Ontario’s auto premium higher than Canadian average but falling: LowestRates.ca

An auto insurance index published by LowestRates.ca finds that Ontario’s auto insurance rates are 44% higher than those in other provinces and territories but that number could be decreasing.

The average annual premium in Ontario for the third quarter (Q3) of 2017 is $1,458 per year, which is 44% higher than the Canadian average of $930. However, the data finds that Ontario’s premiums are falling. The current rate is 5.8% lower than the average premium in the Q2 2017 and 11% lower from this time last year, according to the report, which is based on LowestRates.ca’s proprietary database of auto insurance premiums.

Related: Live in Brampton or Vaughan? Your car insurance rates are tops in Ontario

The company also analyzed auto premiums in Alberta and found that the annual average rate of $1,179 is 23.6% higher than the Canadian average. In Alberta’s case, its premiums seem to be climbing compared to previous quarters, with Albertans paying 1.7% more in Q3 2017 than Q2 2017 and 3.9% more than Q3 2016.

The data produced in the company’s index is a reminder to drivers to compare auto insurance rates as premiums can often change, said Justin Thouin, co-founder and CEO of LowestRates.ca, in a statement.

LowestRates.ca studied Alberta and Ontario specifically because the company has the highest amount of data for the two provinces but plans to study other regions in future editions of the report.

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This story was originally published by Canadian Insurance Top Broker.