How does age affect car insurance rates in Ontario?
Age is an important factor considered by insurance companies when determining rates. Drivers tend to pay less for insurance as they get older. Drivers in the 18-25 age range pay higher average car insurance rates in Ontario. Young drivers pay more for insurance because they are more likely to get into an auto accident.
What is the average cost of car insurance in Canada?
The average cost of annual car insurance premiums in Canada is $1,142.70 (Insurance Bureau of Canada, 2019). British Columbia has Canada’s most expensive car insurance, at more than $1,800 on average annually. B.C. is known for its high percentage of luxury cars, which raises rates for the average driver.
What is the average age for car insurance?
Average car insurance by age for the early 20s. When you hit your 20s, your rates start to drop, but you’ll still pay more than most drivers until you reach age 26.