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London Car Insurance

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

Updated July 19, 2023

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

Updated July 19, 2023

Visit author page
Article Contents

About Car Insurance in London

The city of London, Ontario can initially be confusing for non-residents and foreigners alike, thanks to the rather similar namesakes shared with its counterpart in the United Kingdom. Originally established as a town in the early 19th century, the city was erected to form the new district town for the region, and as they say, the rest is history.

London has since prospered into one of the largest municipality’s in South Western Ontario, bringing with it numerous heritage buildings and a commercial downtown. With this comes cars and as the preferred mode of transport all London drivers are required to have some sort of car insurance. You can start comparing the cheapest rates and quotes from a range of providers, here at MyChoice.

London Car Insurance FAQs

How much is car insurance in London?

The average cost for car insurance in London is around $1,509 per year. It’s important to note that many different factors go into determining the cost of your insurance. Location is just one of those factors. Some factors that affect your insurance rate are within your control, like the type of car you drive, how much you drive, the postal code you live in, and your driving record. Other factors are outside of your control, like your age and gender. Each of these factors, and more, can influence your car insurance rate.

Is car insurance in London expensive?

Car insurance in London is relatively inexpensive when you compare it against the averages in both Ontario and Canada in general. London and Ontario have similar average costs. Ontario has an average cost for car insurance of $1,505 per year, while the average for London is $1,509. The average cost of insurance for all of Canada is $1,320 per year. As mentioned, each situation is different, and many factors go into determining your car insurance rate. Just living in London doesn’t guarantee your car insurance will be expensive.

What is the cheapest postal code for car insurance in London?

The N5X region in London is one of the cheapest postal codes for car insurance. It encompasses the neighbourhoods of Fanshawe, Stoney Creek, Northdale, Stoney Brooke. Your car insurance rate is based on many things in addition to your zip code. While your postal code could impact your car insurance rate, it’s unlikely to be the most significant factor.

What are the most dangerous intersections in London?

There are a few intersections in London that are considered dangerous. The intersection of Wellington Road South and Exeter Road sees more collisions than any other in London. Some other particularly dangerous intersections in London include Wellington Road at Commissioners Road East and Highbury Avenue at Oxford Street East. These intersections have a higher-than-average number of accidents and collisions each year and might be better to avoid.

Average Auto Insurance Rates in London

Given the geographical proximity of the city from Toronto, one would expect that the average car insurance rate for London someone would pay is cheaper than the GTA average. Unfortunately, there isn’t too greater a difference as London is still considered a fairly busy city in its own right, not too much different from its larger counterpart!

In fact, some of the most recent research has shown that the average insurance rate a driver will pay who resides in London is around $1,509, which is right on par with the Ontario average of around $1,505 a premium.

Although, living in a smaller city such as this one obviously comes with added benefits, such as having less traffic on the roads and a shorter commute for most people, however the smaller city doesn’t help reduce those insurance premiums. With that being said, don’t let it deter you from finding a great deal, as it certainly pays to shop around and that’s where we come in.

Average Car Insurance Rate =$1,509

When is a Good Time to Compare Car Insurance in London?

As a London driver, you can compare car insurance rates at any time. However, the best time to compare car insurance rates is when your current policy is up for renewal or is changing. This makes it easier to switch policies if you find a better rate with another company.

You can also compare auto insurance quotes when details about you (or other drivers on your policy) change. That includes changes to your marital status, address, and/or driving record. If your financial situation changes drastically, this is another good time to start comparing quotes to find the best rate available.

Motor Vehicle Theft is a Problem in London Ontario

As you will notice from the chart below, motor vehicle thefts have been steadily on the rise in London. The latest accessible police report has shown an increase of approximately 28% in thefts within the city from 2015 to 2019.

When car insurance companies are calculating different rates one thing they will take into consideration is your postal code and the crime in the area. In fact London actually has 2nd highest rate of vehicle theft in the whole of Ontario, this alone will affect the price of car insurance for residents of the city.

Source: London Police Report, 2019

Which Car is The Cheapest to Insure if you Live in London?

The Toyota Corolla is one of the cheapest cars to insure in London. It is considered a well-built, safe, and reliable car – all of which help lower the cost to insure it.

The price of insurance for a specific car is determined by a number of different factors, including crash test ratings, safety features and safety rating, age of the vehicle, and location of the driver (i.e., where you’ll be driving your car).

How to Find the Cheapest Auto Insurance in London

There are a few ways to find the cheapest car insurance in London, but comparing rates is the most effective option. As all insurance companies use a different formula to determine premiums, even with the same vehicle, driver, and coverage options, rates can vary drastically from provider to provider.

It’s also worth it to adjust coverage options to see if you can get your quote lower. While Ontario does have mandatory insurance requirements that you must meet, you have room to drop optional coverage, change payment frequency, and increase deductible amounts.

You can also search for specific insurance discounts that are applicable to you. Many providers offer a long list of opportunities to save. For instance, installing an anti-theft device, keeping a clean driving record, or bundling your home insurance could save you a lot on your car insurance.

Likewise, be sure to check with your current insurance company to see if they offer any type of loyalty discounts for staying with them. If you’ve been with your insurance company for a long time, they may be willing to offer you a lower rate to get you to stay.

Driving in London What You Need to Know

London usually isn’t too tricky to navigate but nevertheless we’ve selected our best tips to help you when the going gets tough

So check out our top 5 tips for getting cheap car insurance below.

  • When travelling by car in or around London, be mindful that the city is situated at the junctions of Highway 401 and 402. These are two busy, fast highways with lots of traffic to contend with.
  • London follows a simple grid structure for its layout in the downtown core, similar to other big cities in Ontario, this will make it easier getting around.
  • One of the main streets in the downtown core is King St, this acts as one of the main arteries for commuters and this road is one of the one-way streets in the city.
  • Located just north of the beautiful Victoria Park, is the busy Oxford St, lined with restaurants and other businesses. This main road is one of the longest in the city at just over 20km and is prone to a number of car accidents, so remember to take care.

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