It’s getting more expensive to drive a car in Ontario and rates in at least one city have jumped by nearly 40 per cent since 2021, a new report says.
It’s getting more expensive to drive a car in Ontario and rates in at least one city have jumped by nearly 40 per cent since 2021,Rising inflation, an ongoing shortage of vehicles and their parts, as well as an increase in car thefts are behind the hike, according Ratesdotca.
In December of 2021, that last time Ratesdotca surveyed the province, the average estimated auto insurance premium was $1,555 based on sample quotes for a 35-year-old male driver with a clean driving record who drives a four-door sedan.While that may seem like a lot, it’s cheaper than what auto insurance will cost you in Brampton.
Drivers in Toronto don’t fare much better. Rates in Ontario’s biggest city are an estimated $2,325 in 2023 – a 19 per cent jump from $1,953.A full list of all the Ontario cities covered in the report can be foundRates are expected to raise even higher, a Ratesdotca insurance expert said, as car coverage companies look to catch up with inflation.
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