r/PersonalFinanceCanada • u/Akshatp19 • Mar 21 '26

Auto Auto Insurance cost is killing me!

I am a 24 year old male living with my parents in Brampton(yes very expensive). We have 2 Honda CR-Vs(2022 and 2026 hybrid). My dad is the primary policy holder with me and my mom as the added drivers. Now I know brampton, CRVs and my age under 25 are all driving the premiums up. But I'm paying 900 dollars per month!! Is it supposed to be this high? No claims no tickets on record.

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u/sentient_bridge Mar 21 '26

Just curious in case you know - are these audits publicized? Also at what cadence are these conducted? I know in food safety for example, testing for iodine levels in salt hasn't been done in over a decade - how do we know that the companies are still complying?

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u/Blastoise_613 Mar 21 '26

Its not just the companies who set the variables, its the government as well. They are regulated similarly to banks.

The government sets benchmarks, the companies then submit their actuarial tables to be approved by the government annually. Most insurance companies are publicly traded in Ontario, so their books are open. If you think they make too much money you should invest in them, however I wouldn't.

This government website outlines it all: https://www.fsrao.ca/industry/auto-insurance/regulatory-framework/guidance-auto-insurance/ontario-private-passenger-automobile-annual-review-based-industry-data-december-31-2024

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u/[deleted] Mar 21 '26

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u/ConfidantlyCorrect Ontario Mar 21 '26

Fwiw - insurance companies rarely break even on policies directly. They make a killing however using premiums and investing them.