5 Jul 2011

Auto insurance premiums rise more than 6 percent in Ontario

Rare is the report indicating a drop in the cost of living in Canada, and continuing that theme is the finding that auto insurance rates have risen for the average Toronto motorist.

According to the online insurance quote comparison service Kanetix, auto insurance premiums increased 6.4 percent in Ontario in the second quarter of 2011 compared to the same three-month period last year.

George Small, co-founder of Kanetix, said that many Canadians could have saved themselves some money by better informing themselves about the discounts many insurers offer.

“Although rates are higher compared to last year, consumers can still find ways to lower their auto insurance premiums if they ensure they are taking advantage of available discounts and
take the time to understand other cost-saving options that are available,” said Small.

The study found as many as half of Ontario consumers could have saved themselves between 5 and 15 percent on their auto insurance had they been aware of available discounts.

One definitive way Ontarians can save money on their auto insurance premiums is by taking one of their cars off the road entirely, if at all possible. A Toronto storage unit can house one of these vehicles, saving GTA motorists thousands of dollars in the process. 

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