So, you’ve been weighing the pros and cons of living downtown vs. North of Bloor for months with price of rent top of mind.
But have you given the price of car insurance the same consideration? Because you probably should…
Kanetix.ca, which compares insurance, mortgages, and credit card rates, recently released data on the 10 most expensive and 10 cheapest neighbourhoods for car insurance in Toronto. So while you may be saving money on rent by living in North York versus, say, downtown’s Christie neighbourhood, you’ll also be spending 48% on car insurance.
And you don’t need a gecko to tell you that’s pretty significant.
The city’s three most expensive neighbourhoods for car insurance are all well beyond the borders of downtown – Downsview, Albion in Etobicoke, Upper Rouge in Scarborough – while the least expensive are, unsurprisingly, of a higher income (Christie area, Forest Hill North, and Davisville North).
Income, and in turn auto theft, are far from the only metrics that determine the cost of car insurance. “When we looked at the top 10 most expensive, two of the top four have the most collision-prone intersections in the city. So, you can see the relation there between where you live and where accidents typically happen,” said Janine White, a vice president at Kanetix.
Despite location being a factor, your own ability to safely and responsibly navigate a vehicle plays the biggest role in determining how much you’ll pay for car insurance. “Your personal driving record has the largest influence on your premiums… tickets, collisions and claims can increase your insurance rates dramatically,” added White.
Interested to see the costs of car insurance in your ‘hood? Location searches can be made here. But don’t say we didn’t warn you…