Which Toronto neighbourhood pays the most for auto insurance?
Location, location, location.
In real estate it makes all the difference for what you end up paying for your place.
But insurance comparison site Kanetix.ca has found your postal code could be responsible for big swings in auto insurance costs from neighbourhood to neighbourhood across Toronto.
The gap between the cheapest to insure pockets of the city and the most expensive is nearly $1,000.
Drivers in Scarborough-Rouge and Malvern are paying the most, shelling out $2,600 a year for insurance, more than the city average of roughly $1,900.
The cheapest insurance rates are for drivers near Yonge and Eglinton, Little Italy, Casa Loma, Forest Hill North, Dovercourt, and the Junction. Drivers in those areas are paying about $1,600 for insurance annually.
Kanetix crunched the numbers using a 35-year-old driver with a clean record as a model.
Janine White, Vice President of Kanetix Limited says while the low-cost driving zones may be more densely packed, but the people who call them home are more likely to be pedalling a bike or riding transit.
"Fewer cars, fewer drivers which basically means fewer accidents, fewer claims. Which gets reflected back into a lower insurance premium," White says.
Kanetix has come up with an interactive map that lets you plug in your postal code to see what the estimated premium in your backyard is. You can try it out by clicking here.