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Article Contents
By <span>Aren Mirzaian</span>
By Aren Mirzaian

Updated on March 12, 2024

Visit author page
By <span>Aren Mirzaian</span>
By Aren Mirzaian

Updated March 12, 2024

Visit author page

12 minute read

Article Contents

Why You Should Compare Car Insurance

Selecting a car insurance policy can be confusing, especially with all the insurance companies bidding for your hard-earned dollar. Shopping around for your car insurance policy is the key to getting the best deal out there as it allows you to assess all your different coverage options, hopefully in one place.

That’s where we come in, at MyChoice, we make that process easy, we give you choice and the ability to compare all your different options from Canada’s top insurers. Not forgetting by using MyChoice you can view all your available options in the same place and have peace of mind knowing that you got the best deal, tailored for you.

Quick Facts About Auto Insurance in Canada

  • British Columbia has the highest average auto insurance rates in Canada, followed by Ontario and Alberta.
  • No province is the same but there are consistencies with mandatory coverages and recommended/optional extras.
  • It is mandatory to have some form of car insurance in every Canadian province.

Who Provides Car Insurance Quotes in Canada

The following table highlights some of the most popular car insurance providers across Canada and the provinces where they operate.

Insurance Brokers

Insurance brokers are independent providers who can compare insurance providers and find you the best policy deals. Brokers are often very knowledgeable about the auto insurance market, so they’re well-equipped to answer your questions about insurance.

Direct Writers

Direct writers are similar to agents in that they only sell products from one insurer. They are usually cheaper because they don’t have physical offices, but you can’t book a face-to-face meeting with them.

Insurance Agents

Insurance agents are employed under a certain insurer, so their policy selection may be limited compared to brokers. However, they know the company’s insurance policies like the back of their hand and can give you discounts not available to brokers. Insurance agents can also close sales independently, ensuring your policy sale finishes quickly.

Insurance Aggregators

Aggregator websites like MyChoice gather offers from multiple insurers in one place to help drivers find the best deals. These sites are entirely free for customers, so you can get quotes and find the right policy without spending anything.

How to Get Cheaper Car Insurance

Compare Rates Between Insurers

Auto insurance is a highly competitive market, so insurers are constantly vying for your business. When insurers try to give you the best deals, it’s you who wins. Compare rates and shop around to see which insurance provider fits your auto protection needs affordably.

Take Bundled Policies

One of the best ways to save money while shopping is to buy a package deal, and insurance is no different. If you bundle home and auto insurance from the same company, you’re much more likely to get lower rates.

Ask For A Higher Deductible

You must pay a deductible on insurance claims before your carrier covers the remaining expenses. A higher deductible means paying extra if something happens to your car, but it also means you’ll get lower insurance premiums.

Request Group Discounts

Many insurance companies deal in group discounts for companies and other organizations. If you’re shopping for auto insurance in Canada for work, ask your agent about group deals and discounts.

Pay Annual Premiums

Paying annual insurance premiums might look expensive initially, but it’s generally cheaper than paying them monthly. Ask your insurers about half-year premiums if you can’t afford annual premiums.

Drive Safely

Motor vehicle offences and accidents stay on your record for years. Unfortunately, any driving violation on your record will considerably increase your insurance rates. However, this also means you’ll get lower auto insurance rates if you have no offences on record.

Consider Taking Usage-Based Insurance

Usage-based insurance (UBI) or pay-as-you-go insurance tracks your driving behaviour to determine how much you must pay for insurance. Taking UBI lets you save up to 30% on your annual premiums, so it’s a good option if you consider yourself a safe driver.

Take Driving Courses

Accredited driving lessons make you a safer driver and let you earn discounts on auto insurance in some specific provinces in Canada, see our FAQ below for the full list.

Choose the Coverage You Need

Naturally, more insurance protection leads to higher rates. While some auto insurance coverage is mandatory, you have optional insurance coverage like at-fault accident and theft protection. Review your policy and skip unnecessary optional coverage to save on insurance premiums.

Buy Affordable Cars

Cars that are expensive and hard to replace tend to get hit with higher premiums. If possible, buy affordable and reliable cars that are more common and easy to repair or replace if you want lower insurance rates.

Most Common Car Insurance Coverage Options in Canada

The coverage options available to you in Canada will ultimately depend on which province you live in but generally speaking, there are consistencies across each province that can be grouped into either mandatory coverage, recommended add-ons or optional add-ons.

Third-Party Liability (TPL) Coverage 

This insurance component provides financial compensation if you cause an accident that results in car damage or somebody getting hurt or killed. The amount of coverage you need to have will vary slighty from one province to another.

Statutory Accident Benefits Coverage

This insurance component pays for your medical bills, rehabilitation, and possible funeral expenses if you get hurt or killed in a car accident, regardless of who’s at fault. Accident benefits coverage also offers income replacement for drivers, passengers and pedestrians involved in the collision.

Uninsured Automobile Insurance 

Uninsured automobile insurance covers your medical bills and funeral expenses if you’re struck by uninsured vehicles or hit-and-run drivers. Additionally, it compensates for vehicular damage caused by uninsured drivers.

Direct Compensation – Property Damage (DC-PD) Insurance

In provinces with a no-fault insurance system, DC-PD means you deal with your own insurer for vehicle repairs and other property damages, regardless of who’s at fault in an accident​.

Once you meet the minimum car insurance coverage requirements for your province of residence, you can legally drive in Canada. However, it pays to have extra protection beyond the basics in case you get into an accident.

Since minimum car insurance only goes so far, we’ve got some recommended add-on coverage options you may want to consider:

Extra TPL Coverage or Extra Additional Statutory Accident Benefits

Often the mandatory dollar amount coverage for TPL is considered to be too low, most drivers will often choose to get coverage in the region of $1,000,000. The same can be said for accident benefits coverage, whether in the form are extra coverage for medical bills or a higher amount of protection for income replacement coverage.

Collision and Comprehensive Coverage

Both these options are not mandatory but highly recommended, collision coverage will take care of the costs related to repair or replacement of your vehicle if you’re at fault in a collision with another car or object, like a tree for example.

Comprehensive coverage will cover damages to your vehicle caused by events other than a collision, such as fire, theft, vandalism, or weather-related incidents.

In addition to mandatory insurance coverage and recommended options outlined above, you can choose to take optional insurance coverage like:

Specified Perils Protection

Specified perils insurance coverage protects you from loss or damage due to a specific cause. The most common perils insured are:

It’s worth mentioning that if you choose to take comprehensive auto insurance you’d be covered for all these perils.

Gap Insurance

This type of add-on will offer coverage for the ‘gap’ between the owed amount on a car loan and the car’s actual value in case of total loss or theft.

Usage Based Insurance

This is a customized insurance policy that bases premiums on driving behavior, often tracked through a device in the vehicle or a mobile app​​.

What Information Do You Need For a Car Insurance Quote

To get a car insurance quote you’ll need to have the following information on hand so you can get an accurate rate. Regardless of whether you’re switching insurance providers or getting auto insurance for the first time, you’ll need to provide – driver details, vehicle details, previous insurance history and current insurance information.

Driver Details

You’ll need all the personal details of every person you intend to be on your insurance policy. Information such as name, address, date of birth and type of licence are all common requirements.

Previous Insurance History

This involves providing information on when you were first insured, how long you’ve been insured and your current policy tenure. You should also provide any information on previous claims or infractions (tickets, traffic convictions) you’ve incurred.

Vehicle Details

You will need your vehicle make, model, year, main purpose (work, school, business etc) as well as information on daily and annual kilometres driven. If you are planning to insure more than one vehicle you need the information of both vehicles.

Current Insurance Information

Have your current policy information to hand so you can easily compare any key differences and refer to if need be. You’ll also want to ensure you are getting your desired coverage, such as comprehensive and collision or one or the other.

What Factors Affect Your Car Insurance Rate

There are many different factors at play that affect the price of your car insurance, some are given a greater level of importance by certain insurance companies and some are not. One thing that’s important to remember is you’ll often receive a different rate to your neighbour as you’ll likely have a different vehicle and personal insurance history, the rate you receive doesn’t just come down to where you like.

Take a look at some of the more important elements that affect the price of your car insurance below:

Age, Gender, and Marital Status

Your personal demographics will influence auto insurance premiums Canada wide because different people have varying accident risks. 

Younger people tend to get higher premiums because insurance companies see them as more accident-prone than older people. Generally, your car insurance rates start decreasing when you hit 25 years old as long as you keep a safe driving record. However, insurance premiums increase again for people aged 65 and older because they’re more likely to be injured or killed in traffic accidents.

Women often get lower insurance rates because they’re seen as more careful drivers and don’t take as many risks as men.

Marital status also determines your rates because most insurance companies see married people as more financially stable and less-risky drivers. Married couples also tend to bundle home and auto insurance, saving more on premiums.

Location

People who live in urban areas often see higher insurance premiums because they’re more prone to car accidents and theft. 

Vehicle Make and Model

Expensive cars are more costly to repair or replace, so insurance premiums are usually higher than more common vehicles. You can install security features like anti-theft devices if you have an expensive car and want to save on insurance premiums.

Driving History

People who drive safely are rewarded with lower premiums because they’re usually less likely to get into a traffic accident. Conversely, people who have gotten into multiple accidents get higher premiums because they’re more likely to be involved in another accident down the line.

Driving Activity

Logic dictates that people who drive frequently are more likely to get in an accident. Therefore, kilometres driven is one of the determining factors that set your auto insurance rates.

Insurance Coverage Chosen

Your coverage options influence your insurance rates because taking more coverage gives you more protection. Naturally, the more coverage you choose, the higher your rates.

Policy Discounts

Getting discounts can lower your auto insurance rates and make them more affordable. You can typically get discounts by bundling home and auto insurance or asking for a group discount for your workplace or organization.

Vehicle Model Accident Rates and Repair Costs

Some cars are just more accident-prone than others. Even if you have a spotless driving record, owning a car model infamous for having high accident rates will increase your insurance premiums.

Naturally, older cars are more expensive to insure because they may not have all the safety features of newer vehicles. If you insist on driving a vintage car everywhere, make sure you can pay the insurance premiums.

Past Insurance Claims

Any auto insurance claims will drive your premiums up, regardless of who’s at fault. If you’ve had to make numerous insurance claims, the insurer will see you as a high-risk policyholder and give you a higher rate to insure you.

Average Auto Insurance Rates by Province

The following table represents a comparison of the average car insurance rates across the Canadian provinces.

ProvinceAvg. Per Year% Diff From National Average
British Columbia$1,51651.2%
Alberta$1,21120.8%
Saskatchewan$775-22.6%
Manitoba$1,0010.1%
Ontario$1,38538.2%
Quebec$718-28.3%
New Brunswick$763-23.8%
Nova Scotia$820-18.1%
Prince Edward Island$755-24.6%
Newfoundland$1,0757.2%

This annual summary provides a comparison of the cost of having to insure your vehicle, depending on where you live. Leading the way, which may come as a surprise is British Columbia, thanks largely due to their private government run insurance system. Next on the list of high car insurance costs, are Ontario and Alberta respectively.

Most Popular Car Insurance Providers in Canada

The following table highlights some of the most popular car insurance providers across Canada and the provinces where they operate.

Take a look at our top companies in Ontario for a more detailed overview, plus some additional insurance providers that are not on the list below.

Car Insurance ProviderProvinces Available*
AvivaAll exc. BC, MB, SK
Canadian Auto Association (CAA)All exc. BC, MB, SK
AllstateAB, NB, NS, ON, QC
BelairdirectAB, NB, NL, NS, ON, PEI, QC
IntactNationwide
TD InsuranceAll exc. BC, MB, SK
RBC InsuranceAll exc. BC, MB, SK
TravelersAB, NB, NL, NS, ON, PEI, Territories, NU, YK
Wawanesa AB, NB, NL, NS, ON, PEI, QC
*Provinces are subject to change.

Why Has The Price of Auto Insurance Gone Up in 2024?

Insurance companies are already seeking rate increases again to their 2024 prices, partly due to their own costs increasing and some external factors.

Claims Cost and Inflation: Insurers’ claim costs, impacted by inflation, affect auto insurance rates. Unfortunately, as the cost of living continues to increase so does the price of insurance.

Increased Traffic Post-Pandemic: With the return to normal traffic levels, there’s a likelihood of more claims. During the pandemic, fewer claims were processed due to less traffic, leading to decreased or stable rates and rebates. Now, as driving rates normalize, insurers are looking to raise rates.

Rising Repair Costs: Inflation and supply chain issues have increased the costs of cars, parts, and services. The complex design of modern cars also contributes to higher repair costs.

Supply Chain Issues: Supply chain disruptions have greatly impacted the automotive industry across Canada, particularly due to its global nature and reliance on parts from various countries. Additionally, logistical challenges like container shortages and port congestion have exacerbated these problems, resulting in longer lead times and higher costs.

Rise in Auto Theft in Canada: A significant increase in car thefts, especially catalytic converters, is putting upward pressure on insurance rates. These thefts are costly for insurance companies.

Car Insurance Fraud: Some common examples include staging an accident, dumping a vehicle, lying about where you live or not telling the truth to insurance companies about car repairs. Fraud will always be a problem but this does play a role in the price increase for car insurance in 2024.

Number of Licensed Drivers by Age in Canada

The below chart offers a comprehensive overview of the distribution of licensed drivers by age group in the year 2021.

A total of over 27 million drivers were recorded, with the largest number falling within the 65+ age bracket, with 5,553,805 licensed individuals, a surprisingly high number of licenses retained or obtained by the senior population in Canada. The age bracket 25 – 34 and 35 – 44 are next on the list, showing a robust representation of middle-aged drivers.

Commonly Asked Questions About Auto Insurance

How much does car insurance cost in Canada?

In Canada, the cost of car insurance varies by province due to different insurance systems and factors like accident rates and regional regulations. Our table above shows the average cost by province.

These are general averages and individual rates can vary greatly based on personal factors like driving history, vehicle type, and specific location within a province. For example, insurance costs can range from around $1,845 annually for a Tesla in Ottawa for a 45-year-old driver with a clean record to over $4,000 for a BMW in Mississauga for a 20-year-old driver with 3 demerit points, demonstrating the impact of personal factors on insurance premiums.

What kind of auto insurance policies are out there?

As previously mentioned above, there are three main areas of auto insurance policies available in Canada, they are mandatory coverage, recommended coverage and optional add-ons. We dive deep into each one and specific coverages further above.

What are the penalties for driving without insurance?

Typically, fines can range anywhere between $5,000 – $50,000, your license suspended or your vehicle impounded. Not only is this bad in the short term it also does no favours for you in the long run, if you are convicted you can expect to be labelled, as what the insurance companies like to call, a high risk driver. As a result of this, you will no doubt have to pay higher than average insurance rates for the foreseeable future.

Is car insurance required by law in Canada?

Simple answer, yes. If you hold a driver’s license and drive a car you must ensure that you have some sort of car insurance, no matter what province you reside in.

Is it cheaper to pay monthly or annually for car insurance?

The short answer is yes, generally paying annually will be cheaper than monthly. Some insurers offer a discount of up to around 7%.

Will a drivers ed course make my car insurance cheaper?

If you can show you are a safe driver then you should receive cheaper car insurance, as a new driver this can be tough but one way to overcome that is to enroll in a government-certified driving school course.

However, this is not available in all Canadian provinces, the driving school discount is only available in Alberta, New Brunswick, Newfoundland & Labrador, Nova Scotia, Ontario and Prince Edward Island.

Does car insurance differ by province?

While there are consistencies across provinces they are not the same, minimum coverage amounts will vary and some provinces like British Columbia and Manitoba have their car insurance provided by government-owned corporations.

Can I be an Uber driver with regular car insurance?

Even though Lyft and Uber cover you with commercial insurance during rideshare service, it’s mandatory to carry your own car insurance. In Canada, all drivers are legally required to have third-party liability coverage, a component typically included in standard insurance policies.

What happens when I receive an auto insurance quote I like on MyChoice?

When you complete our quoting form, you’ll be shown a list of rates and we assume that the quote you like is the cheapest one.

After that, in most cases, one of our broker partners will contact you right away to see if you want to proceed and purchase the policy, or alternatively, you could call the brokerage directly with the number we provide. The broker will be able to answer any questions you have.

In the scenario where your cheapest rate is from a direct insurer, think Onlia for example, you will have the option to purchase your policy online with them, 24/7, just follow the link once you see the rate and complete the purchase with them. This would be a similar process for any of our other direct insurance partners.

What car insurance companies will I get to see quotes from?

MyChoice partners with over 30 top insurance companies in Canada, offering a mix of direct insurers and traditional insurance companies, giving you the ultimate amount of choice and convenience.

Methodology

Sample Size

We analyzed over 50,000 auto insurance quotes across Canada.

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Single driver, one car, currently insured, and a pristine driving record. Our base profile is a 35-year-old individual (both male and female) with a spotless driving record.

Incident Profiles

We examined how rates change by evaluating profiles with a clean record (standard), one at-fault accident, a single speeding ticket, license suspension for alcohol related offenses and insurance cancellation due to non-payment.

Vehicle Details

These individuals own a 2018 Honda Civic, commute five days a week, and cover a distance of 15,000 kilometres annually.

Vehicle Models

Costs were also analyzed for different vehicles: Mazda CX-5, Ford Escape, Toyota Corolla, Honda Accord, Chevrolet Equinox, and the base 2018 Honda Civic.

Age and Homeownership

Profiles from age 18-65 (standard: 35 years) were considered. Depending on age, individuals might rent or own their homes. Age-related regulations may vary across provinces.

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