Auto insurance coverage premiums range extensively throughout Canada with some drivers paying practically $2,000 extra

Beware drivers! The typical value of auto insurance coverage in Canada varies from province to province, however drivers in some areas are shelling out far more.

A brand new HelloSafe report takes a take a look at auto insurance coverage in Canada and the way premium ranges evaluate in numerous components of the nation.

Utilizing information from the 2022 EY Examine: Canada Personal Passenger Automobile Insurance coverage Fee Comparisonsthe report has discovered that residents of some provinces are paying nearly $2,000 extra per yr than these residing in different areas.

In accordance with analysis, Albertans are more likely to pay extra for his or her auto insurance coverage, with the typical premium within the province costing a whopping $3,151 per yr.

That is $1,902 extra every year than drivers in Saskatchewan, the place drivers pay the bottom median annual premiums in Canada ($1,249).

Among the many provinces the place drivers pay probably the most are Nova Scotia ($2,491) and Ontario ($2,299), in addition to New Brunswick ($2,187) and Newfoundland ($2,162).

With auto insurance coverage premiums costing over $2,000 in all of those areas, you’ll be able to’t blame drivers for feeling just a little envious of a few of their neighbors.

In different components of Canada, annual auto insurance coverage prices appear comparatively inexpensive.

In Manitoba, for instance, the median premium is simply $1,373, just below $1,000 cheaper every year than in Ontario, New Brunswick, and Newfoundland.

PEI drivers are additionally paying lower than a few of their counterparts, shelling out about $1,703 on common for auto insurance coverage.

Additionally, in case you anticipated auto insurance coverage premiums to be uniform throughout cities in the identical province, assume once more!

The HelloSafe report has discovered that there are vital variations in the price of premiums from metropolis to metropolis, with these in the costliest areas paying greater than $3,180 every year.

Particularly, it’s Calgary and Edmonton the place drivers pay probably the most on common, shelling out $3,182 and $3,150 respectively.

Alternatively, on the backside of the record, drivers from Vancouver ($1,841), Winnipeg ($1,381), and Saskatoon ($1,249) pay significantly much less.

The analysis concludes that cities positioned in provinces the place the auto insurance coverage system is public appear to get pleasure from decrease premiums than these the place the auto insurance coverage system is personal.

Which province is paying extra for automotive insurance coverage?

  1. Albert ($3,151)
  2. Nova Scotia ($2,491)
  3. Ontario ($2,299)
  4. New Brunswick ($2,187)
  5. Newfoundland ($2,162)
  6. BC ($1,775)
  7. PEI ($1,703)
  8. Manitoba ($1,373)
  9. Saskatchewan ($1,249)

Different areas, together with the territories and Quebec, weren’t included within the report’s evaluation.

Which metropolis is paying probably the most for auto insurance coverage?

  1. Calgary, Alberta ($3,182)
  2. Edmonton, Alberta ($3,150)
  3. Halifax, Nova Scotia ($2,490)
  4. Saint John, Newfoundland and Labrador ($2,340)
  5. Toronto, Ontario ($2,295)
  6. Moncton, New Brunswick ($2,247)
  7. Ottawa, Ont. ($2,190)
  8. Vancouver, British Columbia ($1,841)
  9. Charlottetown, PEI ($1,711)
  10. Winnipeg, Manitoba ($1,381)
  11. Saskatoon, Saskatchewan ($1,249)

And it isn’t simply the place you reside that makes a distinction. Chances are high, who precisely you’re additionally impacts your premium.

The report discovered that private elements, together with age, gender, employment standing and driving expertise, amongst others, have an effect on how a lot you pay, and the distinction will be colossal.

For instance, it discovered {that a} 51-year-old employed driver residing in Manitoba who has been driving for 35 years was paying simply $383 per yr.

Alternatively, an 18-year-old pupil residing in St. John’s who’s a Stage 2 learner driver was discovered to be paying $6,828, the best annual premium for motor insurance coverage in Canada.

That is a distinction of $6,445. Oh.

HelloSafenotes, “The place a Stage 2 Canadian learner driver is more likely to pay a median of $3662 per yr, licensed drivers age 35 will ‘solely’ pay $768 for a similar protection.” That is nearly 4.7 instances much less!

Moreover, it was discovered that male drivers paid 4.1% extra in premiums than feminine drivers, with ladies paying a median of $1,859 in comparison with males paying $1,935.

To compile its report, HelloSafe used obtainable auto insurance coverage premium information for a complete of 33 Canadian cities positioned in 9 totally different provinces.

The information additionally thought of 27 totally different driver profiles, mixing standards resembling gender, age, marital and employment standing, claims historical past, annual kilometers and extra.

The quilt picture of this text was used for illustrative functions solely.

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