Kitchener residents are paying some of the highest insurance premiums in Canada, according to data released by HelloSafe.
The site, which compares financial products, released its annual Car Insurance Premiums Barometer on Wednesday, which showed that on average, Kitchener residents were paying $2,478 per year for their car insurance.
This number was the eighth-highest of the 33 Canadian cities included in the study and second-highest in Ontario behind Thunder Bay, where residents paid $2,770 on average for their insurance premiums.
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Thunder Bay was fifth in the country behind four cities in Alberta: Calgary, Edmonton, Red Deer and Grand Prairie.
The report also provided a profile of the drivers who were paying the lowest and highest premiums in Canada.
A 51-year-old woman, who is employed, lives in The Pas, Man., and has been driving for 35 years, would on average pay $353 per annum while an 18-year-old man who was a student living in St. John’s, N.L., and a Stage 3 learner driver would pay $6,828 a year for his insurance.
“It is no surprise to see that the number of years of license is a factor that has a lot of influence on car insurance premiums in Canada. Actually, when a Canadian stage 2 learner driver is likely to pay on average $3,662 per year, 35 years licensed drivers will ‘only’ pay $768 for the same coverage,” the report says.
While men are known to get deals on haircuts and clothing compared with women, they do not get a discount on their car insurance.
According to the report, men pay $1,935 for car insurance annually on average, whereas women pay $1,859 for the same service, which works out to be a difference of 4.1 per cent.
Cambridge, Waterloo and Guelph were not among the cities that were considered for the study.
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