In Canada, the highest car insurance rates are found in Ontario. As a resident living in Ontario, you likely pay some of the highest interest rates compared to other provinces. Mississauga car insurance rates are some of the highest in Ontario. It’s important to note that where you live in Mississauga may come with a higher premium because rate factors partially depend on location. Let’s look at Mississauga car insurance rates, and how your postal code affects them.

Mississauga car insurance rates: The breakdown

Mississauga, as well as the GTA, suffers from typical big-city pressures that drive up car insurance rates:

High population density means more traffic: The average age of Ontario drivers is 40.6 years old.
A greater risk for collisions: Mississauga has the 20th highest collision claim rate at 6.7%, up 7% since 2015.
A higher likelihood of car theft and vandalism: Canadian insurers paid over $1 billion in car theft claims for the first time in 2022, according to the Insurance Bureau of Canada (IBC).

Each of these factors drives up insurance premiums and spreads costs to each insured driver in the city.

Factors that affect Mississauga car insurance rates

Mississauga is a densely populated suburb of Toronto that’s home to numerous commercial zones, as well as many residential subdivisions. It is also home to many logistics and transport operations, given that the country’s largest airport is located there. Plus, Mississauga is expanding; it recently saw its portion of Highway 401 expand its lane availability. The high cost of Mississauga car insurance reflects these aspects of the city’s makeup. Mississauga’s car insurance price is still high when you compare it against individual cities in Ontario. We’ve got a comparison below:

Sudbury: $1,258 (36% cheaper)
Waterloo: $1,351 (31% cheaper)
Oakville: $1,408 (29% cheaper)
Markham: $1,744 (12% cheaper)

Other factors that affect Mississauga car insurance rates:

Postal code: Where you live affects risk and therefore, your rates.
Make, model, and year of car: Different vehicles and vehicle types have different risks.
How much the car is driven: Daily use makes insurance more expensive than occasional use.
Your driving records: Your driving history and each motorist named on a policy are considered.

Speeding is one of the biggest contributors to collisions on Mississauga roadways, which can result in fatal or life-changing injuries. According to data from Peel Regional Police, approximately 700 serious collisions between 2015 and 2019 were caused by aggressive driving, including speeding, on city-owned roads in Mississauga. The city has adopted the Vision Zero goal; to eliminate all fatalities and serious injuries on roadways due to collisions.

Age, gender and marital status: Though some provinces limit the impact of these potentially discriminatory factors, Toronto and Ontario continue to consider these.
The level of coverage you choose beyond the provincially required minimums.
Deductible limits: Low deductibles equal higher premiums and vice versa.
High car prices: In the first quarter of 2023, a new car could cost you $61,000, up from $45,000 in 2021. A used vehicle also increased from $26,000 up to about $39,000.
Cost of servicing and replacing vehicle parts.
Rise in auto insurance claims costs.
Inflation.

Location, Location, Location- How Does Your Postal Code Rank?

According to RATESDOTCA, an online interactive tool that shows the average vehicle insurance rates by postal code, Mississauga residents paid an average estimated premium of $2,311 in 2023. That’s up by $340 (17%) from the previously recorded figure of $1,971 in 2021. This is when Mississauga was paying the fifth-most in car insurance premiums, on average. If you are wondering which neighbourhoods in Mississauga carry higher premiums, the more congested regions are typically costlier. Subdivisions are less congested than the city centre, where it’s more bumper-to-bumper. Rates get better and better the further you can move out.

According to Ashely Newport, a reporter for the online magazine INSAUGA.COM, the ranking for car insurance rates for Mississauga’s 22 neighbourhoods is as follows:

The four least expensive postal codes in Mississauga belong to Erindale, Meadowvale, Port Credit and Streetsville, each costing drivers $1,558 yearly or $130 per month.
The most expensive postal codes belong to East Credit, Hurontario and Malton, with insurance rates ranging from $2,001 to $2,262 yearly.
Most postal codes fall within the $1,600 to $1,850 yearly range. Some areas in this category include Erin Mills, Lakeview, Cooksville and Applewood.

The Financial Services Regulatory Authority of Ontario, which oversees car insurance rates in Ontario, recommends comparing rates from at least three car insurance providers before buying a policy. As your broker, isure provides clients with the best access to affordable Mississauga auto insurance rates, and other cities across the province. As Ontario’s leading independent insurance brokerage, we offer you high-quality service and fast results you can count on. We aim to find you the best auto insurance rate and coverage, both quickly and efficiently. Start by getting an online quote with us or by contacting us directly.