You might be planning a big move across Toronto or the GTA, and you’re excited about exploring the new location, meeting your neighbors, and the shorter commute to work. One factor you may not have considered before making the leap is your car insurance; yes, your car insurance. According to Adam Mayers, “Insurance companies base your annual premium on a handful of things… Your driving record plays a big part, but where you live and the insurer’s history of claims in that area is a big one.” So if you are considering moving locations, it’s time to consider your car insurance as a determining factor.
Car Insurance: What You Need to Know
Let’s look at the cheapest and most expensive areas to insure a car in Toronto:
Cheapest Areas
- Downtown Toronto (Christie) – Avg. Rate: $1,479
- Central Toronto (Forest Hill North) – Avg. Rate: $1, 486
- Central Toronto (Davisville North) – Avg. Rate: $1, 503
Most Expensive Areas
- North York (Downsview) – Avg. Rate: $2, 422
- Etobicoke (Albion) – Avg. Rate: $2, 418
- Scarborough (Upper Rouge) – Avg. Rate: $2, 373
So, looking at these charts, it’s clear that the closer you move to North York or the Scarborough area, the higher your car insurance will be. Your insurance company will actually use the first three digits of your postal code to determine the patterns of the claims in that particular neighbourhood. This means that you might be paying far more for car insurance than your next door neighbour, depending on the location!
Anita Dermer is an example of someone who experienced an increase in her insurance by $600 a year, simply by moving five minutes down the road (North York to Scarborough). This is why Mayers encourages people to shop around for their car insurance, as the competitive market gives you many different options to choose from.
If you are involved in a car accident in your area, it’s important to find the best accident lawyer who will deal with your claims directly and ensure that you are receiving the compensation that you deserve.
Highest Car Insurance Rates in the Country
If you’re living in the province of Ontario, you might be aware of the fact that Ontario has the highest auto insurance rates in the country. The average annual premium in 2012 was $1,544.86, which is 45 percent higher than in the province of Alberta. Unfortunately, the people who are hit hardest are young men in the 16- to 24-year-old age group.
Why are the premiums so high in Ontario?
Ontario is known for insurance fraud, and it costs much more to cover claims in Ontario than in any other province. Males under 25 suffer because statistically, they are the biggest liability. Even if you have never received a ticket or been involved in a motor vehicle accident but are between the ages of 16 to 24, you will pay more for insurance.
Provinces such as Saskatchewan and Manitoba actually take a different approach and apply standard rates to every driver, no matter their gender or age. However, in Ontario, the Financial Services Commission of Ontario oversees over 100 private insurance companies. Therefore, we all pay for auto insurance, whether we own a car or not, and CAC president Bruce Cran explains that “the costs run through the entire economy.”
After educating yourself on car insurance and the best coverage for your age, gender, location, etc. in Ontario, it’s time to make a few tough decisions. Shop around for the right insurance for you, and compare the packages to get the best deals in Ontario. You want to know that if a motor vehicle accident occurs, you will be covered and receive the benefits that you hoped for.
Hiring the Best Accident Lawyer
Knowing that your insurance premiums could go up by moving and that Ontario has the highest auto insurance rates might be news to you, but it’s certainly not news to a personal injury lawyer in the GTA. Personal injury lawyers are familiar with the insurance companies in Ontario, and if you are involved in an accident, they can help you determine whether or not your settlement is fair.
If you are unhappy with the settlement that you received after an accident, a lawyer can also help you to negotiate and increase the settlement, while a lawsuit can be filed if there is a problem with the insurance company stalling. These are all important matters that a personal injury lawyer will be able to assist you with, but, it’s important to find the best accident lawyer with the most relevant experience. Do this by preparing a list of questions before you meet your lawyer for a consultation, and go with the lawyer that best represents your case and your needs.
Book a free consultation with a personal injury lawyer from Sokoloff Lawyers, and find a lawyer with the experience and the expertise you need to get you the compensation that you deserve after your accident.
Sources:
https://www.thestar.com/business/personal_finance/investing/2016/08/15/one-good-driver-receives-a-600-car-insurance-surprise-mayers.html
http://www.theglobeandmail.com/globe-drive/adventure/trends/why-ontario-drivers-pay-the-highest-car-insurance-rates-in-the-country/article19522860/
http://accident-law.freeadvice.com/accident-law/auto/hiring-an-attorney-for-your-accident-claim.htm