When choosing a place to live, there are many factors that people look at, from proximity to shopping and schools to style and price of homes. I would be willing to bet that few look at the price of car insurance while looking for a home, yet where one lives, even within the same city, can make a huge difference.
Insurance shopping portal Kanetix.ca reports that there can be as much as a 48% difference in price depending on what neighbourhood a driver lives in. While personal driving records still play a major part in determining rates, where one lives and drives matters greatly. Why? Because things like crime rates and vehicle theft are worked into the mix.
To illustrate this, Kanetix has created a mapping tool which allows consumers to find out how much car insurance will cost based on their postal code.
The test subject is a 35 year old married man with a clean driving record, who owns a Honda Civic. The average annual rate for this guy in Toronto is $1,798. The disparity across the city is almost unbelievable.
The most expensive neighbourhoods by postal code are:
- M3N $2,422 North York (Downsview)
- M9V $2,418 Etobicoke (Albion)
- M1X $2,373 Scarborough (Upper Rouge)
- M1B $2,370 Scarborough (Malvern)
- M9L $2,343 North York (Humber Summit)
- M9M $2,314 North York (Humberlea)
- M9W $2,253 Etobicoke (Rexdale)
- M6M $2,241 York (Mount Dennis)
- M3J $2,203 North York (York University)
- M3M $2,157 North York (Downsview/Rexdale)
The least expensive are, somewhat ironically, some of Toronto’s richest areas:
- M6G $1,479 Downtown Toronto (Christie)
- M5P $1,486 Central Toronto (Forest Hill North)
- M4P $1,503 Central Toronto (Davisville North)
- M4S $1,505 Central Toronto (Davisville)
- M6J $1,511 West Toronto (Trinity)
- M4V $1,513 Central Toronto (Summerhill/Forest Hill)
- M4T $1,515 Central Toronto (Moore Park/Summerhill East)
- M4G $1,515 East York (Leaside)
- M2K $1,529 North York (Bayview Village)
- M3B $1,530 North York (Don Mills North)
- M2P/ M2L $1,530 North York (York Mills)
- M4R $1,532 Central Toronto (North Toronto West)