It seems that Toronto car insurance premiums, are the most expensive amongst all Canadian provinces. The Ontario government keeps trying to mitigate the rise of Toronto car insurance premiums but due to high claim ratios and insurance fraud, the premiums stay in a high level.

You can make Toronto car insurance premiums lower but usually it means the coverage is also reduced accordingly. If you can afford the deductible, it would be a good idea to choose a higher deductible.

There are more than 30 insurance companies that provide Toronto car insurance through different distribution channels. They are through insurance brokers, exclusive insurance agents or direct insurance sales through online or telephone. They are competing so hard and try to differentiate from one from another with premiums, coverage, limits, bundles and discounts.

An insurance agent represents only one insurance company, for insurance, All State, Cooperators, Desjardins, State Farm, TD insurance, RBC insurance and etc. the Financial Services Regulatory Authority (FSRA) regulates all insurance agents.

Insurance brokers must represent more than 2 insurance companies. Usually they represent 3 to 10 insurance companies. Registered Insurance Brokers of Ontario (RIBO) regulates all insurance brokers.

So in order to shop car insurance at 30 insurance companies you need to contact at least one or two insurance brokers who represent approximately 10 different insurance companies and more than 10 insurance agents who represent a single insurance company.

When you would like to find good and inexpensive car insurance, you may check the name to see if the insurance agent or broker is registered with FSRA or RIBO.

Insurance Required by Law

Third Party Liability – Toronto Car Insurance

$200,000 Minimum

Accident Benefits

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

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

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

OPCF 44R – Family Protection Coverage

OPCF 20 – Coverage for Transportation Replacement

OPCF 27 – Damage for Liability to Non-Owned Automobiles

OPCF 43 – Removing Depreciation Deduction

We may take time to respond as we are short-staffed.