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11 minute read Published on Jan 18, 2026 by BrokerLink Communications
Car insurance in Ontario isn't just a suggestion; it's the law. Drivers are required to carry a minimum amount of coverage, $200,000 in third-party liability, accident benefits coverage, and uninsured motorist insurance. While coverage minimums are intended to provide basic protection against risks, most Ontario motorists opt for additional coverage to better protect themselves against the potential financial consequences associated with theft, collisions, and severe weather damage.
That said, not all car insurance premiums are created equally. The amount you pay will depend on several factors, including the type of car you drive. High-end luxury cars, high-performance sports cars, and models with a higher theft risk are all associated with higher premiums. For example, your car insurance rates will be more expensive if you're driving a Maserati compared to someone driving a Honda Civic.
In recent years, insurance costs in Ontario have increased. According to the Insurance Bureau of Canada, Ontario experienced a 524% increase between 2018 and 2023, costing insurance providers more than $1 billion. This increase alone raised the average premium by approximately $130. On top of this, repair costs increased by 12% in 2023 to $5,044 per claim.
Whether you're in the market for a new car or up for a renewal, this guide explores the most expensive cars to insure in Ontario, why they cost that much to insure, and what everyday motorists can do to manage their insurance premiums.
Understanding what factors insurance companies use to price rates is essential as a driver and can help you make informed decisions when it comes to being behind the wheel. Insurance providers use several factors, but some may weigh certain variables more than others, based on their underwriting methods. Here's a closer look at what factors you can anticipate being considered:
Young drivers, specifically those under 25, are statistically more likely to be involved in accidents and engage in risky behaviour, and car insurance companies charge rates accordingly. While the exact rate will vary based on the customer's individual driving profile and insurer, young drivers often pay between 25% and 50% more than more experienced drivers.
For example, a 22-year-old driving an expensive vehicle like a BMW M4 can expect to pay thousands of dollars more for coverage compared to a 45-year-old driver with the same vehicle, provided they have a clean driving record.
Where you live also impacts how much your insurance premiums will be. High-traffic cities like Toronto or Brampton statistically face more car accidents, traffic violations, and vehicle thefts compared to rural parts of Ontario like Kingston. Therefore, if you're buying insurance in downtown Toronto, you can expect to pay more than someone insuring their vehicle in Kingston. Again, how much more will depend on your overall driving profile.
A clean driving record is one of the best ways to keep your insurance rates low. Even a single at-fault accident can increase your premiums by 20% to 40% the next time you're up for a renewal. Additionally, numerous traffic violations and demerit points on your license can result in rate increases for up to six years.
Luxury and performance sports cars are often more expensive to insure due to their high repair and replacement costs. Additionally, driving a vehicle like the Audi RS E-tron GT or other expensive cars that require specialty parts and trained technicians can also increase your rates.
The number of claims you have on your insurance history is directly related to the higher your premiums will be. This is because having past claims on your record means you're more likely to file a new claim in the future, increasing your overall risk profile.
Auto theft claims continue to rise across Ontario. In 2023, the most stolen vehicle was the Range Rover. If you happen to drive one, you would have seen a notable increase in comprehensive premiums for this vehicle model.
Cars equipped with adaptive cruise control, blind-spot detection, and other anti-theft systems often qualify for discounts on car insurance. These features reduce the likelihood and severity of claims, which insurers reward with discounts.
Remember, your premium is ultimately a reflection of your risk level on the road. With numerous densely populated cities across the province, high auto theft rates, and harsh winter driving conditions, most motorists face higher insurance premiums than they once did. By understanding these factors, you can be better prepared when shopping for a luxury or sports car.
If you're in the market for a new luxury or performance vehicle, here are the top 5 most expensive cars to purchase insurance for:
What to Know About the Porsche Panamera Turbo S:
Average premium: Between $4,800 and $5,500 per year.
Why it’s expensive: High repair costs, powerful engine, expensive spare parts.
Tip: Ask your insurance company whether you qualify for any discounts, and shop around to find lower rates if possible.
Essential Facts: Maserati Quattroporte
Average premium: Between $5,000 and $6,200 a year.
>Why it’s expensive: Costly to repair, low resale value, high performance, making the vehicle a higher risk on the road.
Tip: Raise your deductible to reduce your annual premium and ask about discounts.
Range Rover Autobiography—key highlights:
Average premium: Between $5,200 and $6,000 annually.
Why it’s expensive: One of the most stolen vehicles in Ontario, with expensive repair costs.
Tip: Install a GPS tracker and park in secured locations to lower your likelihood of theft, ask about discounts, and work with an insurance broker to find affordable insurance rates.
BMW M8 Competition Coupe at a glance:
Average premium: Between $4,600 and $5,300 per year.
Why it’s expensive: Complex and expensive repairs, luxury electronics, and performance specs that decrease safety.
Tip: Ask about discounts, maintain a clean driving record, and shop around to compare car insurance costs.
Key facts about the Audi RS E-Tron GT:
Average premium: Between $4,500 and $5,200 annually.
Why it’s expensive: Electric performance car with luxury features and expensive battery components makes repairs and replacements substantially expensive.
Tip: Look for insurers that offer discounts for electric vehicles, and ask whether you qualify for other discounts.
Car insurance isn't a one-size-fits-all solution, and the type of coverage you choose can play a role in your insurance costs. In Ontario, all drivers must purchase mandatory coverages, but optional policies like comprehensive and collision, while popular, do increase your insurance rates. The discussion below covers two types of coverage:
Here are the mandatory coverage types we’ll discuss:
This policy protects you if you cause bodily injuries or property damage to a third party while operating a motor vehicle. It will cover the cost of repairs, replacements, medical expenses, legal fees, and other associated costs. A minimum of $200,000 is legally required, but more drivers opt for higher limits.
Accident benefits coverage will cover the cost of medical and rehabilitation expenses if you, your passengers, or pedestrians are injured in a collision, regardless of who is at fault.
Uninsured motorist protects you if you are hit by an at-fault driver who is uninsured or underinsured. It also protects you if you are hit by a hit-and-run driver.
Below, we discuss optional types of coverage:
DCPD coverage is no longer mandatory in Ontario. This policy allows you to deal with your insurance claim with your provider, rather than the party that hit you, if they are at fault.
Collision coverage covers the cost of repairs or replacements of your vehicle if you are involved in a car accident that damages your car. The only costs you are expected to cover are the deductible you choose when purchasing your insurance.
Comprehensive protects you against non-collision damages, including theft, vandalism, fire, falling objects, and other severe weather conditions. Again, when filing a claim with your insurer for damage, you will only be responsible for covering the cost of your deductible.
Accident forgiveness is additional coverage that can be added to your car insurance policy as an endorsement, to protect your driving record and to help prevent your insurance premium from increasing if you have an at-fault accident claim. Note: coverage varies by province.
Let's say your premium for standard coverage is $1,800 annually. You choose to add comprehensive and collision coverage to your plan, which increases your rates to $2,500 or more. Ultimately, the more policies you choose to add and the higher your coverage limits are, the more you can anticipate paying for insurance.
We’ll review the pros and cons of optional coverage below:
The pros of optional coverage—at a glance:
Financial protection from theft, vandalism, and major repairs.
Peace of mind for luxury vehicle owners.
We’ll examine the cons of optional coverage:
Can substantially increase your costs.
May not be cost-effective for older, low-value vehicles.
Modern vehicles come equipped with numerous technologies and features that will either increase or decrease your insurance costs. Insurers will ultimately evaluate these features and how they impact theft prevention, accident prevention, and repair/replacement costs. Keep reading to find out more:
Want lower premiums? Safety features that help—key facts:
Example Features: Anti-lock brakes, lane-keeping assist, blind-spot monitoring, and adaptive cruise control.
These features reduce the risk of accidents and the severity of injuries, which can help lower your premiums.
What you should know about anti-theft technology:
Examples: Vehicles with immobilizers, GPS tracking devices, and alarm systems are less likely to be stolen than vehicles without this type of technology.
Installing a certified anti-theft system on a high-risk vehicle like a Range Rover can reduce your premium by up to 15%. However, you will need to confirm with your insurance provider whether the specific device you want to install qualifies beforehand, as not all do.
Why luxury upgrades can mean higher insurance rates:
Example: A cracked digital windshield on a BMW M8 can cost thousands to replace, which will increase your rates.
Cars with advanced technology like self-parking features and digital dashboards increase repair complexity and cost, which will lead to more expensive insurance.
Comparison example:
Vehicle Make
Premium Impact
Honda Accord with basic safety features
Lower annual premium
BMW M8 with luxury features
Higher annual premium
Ultimately, when you're shopping for a vehicle, make sure to keep in mind the specific features of the particular vehicle you're interested in, as it will not only impact your purchase price, but also your insurance rates afterward.
If your dream car is a luxury or performance vehicle, it doesn't mean you have to break the bank or experience higher insurance costs. To lower your overall cost for coverage, here's what you can do:
Increase Your deductible: Instead of choosing a $500 deductible, consider increasing it to $1,000 or higher to lower your premiums.
Install anti-theft devices: Installing anti-theft devices can provide you with a discount of up to 15%.
Bundle your policies: Bundle your home, auto, business, and other insurance policies with the same provider to save up to 15% on each plan.
Maintain a clean driving record: Take a defensive driving course and follow the rules of the road to keep a clean driving record.
Choose usage-based insurance: Many Ontario insurers offer usage-based insurance, which tracks driving habits through an app or installed device in your vehicle. Safe drivers can save 10–30% on their insurance rates.
Review your policies annually: Things change, and so do your driving needs. Make sure to review your policy annually before you renew to ensure you're not paying for coverage you don't need.
Pay for your insurance upfront: Most insurance companies add a service charge to those who pay for their coverage monthly. To avoid these fees, consider paying for your insurance upfront.
Ask about other discounts: Other discounts are available. Whether it be for being a loyal customer, equipping your vehicle with snow tires, being a member of a professional association, or others, you'd be surprised at how many additional savings you may qualify for.
While filing a claim may get you back out on the road, it can also increase your rates. For example, a single at-fault claim can increase your premiums by 20% to 50% the next time you renew your coverage. Additionally, claims that have higher payouts can also lead to steep insurance hikes. The best thing you can do to avoid rate insurances as a result of insurance claims, here's what you can do:
Avoid smaller claims: If you're able to pay for damages out of pocket, or if the damage is less than your deductible, it may be worth paying for repairs on your own to avoid higher premiums.
Purchase accident forgiveness: Again, accident forgiveness is an optional policy that can be added to your plan. It protects you from a rate increase following your first at-fault accident. New drivers and those with years of driving experience without a single accident can benefit substantially from this.
Request OME parts: Always request Original Equipment Manufacturer (OEM) parts when you're repairing luxury vehicles to ensure they have a better resale value and safety performance.
Ontario has some of the highest premiums in the country. But how does it compare to other provinces? And why are rates higher in the first place? Essentials to remember:
What drives higher premiums in Ontario:
High population and traffic congestion.
High theft rates.
Greater volume of accident claims.
The following table presents a comparison of average annual premiums across Canada:
Province
Average Annual Premium
Ontario
$1,927
British Columbia
$1,900
Alberta
$1,669
Quebec
$912
Factors impacting how much your insurance will cost in Ontario include your driving record, age, where you live, the type of car you drive, the policies and coverage limits you choose, and more.
To reduce your insurance premiums if you own a luxury or expensive car, you can shop around and compare rates, ask whether you qualify for discounts, pay for your premiums annually, and work with an insurance broker.
Yes, sports vehicles are typically more expensive to insure than luxury sedans, given that high-performance vehicles lead to more risk on the road and typically come with more expensive repair and replacement costs.
Yes. Newer cars often cost more to insure due to their higher resale value and repair costs. But very old vehicles may lack safety features, which can also increase your premiums.
Regardless of what type of vehicle you own, you shouldn't have to break the bank to purchase coverage. At BrokerLink, we help Canadians secure affordable insurance based on their needs. With access to numerous policies from some of Canada's top providers, our brokers can help you shop around, compare quotes, and access discounts.
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