Ontario driver shocked by insurance premium that skyrocketed to $14,000 per year
An Ontario man who had an accident, two speeding tickets and two tickets for failing to produce his insurance slip said it's absurd his annual rate has skyrocketed to more than $14,000 per year.
"That's over $1,000 a month just for insurance, plus my truck payments because it's financed, plus gas. It's going to cost me $2,000 just to drive to work," Tyler Marchildon, a 26-year-old carpenter from Guelph, told CTV News Toronto.
Marchildon said he has two speeding tickets on his record, both for going 15km/h over the limit. He also received two fines for not having his pink insurance slip in his truck when he was pulled over.
He said he was paying about $4,000 a year for insurance, but this summer he backed into another vehicle and damaged it, even though his own pick-up truck did not require any repairs.
Marchildon said if he stays in Guelph his insurance will be $8,500, but he was planning to move to Mississauga, which is why it increased to $14,291.
"It's more economical to quit my job and work at Tim Horton's for less than half the pay that I’m making and just not drive," Marchildon said.
Ontario is considering creating more high occupancy toll lanes that will allow people driving alone to pay for a quicker commute. (Pexels)
Justin Thouin, co-founder of with Lowestrates.ca, said Mississauga is one of the most expensive cities to own a vehicle in Ontario.
"Mississauga according to one of our studies is in the top five most expensive car insurance jurisdictions in Ontario, whereas Guelph isn't,” Thouin said.
Insurance companies treat speeding tickets differently and if you get one ticket your insurance company may forgive you.
On average, one minor ticket could see a zero to 10 per cent increase in premiums. Two tickets a 25 per cent increase and three tickets a 100 per cent increase.
If you add in an at-fault accident, rates will go up substantially.
"The biggest strike against him (Marchildon) are all these tickets and infractions, so his best chance for lower auto insurance rates is to have a clean driving record," Thouin said
"It's really a blow. I don't even know how to comprehend it," said Marchildon, who added "If I had racing tickets or stunt driving, that is something I can understand, but $14,000 is more than half the value of my vehicle and to pay that annually is absurd."
Marchildon plans to shop around to see if he can find insurance cheaper somewhere else.
Speeding tickets will stay on your driving record for three to six years and with some insurance companies as long as 10.
Tickets issued by a photo radar camera will not affect your insurance premiums.
CTVNews.ca Top Stories
Latest updates on air quality alerts, and when the smoke may reach Ontario and Quebec
Wildfires have led Environment Canada to issue air quality advisories for parts of B.C., Alberta, Manitoba, Saskatchewan and the Northwest Territories, as forecasters warn the smoke could drift farther east.
Are these Canada's best restaurants? Annual top 100 list revealed
The annual list of Canada's top restaurants in the country was just released and here are the places that made the 2024 cut.
Ellen DeGeneres addresses the 'hurtful' end of her talk show in new stand-up set
Ellen DeGeneres is reflecting on how her talk show came to an end in her newest Netflix special, 'Ellen's Last Stand ... Up Tour.'
Steal a car, lose your driver's licence for 10 years under new Ontario proposal
Repeat car thieves may face lengthy licence bans under proposed changes to Ontario’s Highway Traffic Act.
B.C. brings in law on name changes on day that child killer's new identity revealed
The BC NDP have tabled legislation aimed at stopping people who have committed certain heinous acts from changing their names.
What to pack during an emergency
Knowing what to have at home, or take with you for an evacuation, can be useful and even life-saving.
Significant police presence as Israeli flag flies at Ottawa City Hall
The Israeli flag is flying at Ottawa City Hall today to mark the country's national day, with plans to hold a private ceremony to mark Israel's Independence Day. There is a significant police presence at City Hall, including security barriers outside the main doors.
Hot history: Tree rings show that last northern summer was the warmest since year 1
The broiling summer of 2023 was the hottest in the Northern Hemisphere in more than 2,000 years, a new study found.
Regulated area for invasive box tree moth expanded to parts of the Maritimes
The Canadian Food Inspection Agency has added much of the Maritimes to a regulated area for an invasive species.