Which London postal code has the most expensive auto insurance premiums?
The London, Ont. postal code that receives the highest auto insurance quotes on our site is the N5Y region in the northeastern part of London. It encompasses the neighbourhood of Carling. Drivers here pay 15% more than the city average. That’s roughly 105% higher than the provincial average.
Keep in mind that your quote may be different. Your personal driving history and eligibility for certain discounts also plays an important role in determining your final rate.
Which London postal code has the cheapest auto insurance premiums?
The London, Ont. postal code that receives the cheapest auto insurance quotes on our site is the N5X region — a large area located directly north of Carling (the neighbourhood that receives the most expensive quotes in the city, coincidentally). The N5X postal code encompasses neighbourhoods of Fanshawe, Stoney Creek, Northdale, Stoney Brooke. Drivers here pay on average 15% less than the city average, but 52% higher than the provincial average.
Your personal driving record and eligibility for various discounts can help you reduce your rate even further.
How do London car insurance quotes compare to other cities in Ontario?
The average quote for car insurance in London comes out to $2,679 on our site. Here are the average quote results for neighbouring towns:
- Strathroy: $2,150
- Stratford: $2,144
- St. Thomas: $2,235
- Kitchener: $2,659
- Hamilton: $3,190
When looking at these figures, keep in mind that these are averages. You may be able to find a quote that’s lower than the average in your city.
What factors determine my car insurance quotes in London?
A number of different factors determine the size of your quoted premium. The main ones are:
- Your age - Drivers under age 30 pay the highest auto insurance premiums.
- Your driving history - Insurance companies will charge you more for things like having a short driving history (not having a full license) and for having driving convictions on your record (or both).
- Your postal code - Where you live impacts your auto insurance. If an insurance company has paid out a lot of claims to other policyholders in your postal code, premiums increase for all policyholders.
- Your car - If your car is expensive to replace or is a model that is commonly targeted by thieves, your premium will be higher.
- Your daily mileage - The longer your daily commute, the more you will pay for auto insurance and vice versa. There is a correlation between how long you spend on the road and the likelihood you’ll be involved in a collision.
- Your desired coverage level - The more comprehensive the coverage you choose, the more you will pay and vice versa.
To reduce your car insurance premium, you can try applying for discounts and bundling your car insurance with your home policy. You could also try a usage-based policy, which can reduce your premium by up to 25%.
What kind of car insurance do I need in London?
All drivers in Ontario must carry third-party liability auto insurance, with a liability benefit worth at least $200,000 and an accident benefit of at least $50,000.
You can add extra property insurance to your base policy. Optional coverages include:
- Collision - Will pay to repair or replace your car if it is damaged in a collision.
- Comprehensive - Will pay to repair or replace your car if it is damaged by an insurable risk other than a collision. For example, it is flattened by a falling tree, pummelled by hail or other weather events, or damaged by vandals or thieves.
- Specified perils - Will cover you against insurable risks that you specifically ask for — but nothing more.
- All perils - A hybrid between collision and comprehensive insurance.
Facts and myths about driving in London
- Colonel Talbot Road was named after Colonel Thomas Talbot, the man responsible for settling much of Southwestern Ontario.
- The University of Western Ontario, ranked as one of Canada's top 10 universities, is located in North London. Richmond Street and the Thames River run parallel to the main campus's east and west borders.
- As the name suggests, Hamilton Road runs along an east-west parallel through London and extends toward the city of Hamilton. Hamilton Road was commonly used to travel between the two cities before Highway 401 was established.
- The city of London hasn’t upgraded the roads in a long time. False. Several of the current construction projects in London are road upgrades, including the widening of several roads.
- There's no public transit in town. False. The city needs more investments, but the London Transit Commission runs nearly 40 bus routes across the city.
- There's no out-of-town transit in London. False. If the highways are too clogged for your tastes, the Canadian National Railway and the Canadian Pacific Railway run right through London. Via Rail stops at the main train station in town.
London driving tips
- Pay attention at the Wellington-Commissioners intersection. London's busiest intersection witnesses thousands of cars crossing the juncture every day, making the area one of the city's most common locations for car accidents.
- Look for free or affordable parking. Affordable parking is available at many of the city's attractions, including Fanshawe Pioneer Village, Gibbons Park, and Victoria Park. Some of these venues offer free parking, but you still have to remember to leave room between your car and the next parking space.
- Know the neighbourhoods. London has many great areas. For example, the city's Wortley Village is a diverse neighbourhood that locals and tourists can drive to for live entertainment, bustling cafes, and local stores.