Yes you do. It is the law in Ontario that all motorists have auto insurance. Fines for drivers who do not have valid auto insurance range from $5,000 – $50,000. If you are caught driving without valid auto insurance, you can have your driver’s license suspended and your vehicle could even be impounded!
If you’re convicted of driving without auto insurance, insurance companies may consider you a high-risk driver and charge you higher premiums or be unable to offer you insurance altogether. If you’re injured while driving or occupying an uninsured vehicle you might not be entitled to receive income replacement or non-earner benefits. You may also be unable to sue the at-fault driver for compensation.
If you’re found to be at fault in an accident you may be held personally responsible for an injured parties medical costs and other losses.