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MyChoice serves as an independent intermediary between you, financial institutions and licensed professionals without any additional charge to our users. In the interest of transparency, we disclose that we partner with some of the providers we write about – we also list many financial services without any financial gain. MyChoice does not operate a financial institution or brokerage and to ensure accuracy, our content is reviewed by licensed professionals. Our unique position means that we hold no recurring stake in your policy, ensuring our mission to help Canadians make better financial decisions is free of bias or discrimination. 

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$72.75Feb 08, 2025, 05:12 AMAuto65FemaleEtobicoke
$53.69Feb 08, 2025, 08:27 AMHome69MaleCambridge
$13.60Feb 08, 2025, 10:53 PMTenant39FemaleOttawa
$27.85Feb 08, 2025, 07:10 PMLife45FemaleBrantford

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

Updated on September 6, 2024

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

Updated September 6, 2024

Visit author page

12 minute read

Article Contents

Compare cheap car insurance quotes from the best providers

Selecting a car insurance policy can be confusing, especially with all the competition bidding for your hard earned dollar. Shopping around for your insurance policy is the key to getting the best deal out there. At MyChoice, we make that process easy. We give you choice and peace of mind that you got the best deal, tailored for you.

Getting started is a piece of cake! To get going, just fill out the form and follow the steps. Here you will be able to compare a selection of auto insurance rates from top providers to help you save – it’s as simple as that.

How are auto insurance rates set?

Everybody’s insurance premiums are different and that’s because a combination of factors are often used when determining what insurance rate someone should get. There are many factors that come into play such as geography, traffic congestion, previous claims and the insurance company itself. However, perhaps the most important factors are: where you drive, mileage, driving record, previous claims and the number of drivers in your household who use the vehicle.

Is auto insurance required?

Simple answer, yes. If you hold a driver’s license and drive a car it is mandatory for you to ensure that you have some sort of car insurance. Every driver will have a different premium but it is the job of an organization called Facility Association enabling all licensed drivers who require insurance to obtain it.

What’s the minimum requirement for auto insurance?

 It’s important to understand all the relevant minimum requirements for auto insurance, basically insurance is split into mandatory and optional coverage. To legally drive, you must have the have the following in your policy:
Third Party Liability Coverage – By law you must carry a minimum of $200,000 in coverage.
 
Accident Benefit Coverage – If you become injured in an accident this coverage provides you with benefits regardless of who was at fault.
 
Direct Compensation – Property Damage (DC-PD) Coverage – This section of your policy provides you with cover to your vehicle if it is damaged or its contents, even if you are not responsible for the accident.
 
Uninsured Auto Coverage – This effectively covers you and your family if anyone is injured or killed and your vehicle for damages if it occurs at the hands of an uninsured driver.

What kind of auto insurance policies are out there?

 As previously mentioned above, there are two main areas of auto insurance policies available which are either mandatory or optional.
Mandatory obligations include third party liability coverage, accident benefit coverage, direct compensation property damage and uninsured driver coverage. Each of these obligations are spoken of more detail above.
Next, that just leaves us with the optional auto insurance policies, these should definitely be considered as they may end up saving you money down the track if you have insufficient coverage. Overall, there are a number of optional extras available to drivers, some of the more popular ones are: collision coverage, comprehensive coverage, third party liability (increase in coverage amount) and transport replacement coverage.

What are the penalties for driving without insurance?

 Having already stated that it is the law to have car insurance for all drivers, so naturally if you do not, there will be repercussions. Typically, fines can range anywhere between $5,000 – $50,000, your license suspended or 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.

Average Auto Insurance Rates by Province

The following table represents a comparison of the average car insurance rates across the Canadian provinces. Ontarians pay a disproportionate amount more than other provinces for their car insurance.

Province Auto Insurance
British Columbia $1,316
Alberta $1,179
Saskatchewan $775
Manitoba $1,001
Ontario $1,458
Quebec $724
New Brunswick $763
Nova Scotia $755
Prince Edward Island $755
Newfoundland $1,090

This annual summary provides a comparison of the cost of having to insure your vehicle, depending on where you live. Leading the way, as you may expect is Ontario, thanks largely due to the number of drivers in the province and its heavily populated cities. Next on the list of high car insurance costs, are British Columbia and Alberta respectively.

Most Popular Car Insurance Companies

Repair costs are rising. Insurance claims are rising. The driving population is rising. Unfortunately, these factors have resulted in Canadian residents seeing auto insurance premiums skyrocket and, consequentially, customer satisfaction levels drop – according to the newest J.D. Power Canada Auto Insurance Satisfaction Study. Here are the most popular insurance companies in Ontario, ranked. You can compare these and more at MyChoice!

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.

Team

MyChoice data science, MyChoice research.

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