronto auto insurance

To effectively explore car insurance options from the extensive range of 30 insurance companies, it is advisable to reach out to one or two insurance brokers who represent multiple insurance companies. Additionally, connecting with more than ten insurance agents representing individual insurance companies can provide a comprehensive overview of available options.

When conducting a search for good and affordable car insurance, it is prudent to check the registration status of the insurance agent or broker with either FSRA or RIBO. This simple step ensures that they operate within the regulatory framework and uphold industry standards, offering you peace of mind and protection as a consumer.

Insurance Required by Law

Third Party Liability – Toronto Auto Insurance

$200,000 Minimum

Accident Benefits

  • Income Replacement
  • Caregiver, Housekeeping and Home Maintenance
  • Medical and Rehabilitation
  • Attendant Care
  • Death and Funeral
  • Index

Uninsured Automobile

Direct Compensation-Property Damage

Optional Insurance

Increased Liability

Usually up to $1,000,000 or $2,000,000

Optional Accident Benefits

  • Increased Income Replacement
  • Increased Medical, Rehabilitation and Attendant Care
  • Additional Catastrophic Impairment
  • Caregiver Benefit

Loss or Damage to Your Automobile – Toronto Auto Insurance

  •  Specified Perils
  •  Collision or Upset
  • Comprehensive
  • All Perils

Various endorsements

OPCF 5 – Rented or Leased Vehicles

OPCF 44R – Family Protection Coverage

Endorsement OPCF 20 – Coverage for Transportation Replacement

OPCF 27 – Damage for Liability to Non-Owned Automobiles

OPCF 43 – Removing Depreciation Deduction

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