Car insurance is something that every driver needs to drive legally in Ontario. Exploring the best car insurance companies in Ontario is crucial if you want the right coverage at the best price. And while every company provides the same mandatory coverage, not all car insurance companies are created equal. In this article, we break down the top car insurance companies in Ontario.
What are the average car insurance rates for drivers in Ontario?
The average Ontarian spends $1,634 a year, or $137 a month, on car insurance. When you’re spending that much, you want to make sure you’re getting the best value for your money and that you’re taking advantage of all the auto discounts available to you.
How to calculate your monthly car insurance payment
Insurers assess many factors – including your driving record – when calculating your auto insurance premium. Your insurance rates are also determined using a combination of factors or risk characteristics. They can be divided into four categories:
- Your driving profile
- The amount of coverage you purchase
- Choice of deductible
- The insurance company you choose
Here’s a detailed breakdown of how your insurance premiums are calculated.
Factors to consider when selecting a car insurance company
There are many factors to consider when choosing the best car insurance company:
- Customer service
- How premiums are calculated
- Discounts
- Additional coverage options, or endorsements, offered
If you are thinking about looking for a better insurance premium for your car, it is important to do your research. That’s where a knowledgeable insurance broker, like isure, can help. However, it is also important to remember that many negative reviews of insurers represent customers’ frustration with situations that would likely be the same had they used any other insurance company. Therefore, it’s important to consider third-party data to get a better sense of which car insurance companies are doing the best job of satisfying their customers.
The consumer insights company, J.D. Power, conducted its most recent Canadian Auto Insurance Satisfaction survey in 2019. The study gives more weight to product/policy offerings, price, billing, payment, and non-claims interaction than it does the claims process, presumably to solve the problem of claims-related frustration.
Who are the top car insurance companies in Ontario?
Owning and driving a car over the past few years has been challenging. From vehicle shortages to soaring gas prices, you may be wondering if switching carriers can help reign in the escalating price of car ownership. If you are on the hunt for lower car insurance premiums, we’ve combed through several lists of insurers to help you decide if it’s time for a change. This includes our list of isure-approved insurer partners!
Hardbacon.ca
Hardbacon.ca is a free budgeting app that helps you take control of your finances by helping you pick the best available insurance policy. With that said, here is their list of the top 15 insurance companies, in order:
- Belairdirect
- Aviva*
- CAA insurance*
- Allstate
- Desjardin Insurance
- Onlia Insurance
- The Personal
- Echelon Insurance*
- Beneva Insurance
- Economical Insurance*
- Gore Mutual Insurance*
- Intact Insurance*
- Wawanesa Insurance*
- The Co-operators
- Jevco Insurance*
* isure is proud to partner with these companies to offer you the best savings on your car insurance needs.
Carinsurancecomparison.com
Carinsurancecomparison.com has its list of the top 10 Canadian insurance companies. Although a brokerage compiles the list, many of the same insurers as Hardbacon.ca’s list top this one:
- The Co-operators – With its five-star rating from the J.D. Power Canada Auto Insurance Satisfaction Study.
- The Personal – (Quebec & Ontario) Given five stars, as well.
- Intact Insurance* – With above-average numbers for discounts and optional coverage, Intact likely has the coverage you need.
- Desjardins Insurance – With its affordable rates, discounts, and a solid list of additional coverage.
- Belairdirect – (A subsidiary of Intact.) It is particularly suited to Uber drivers with a relatively high score in customer service, especially in Ontario.
- Aviva Insurance* – Great choice for Lyft drivers, Aviva has very affordable prices and a decent list of available discounts and additional coverage options.
- TD Insurance – Cheapest average ratings of any top 10 Canadian car insurance companies. Its modernized website allows customers to apply for discounts, buy more insurance, and manage their accounts with ease.
- Economical Insurance* – Offers a stellar list of discounts and decent customer service. However, you must buy through brokers in most regions. Customers cannot buy insurance online.
- RSA Group – While their prices run a touch higher than other insurers, RSA does well with its discounts, additional coverage options, customer service, and financial strength. Customers cannot buy insurance online.
- Sonnet Insurance – (Economical) Sonnet’s best feature is its list of discounts and add-ons, but it can be expensive. Sonnet is a great choice for people who prefer to handle things online.
Ratehub.ca
Ratehub.ca compared the top-rated car insurance companies for customer service against auto insurers rated slightly lower for customer satisfaction to find the best combination of price and customer service. Consequently, they found that the most expensive auto insurance isn’t necessarily always the best. Customer service is important, but cost is also a factor.
Here’s Ratehub.ca’s list of the best car insurance companies in Canada by price:
- Aviva
- Economical
- SGI Insurance*
- Pembridge Insurance*
- Unica Insurance
- Onlia Insurance
- Intact Insurance*
- CAA Insurance South Easthope Mutual
- Echelon Insurance*
It’s fair to say that car insurance companies sell the same set of standard policies and endorsements. However, they differ in how they calculate premiums and how they provide customer service. There are many ways to judge insurance companies, so you must look at each review with a grain of salt.
When is the best time to purchase car insurance?
It may be surprising, but when you purchase your car insurance may affect the price you will pay. We are already aware that factors, such as the car’s model, age, and safety, can affect insurance premium rates. But what about the month or day you buy? Research reveals that insurance prices in the province are lowest in July, August, September, and October. Though the explanation isn’t clear, it states that during these months, insurance companies receive a higher volume of business. This can be because car manufacturers release new vehicles during these months. This means it may be worth doing your research in the spring, so that come summer, you will be ready to buy.
When it’s time to renew your car insurance, always do your research. Better yet, speak with one of our knowledgeable insurance representatives to help you find the best Ontario insurer for your auto insurance needs. We partner with many car insurance companies that are featured in each of the car insurers lists above, so we’re happy to help you with your search!
