Monthly is not always the same total cost
Insurers may apply financing or service charges.
Annual payment can simplify administration
But the cash-flow tradeoff is personal.
Avoid NSF cancellations
Repeated non-payment can affect future eligibility and pricing.
Changing payment method is not cancellation
Contact the insurer or broker rather than simply stopping withdrawals.
Ontario-specific educational summary. Your actual rights and coverage come from the Insurance Act, regulations, the current Ontario Automobile Policy (OAP 1), your certificate, endorsements and the facts of the claim. Do not change coverage based only on a general web article.