Insurance Market in London
Insurance rates in London are influenced by local factors including traffic density, theft rates, weather events, and the cost of claims in your area. Ontario insurance is regulated by FSRA (Financial Services Regulatory Authority). Ontario operates a fully private insurance market, meaning you can compare rates from multiple competing insurers to find the best premium for your needs.
Insurance Products Available in London
Auto Insurance
Mandatory in Ontario. Covers liability, accident benefits, and optional collision and comprehensive coverage for your vehicle.
Home Insurance
Protects your home and contents against fire, theft, and liability. Required by most mortgage lenders in London.
Condo Insurance
Covers your unit contents, betterments, and personal liability. Works alongside your condo corporation's master policy.
Tenant Insurance
Affordable renters insurance covering your personal belongings and liability. Starting from as little as $15/month in London.
Tips to Lower Your Insurance in London
Bundle your auto and home insurance with one provider — most insurers offer 10–15% multi-policy discounts.
Install a monitored alarm or telematics device. Insurers often reward lower-risk behaviour with reduced premiums.
Maintain a clean driving record. Even one at-fault accident can significantly raise your auto insurance premium.
Increase your deductible if you can afford to pay more out-of-pocket in a claim — it lowers your annual premium.
Compare quotes at renewal time every year. Loyalty discounts are often smaller than new-customer offers.
Insurance FAQs for London Residents
How much is car insurance in London?
Car insurance rates in London depend on your driving history, vehicle, and coverage level. The average auto insurance rate across Ontario is $1,680/year annually. Ontario has a private insurance market regulated by FSRA (Financial Services Regulatory Authority). Comparing quotes is the best way to find your lowest rate.
What affects my auto insurance rate in London?
Key factors include your driving record, years licensed, vehicle make and model, annual mileage, where the vehicle is parked overnight, coverage type (liability only vs comprehensive), and your deductible amount. Your age and claims history also play a significant role.
Is home insurance mandatory in London?
Home insurance is not legally required in Ontario, but your mortgage lender will almost certainly require it as a condition of your mortgage. Even without a mortgage, home insurance protects you against significant financial loss from fire, theft, liability, and other covered events.
How can I lower my insurance premiums in London?
Bundle your auto and home insurance with the same provider for a discount. Install a monitored alarm system, maintain a clean driving record, increase your deductible, take advantage of loyalty and multi-vehicle discounts, and compare quotes annually when your policy renews.