How much does car insurance cost in Markham?
Drivers in Markham pay higher than average car insurance rates. You can expect to pay approximately $2,100 annually for car insurance in the Markham area. Many drivers pay more than this if they have a ticket or accident on their driving record.
Costs are similar to Toronto car insurance rates and with other cities in the GTA.
2020 data from the Insurance Bureau of Canada
Markham car insurance rates from 2019-2023
Have you seen your insurance costs increase in 2023? Insurance rates are in a constant state of flux, changing frequently based on insurers' assessment of data related to claims, repair costs, accidents, and various other factors. Your driving record and potential eligibility for supplementary discounts also play a role in these rate adjustments. Below you can see the changes in premiums by year in Markham:
Year |
Average annual premium |
2023 |
$2,528 |
2022 |
$1,785 |
2021 |
$2,159 |
2020 |
$2,523 |
2019 |
$2,344 |
Average rate (2019-23) |
$2,268 |
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Markham auto insurance premiums by driver type
Your auto insurance premiums are affected by your driver classification. Factors like age, demographics, licence, and driving record are taken into consideration by insurers to calculate your payments. To understand the impact of these factors on your premiums, we analyzed our Markham customer quote data. Here are our findings:
|
Premium |
Monthly |
Difference |
Driver type |
All drivers |
$2,371 |
$198 |
0 |
Young drivers (25 and under) |
$2,901 |
$242 |
22.35% |
Middle age (25 - 50) |
$2,459 |
$205 |
3.71% |
Mature/senior drivers (50+) |
$1,760 |
$147 |
-25.77% |
High risk drivers |
$7,013 |
$584 |
195.78% |
Demographics |
Male |
$2,354 |
$196 |
-0.72% |
Female |
$2,415 |
$201 |
1.86% |
Married |
$2,186 |
$182 |
-7.80% |
Single |
$2,575 |
$215 |
8.60% |
Driving record |
Clean driving record |
$2,371 |
$198 |
0 |
1 ticket with past 3 years |
$2,488 |
$207 |
4.93% |
1 accident in 3 years |
$3,279 |
$273 |
38.30% |
1 cancellation in 3 years |
$3,427 |
$286 |
44.54% |
1 suspension in 3 years |
$3,425 |
$285 |
44.45% |
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Markham insurance rates compared to local cities nearby
Markham is the most expensive city for car insurance in the region. Here’s a comparison:
City |
Avg premium |
Markham |
$2,453 |
Richmond Hill |
$2,387 |
Toronto |
$2,268 |
Ajax |
$2,217 |
Oshawa |
$2,090 |
Pickering |
$2,018 |
Newmarket |
$1,757 |
Uxbridge |
$1,587 |
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What areas in Markham have the cheapest car insurance?
Where you reside within a city can affect the amount you pay for insurance. In Markham, postal codes could result in differences of several hundred dollars per year. So, if you have intentions of moving, this is an important factor to take into consideration. Take a look at how the different postal codes affect your premiums:
Area in City of Markham |
Postal Codes |
Avg Premium |
Box Grove, Vinegar Hill |
L3S |
$2,595 |
Downtown Markham across to Highway 7 and 8 |
L6C |
$1,734 |
Central Markham |
L3P |
$2,113 |
Southwest Markham |
L3R |
$2,491 |
Southeast Markham |
L3S |
$2,595 |
East Markham |
L6B |
$2,255 |
Northwest Markham |
L6C |
$1,734 |
Northeast Markham |
L6E |
$2,945 |
Locust Hill |
L0H |
$1,246 |
Thornhill |
L3T |
$2,260 |
Unionville |
L6G |
$1,492 |
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Markham car insurance premiums by vehicle brand
There are dozens of car brands to choose from. The one you select will have a direct impact on your insurance premiums. Below we outline the premiums based on car brand based on Markham customer data:
Vehicle brand |
Premium |
Monthly payment |
Honda |
$2,694 |
$225 |
Toyota |
$2,153 |
$179 |
Hyundai |
$2,361 |
$197 |
Chevrolet |
$2,607 |
$217 |
RAM |
$1,400 |
$117 |
Dodge |
$1,400 |
$117 |
Subaru |
$1,965 |
$164 |
Mazda |
$2,380 |
$198 |
Nissan |
$1,907 |
$159 |
Volkswagen |
$2,900 |
$242 |
Mercedes |
$1,689 |
$141 |
Tesla |
$3,394 |
$283 |
Audi |
$1,463 |
$122 |
Lexus |
$2,267 |
$189 |
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