Young people in Toronto are facing skyrocketing car insurance costs, so much so that for many of them it’s becoming cheaper to use public transportation or Uber than to own a car.

A new report from Rates.ca shows that insurance companies categorize young people as high risk – and the numbers prove it.

The report reveals that men under 25 are 73% more likely to commit serious offences compared to men over 25, while young women are 53% more at risk than those over this age.

Overall, drivers under 25 are 66% more likely to receive speeding tickets.

As a result, insurance rates are very high: a 20-year-old man in Toronto with a Honda Civic can pay up to $13,418 per year, while a woman of the same age can pay up to $9,607.

How can costs be reduced?

Completing an MTO-approved course for novice drivers can cut up to $2,000 off the annual fee.

There may be a reduction after the age of 25, but it is not always guaranteed.

The car model also affects: Consumer Reports recommends the Honda Civic, Hyundai Tucson and Toyota Corolla as cheaper and safer options for young drivers.

Keith Barry from Consumer Reports says that young people should choose “a car that is not too big, not too small, and not too fast,” as it is cheaper to insure and helps young drivers better control their speed. /Telegraph/