Canadian drivers in the 56-60 age category can pay an average of up to $15 per month less for car insurance premiums than younger drivers in the 41-45 age bracket — unless you live in Ontario.
InsureEye Inc., a Canadian company providing independent online services to help consumers better understand and manage their insurance, found that Ontario drivers in the 56-60 age group pays roughly the same ($144 per month) as the 41-45 group ($146 per month).
“Interestingly, Ontario premiums are stuck in the past,” InsureEye Inc. said in its analysis. “The 56-60 group in Ontario hardly saves in comparison with the 41-45 crowd, and still pays around $144/month.”
Overall, Canadians’ average auto insurance premiums decrease by approximately 15% during a lifetime.
InsurEye’s study showed an average Canadian in the 25-30 age bracket pays $130 per month for auto insurance, with men paying $140 and women spending $123 monthly. Costs vary across provinces, and in Ontario the average premium for this youth segment was as high as $163 per month.
As might be expected, as drivers become more experienced, their premiums decrease. The study found drivers in the 41-45 age bracket paid an average of $115 per month for auto insurance, with the men paying $117 per month and the women paying $113 per month.
In the 56-60 age category, premiums across Canada averaged $108 monthly — $109 for men and $108 for women
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