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The study found Toronto had a 37.5% decline in claims, resulting in $591 million in payout savings to insurance companies, the greatest total among all Canadian cities.
Next in the ranking were Ottawa ($200 million saved), Mississauga ($152 million), Brampton ($126 million) and Hamilton ($111 million).
Drivers pay an average annual premium of $1,528 in Ontario, according to Hellosafe.
On a national scale, the pandemic has meant a 32.9% drop in car-related claims across Canada, resulting in $6.7 billion in payout savings.
British Columbia has the second-largest decrease in car claims at a drop of 34%, followed by Quebec with a 33.6% decrease. Claims in Nunavut (12%), the Northwest Territories (11.2%) and Yukon (7.8%) were less affected by the pandemic restrictions.
“Competition on the market should increase in the coming months, and that means customers should benefit from a slight drop in car insurance premiums,” added Fruchard.
“However, in certain provinces, the presence of (almost) car insurance monopolies is problematic, not allowing policyholders to benefit from a diverse offer which would result in lower premiums for them.”
jyuen@postmedia.com
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