2023’s best insurance companies for female drivers in Ontario

Wondering what the best insurance companies in Ontario are for female drivers? If you’re prioritizing price, CAA Insurance comes out on top with the lowest average premiums. But that doesn’t necessarily mean this is the best option for every woman across the province. Auto insurance rates are unique to individual drivers and things like your age, where you live, and your driving history all play a factor in determining your cost. Because of this, there are five different insurance companies that could offer you the most competitive rates.

To determine which auto insurance companies are the best for women, we did a side-by-side rate comparison of some of the most popular insurers we work with. Although the rankings in this article are based solely on price – since it’s the only factor that varies by gender – there are many things that should be considered when shopping for car insurance. Check out our 2024 best Ontario auto insurers post for more information.

In the world of auto insurance, there are regular market insurers that provide coverage to the majority of drivers and there are high-risk insurers for people that may not have the best driving record or payment history. Because of the higher premiums that high-risk insurers charge, we created separate rankings for both types of carriers.

To give you an idea of what kind of rates women throughout Ontario can expect from different insurers, we created eight female driver profiles that vary in age, relationship status, location, driving record and the type of vehicle they own. We obtained quotes for each of these drivers using our online auto insurance quoter. While the people may be fictional, the prices listed below are an accurate reflection of what someone with the same attributes could expect to pay if they called us for an insurance quote today.

We used the exact same coverages, policy limits, deductibles and discounts to calculate all of the quotes below.

Meet our drivers:

It’s important to remember that no one insurance company remains the most affordable option forever. Every insurer keeps a close watch on its claims costs, and compares them to the revenue being generated from premiums. The goal is to make sure that the premiums collected are enough to cover all the claims, and that there’s a little left over for profit.

Because CAA Insurance currently has the lowest average rates for women, they will win a lot of new female customers. In the coming months and years, the insurer will find out if the premiums they charged were enough to cover their claims. If they weren’t, you’ll see their prices gradually increase until they reach what’s the insurance industry calls “rate adequacy”.

Even if CAA Insurance manages to keep their claims costs low and doesn’t raise their premiums, it’s likely a competitor will try to follow suit and lower their rates in an attempt to attract more customers while still making a profit. So from year to year, there’s a good chance that the best insurer for you will change over and over again.

If you want to make sure you’re getting the best auto insurance rates all the time, speak with an independent insurance broker like Mitch Insurance. We work with over 70 of Canada’s top insurance companies, and are always happy to shop the market to find customers the best possible price for their coverage. Give us a call today for a free, no-obligation quote.