Built around Yonge Street, north of Toronto, Richmond Hill has traditionally been one of the GTA’s more affluent suburbs. It experienced huge growth in the early 1990s, powered by significant immigration. A centre of rose-growing businesses in the early 20th century, Richmond Hill is now built around business services, retail manufacturing, and construction industries.
The city is well integrated into the GTA’s road system via Highway 404 to the east, Yonge Street and Highway 407 to the south. Transit isn’t quite as well served, as the Toronto subway system doesn’t extend as far north as Richmond Hill, although a Yonge Street subway extension has been in the planning stages.
Car Insurance Rates in Richmond Hill
The GTA is the most expensive region for car insurance, in the most expensive province. The volumes and density of traffic contribute to the data pool that insurers use to base car insurance risk factors. Each postal code region carries a risk factor based on the number accidents and insurance claims data from within its area. These factors affect all insured motorists within the postal code region.
Richmond Hill, with a strong employment base within its own borders as well as close proximity to employment areas within Toronto, is less affected by geographical effects on car insurance than are Markham to the east and Brampton to the west. Still, the average driver in Richmond Hill pays about 13 percent more than the average driver in Ontario, according to a 2015 study of car insurance costs across the Province.
Based on a standard insurance package selected by a 35-year-old driving a four-door sedan with a clean record, the average Ontario motorist pays about $1,500 a year for car insurance coverage. In Richmond Hill, the same driver pays about $1,750, an increase of 13 percent over the provincial amount. While this may seem like a bargain when compared with Toronto, at about $2,000, or Brampton, around $2,400, it still pales when compared to eastern Ontario, where the average driver pays just over $1,000.
The Cheapest Car Insurance Rates in Richmond Hill
In the Ontario car insurance market, comparison shopping is essential to guarantee the lowest car insurance rates, whether you’re a first time customer or renewing existing coverage. One of the best tools you have at your disposal is QuoteFinder’s car insurance calculator. You can enter your car insurance requirements and some anonymous personal information to receive the best quotes from a wide range of car insurance providers. The calculator returns estimates as accurate as the data you provide while returning the amounts and the companies who can, in turn, provide you with the lowest cost coverage.