Skip to Main Content

Best cheap car insurance in Ontario for 2024

Updated Apr 23, 2024
Location-Icon
Explore offers from trusted carriers
+ MORE

Powered by Coverage.com (NPN: 19966249)

Advertising disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Best cheap car insurance companies in Ontario

Per data from Quadrant Information Services, Wawanesa, Kemper and Mercury are among the cheapest car insurance companies in Ontario for full coverage. For minimum coverage, Geico, Progressive and Mercury are some of the cheapest. However, to help drivers find the best company for them, Bankrate uses a proprietary scoring system that looks beyond price. Each insurer’s Bankrate Score reflects average rate data from Quadrant Information Services, financial strength ratings from AM Best and customer satisfaction scores from J.D. Power, plus coverage availability, discount opportunities and more.

Insurance company Bankrate Score J.D. Power score (California) Average annual premium for full coverage Average annual premium for minimum coverage
Wawanesa 3.1 879/1,000 $1,606 $626
Kemper 3.3 748/1,000 $1,621 $571
Mercury 3.2 827/1,000 $1,780 $567
Geico 4.4 824/1,000 $1,910 $454
Progressive 4.2 803/1,000 $1,987 $561

Wawanesa

Wawanesa is rated No. 1 for customer satisfaction in California per J.D. Power. The carrier is Canada-based and does not have any offices in California, but Wawanesa can likely handle most of your car insurance needs online. Some of the optional coverages available include vehicle manufacturer replacement parts coverage, which helps ensure aftermarket parts are not used for repairs or replacements, and rental expense coverage, which helps pay for a rental car while your vehicle is being repaired after a covered accident.

Learn more: Wawanesa insurance review

Kemper

Of the companies on our list, Kemper has the second-cheapest average rates for full coverage. The company also claims to be committed to social responsibility, as evidenced in its 2022 Environmental, Social and Governance Report. Kemper offers optional coverages and endorsements like gap insurance, along with personalized packages like Kemper Prime Auto Enhanced, which advertises perks such as a diminishing deductible credit for safe driving, trip interruption expense payback and key device replacement. The company’s specialty auto insurance is also said to cater to high-risk drivers. However, Kemper’s average rates for minimum coverage in Ontario are the second-most expensive on our list.

Learn more: Kemper insurance review

Mercury

Mercury offers low average premiums among the companies on our list, scored well on the J.D. Power report for California and touts some less common coverage options. For instance, its rideshare insurance may be of interest to drivers on app-based services, such as Lyft or Uber. The company also advertises endorsements like rental reimbursement and roadside assistance. Further, car owners who don’t drive often could potentially benefit from Mercury’s low-mileage insurance program called RealDrive. However, the company boasts fewer discount opportunities compared to other insurers.

Learn more: Mercury insurance review

Geico

Generally, Geico has competitive rates for high-risk drivers — although its average rate for full coverage in Ontario is among the most expensive on our list. Still, Geico offers the lowest average rate for minimum coverage of the insurers Bankrate reviewed, as well as a range of discount opportunities. The company also provides an array of digital tools for customers and has a history of scoring well on the J.D. Power customer satisfaction report.

Learn more: Geico insurance review

Progressive

Although Progressive scored relatively low on customer satisfaction per J.D. Power, its average rate for minimum coverage in Ontario is the second-lowest on our list. In addition, Progressive offers several digital tools, discount opportunities, coverage options and endorsements. One such endorsement option that’s less common is custom parts and equipment coverage, which may help repair or replace custom wheels, paint, stereos and more.

Learn more: Progressive insurance review

Compare auto insurance rates

Answer a few questions to see personalized rates from top carriers
Location-Icon
Your information is kept secure

Powered by Coverage.com (NPN: 19966249)

Advertising disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

How to get and keep the cheapest car insurance in Ontario

To find the cheapest car insurance in California, experts recommend the following strategies.

  • Get multiple quotes: Getting free quotes from several car insurance companies can be a helpful way to compare rates and pinpoint the companies offering affordable policies with coverage that suits your needs. Try to specify the same types and levels of coverage for each estimate to make sure the comparisons are fair.
  • Drive safely: Insurers factor in several variables when calculating rates. Driving records are one of the most important. That said, keeping your record clean typically equates to paying less for insurance. Some companies even award a discount to drivers who go two or three years without a traffic incident.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Bankrate Score

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Written by
Joshua Cox-Steib
Contributor, Personal Finance

Joshua Cox-Steib has two years of experience in writing for insurance domains such as Bankrate, Coverage.com, The Simple Dollar, Reviews.com, and more. His work has also been featured on such sites as MSN and BBB (Better Business Bureau). His insurance writing career has spanned across multiple product lines, with a primary focus on auto insurance, life insurance, and home insurance.

Edited by Editor, Insurance