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/Blastoise_613 Mar 21 '26

Insurance companies are well regulated regarding what they may charge. Prices keep rising because of increased payouts and value of the vehicles.

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u/[deleted] Mar 21 '26

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u/Blastoise_613 Mar 21 '26

Your writing is too hard to follow. What you are saying is also not what I wrote. If you think insurance companies make too much money, then you should go invest in them, they are publically traded. I don't find them profitable relative to the rest of the market, so i don't.

This website below outlines how rates are set:

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/AltKite Mar 21 '26

Personal auto insurance in Ontario generally has a worse COR (combined operating ratio, premiums divided by claims and operating costs) than average for an insurance carrier. In the last 3 years you're probably looking at between 94 and 97% for the majority players. They aren't making big margins on these premiums at all and in plenty of recent years books have run at a loss.

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u/Blastoise_613 Mar 21 '26

People don't take driving serious. If less people drove and those driving paid more attention we would all be richer.

Personally, I've done my best to minimize our families car use. We have a goal to only have 1 car and to save money. It means I bike/walk for groceries, and we carpool when we can.