Car Insurance Cambridge

Cambridge is part of the Tri-City area, along with Kitchener and Waterloo. It’s now the second-largest community in the region. With many parks, quiet neighborhoods, quaint restaurants, entertainment, and arts and culture amenities, there’s no shortage of things to do. Whether you’re looking for a quiet afternoon, a place to hangout with friends, a family picnic at the park, or a nature hike, you can find it in Cambridge.

With so many things to do, proximity to neighboring cities, and easy access to the highway to commute, you’ll want a car if you’re living in Cambridge. You’ll also want to ensure your car has the right protection.

At Insurance Hero, we believe everyone deserves affordable insurance that protects their loved ones without breaking the bank. If you live in Cambridge and are looking for car insurance, or to switch to a new policy, we’re the ones for you. Our specialists will review your options and address questions you have about your car insurance, so you can feel confident about your purchase.

Contact Insurance Hero today for a quote using our using our online form or call us at 1 (855) 777 4376.

Here’s Why You Need Car Insurance

Car insurance is mandatory in Ontario. While you can choose how much insurance coverage you want and whether to add additional coverage or endorsements, there are minimum coverage requirements.

The most important reason for having car insurance is because of your liability in a collision. If you’re ever in a car accident, you’ll know how expensive some of these damages cost. You could be responsible for potential medical bills, car repairs, and compensation for other damaged property. It also protects you if you have to pay for repairs on your own car whether you’re caught in a car accident or damage your car because of a structure. Car insurance helps mitigate some of the financial risks arising from these liability claims and damages.

Are you looking for a suitable car insurance policy to protect you and your passengers? Want to avoid high premiums without compromising your coverage? Reach out to Insurance Hero today. Our insurance specialists will match you to an affordable insurance package that best meets your needs.

Car Insurance Coverage Types

There are mandatory and optional coverage types that drivers can choose from. According to Ontario law, drivers should carry mandatory insurance coverage of:

Third-Party Liability Coverage

Third-party liability coverage serves as protection in cases where someone sustains injuries, fatalities, or property damage due to a car accident. It will handle settlement costs and legal claims stemming from potential lawsuits, depending on the level of coverage you select. In Ontario, the minimum mandatory third-party liability insurance is set at $200,000, but you have the option to raise this amount. For instance, many drivers choose to increase their third-party liability insurance from $200,000 to $1 million.

Accident Benefits Coverage

Regardless of fault in the accident, this segment of your auto insurance policy offers you advantages in the event of injury. These benefits include rehabilitation, aid in replacing lost income, additional medical treatment, support for attendants, caregiver assistance, and benefits for those without income. Some of these coverage options can also be enhanced if you choose to do so.

Uninsured Automobile Coverage

In the unfortunate event that you are injured or lose your life due to a hit-and-run incident or an uninsured driver, this portion of your policy will provide protection for both you and your family. Additionally, it extends coverage to any damage inflicted on your vehicle by an uninsured driver.

Direct Compensation – Property Damage (DC-PD)

This segment of your auto insurance policy covers damages to your vehicle or its contents, as well as any loss of use resulting from an accident where another party is at fault. The term ‘direct compensation’ signifies that your own insurer still compensates you, even when another party is responsible for the damage.

For the DC-PD (Direct Compensation – Property Damage) part of your auto insurance policy to come into effect, the following conditions must be met:

  • The accident took place in Ontario.
  • There was involvement of at least one other vehicle.
  • At least one of the involved vehicles is also insured by an insurance company authorized to operate in Ontario or has entered into a special agreement with FSCO (Financial Services Commission of Ontario) to provide this coverage.

Although regular auto insurance provides fundamental coverage for car owners, Cambridge drivers have the option to customize and improve their policies with various additional coverage types, such as:

Collision

This optional coverage provides protection for damages incurred when a covered vehicle overturns or comes into contact with an object, such as another vehicle. The term ’objects’ encompasses anything on the ground, the ground itself, a trailer, or any other vehicle that is connected to the insured vehicle specified in your insurance policy.

Comprehensive

A comprehensive add-on includes coverage for various incidents, such as specified perils, theft, vandalism, damage caused by falling or airborne objects, and losses that fall outside the scope of collision coverage.

Specified perils

Specified perils coverage is a type of insurance policy that provides protection for specific perils or risks that are explicitly listed in the policy. Unlike comprehensive coverage, which typically covers a wide range of risks, specified perils coverage only applies to the perils or events explicitly mentioned in the policy.

All perils

This bundles both collision and comprehensive insurance into a single policy. It also extends coverage to instances where a household member steals a vehicle covered by your insurance policy. Furthermore, if an employee steals your car while driving, servicing, or having it repaired, the All Perils add-on will provide compensation. For example, if you brought your vehicle to a mechanic and one of their employees stole it, this coverage would apply.

In addition, policyholders can add endorsements that allow you to modify, enhance, or reduce your insurance coverage. Some of the most frequently used policy endorsements include:

  • Rented or Leased Vehicles (OPCF 5)
  • Liability for Damage to Non-Owned Automobile(s) and Other Coverages (OPCF 27)
  • Family Protection Coverage (OPCF 44R)
  • Transportation Replacement (OPCF 20)

How do Cambridge’s rates compare to other cities in Ontario?

Cambridge car insurance rates average $1,334 each year. This rate is under the provincial average and slightly cheaper than the average insurance rate in Kitchener, which is around $1,500 per year. Rates in Waterloo and surrounding regions are approximately the same.

Compared to cities like Toronto, Richmond Hill, and Brampton, Cambridge’s car insurance rates are significantly cheaper in price. Most urban centres will find annual car insurance rates of over $2,000. However, compared to other suburban and rural regions, like Napanee and Cobourg, Cambridge’s rates are slightly more expensive in comparison.

Want to avoid high car insurance premiums? Insurance Hero compares insurance plans to find affordable options that protect you and your loved ones without going over budget.

How do I lower my Cambridge car insurance?

There are many ways to lower the cost of your car insurance. Maintaining a clean driving record is the easiest way to lower the cost of your car insurance each year. Insurance companies like safe drivers, because there is less risk for an insurance claim. Here are other ways you can lower your car insurance premium:

  • Take driving lessons
  • Increase safety measures of your car
  • Install winter tires every year
  • Bundle your insurance package
  • Ask for discounts

How does car insurance work?

Car insurance is provided by private insurance companies, though you can go through a broker like Insurance Hero to help you shop and compare policies. All you have to do is provide us with information like your age, address, and car model, and we’ll search our partners for the best packages for you.

If you’re ready to purchase car insurance, or are looking to change your current policy, contact Insurance Hero today. We find you the most affordable car insurance policies without lowering your coverage, so you can put your money to better use!

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What coverage do I need in Cambridge?

Ontario law requires all registered vehicles to have at minimum:

  • Third-party liability coverage of a minimum of $200,000
  • Accident benefits
  • Uninsured motorist coverage of minimum $200,000
  • Direct compensation coverage

You can choose whether you want optional coverages or endorsements on top of your coverage. These additions give you extra protection against various perils and damages and increase the limit of your insurance policy.

 

What factors determine my car insurance rates in Cambridge?

In general, individuals who pose a higher risk to insurers are likely to face increased car insurance costs due to the greater likelihood of filing insurance claims. Below are some of the common factors that can influence your yearly insurance premium:

  • Location: Where you live can affect your premium. Urban areas often have higher rates due to increased traffic and a greater likelihood of accidents and theft.
  • Type of Vehicle: The make and model of your car can impact your premium. High-performance and luxury vehicles usually cost more to insure than standard vehicles due to their higher repair and replacement costs.
  • Vehicle Usage: How you use your car also matters. If you use it for business purposes or have a long daily commute, your premium may be higher compared to someone who uses their vehicle primarily for personal and shorter trips.
  • Age and Experience: Young and inexperienced drivers often pay more for insurance due to their higher risk profile. Conversely, older, more experienced drivers may enjoy lower premiums.
  • Driving record: One of the most influential factors is your driving history. Insurers look at your record for accidents, traffic violations, and any previous insurance claims. A clean driving record usually results in lower premiums, while a history of accidents and violations may lead to higher costs.
  • Claims History: Your previous claims history with an insurance company can also be a factor. Frequent claims may result in higher premiums.
  • Annual Mileage: The number of miles you drive annually can influence your premium. Fewer miles driven may lead to lower insurance costs.
  • Deductibles: The deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible can lower your premium, but it means you’ll have to cover more of the costs in the event of a claim.
  • Discounts: Many insurers offer discounts for various factors, such as completing defensive driving courses, bundling multiple insurance policies, or having safety features in your vehicle.

Keep in mind that these factors may differ depending on your insurance provider and where you live. To ensure you get the most precise and cost-effective premium tailored to your unique circumstances, reach out to Insurance Hero. We can provide you with quotes from various insurance companies, allowing you to compare coverage and costs easily. With Insurance Hero, finding the right insurance for you is hassle-free.

Which car is best for low insurance?

Choosing a car to buy in Ontario can be a bit overwhelming, as each vehicle comes with its unique insurance premium. Fortunately, there are numerous excellent car options that offer very affordable average insurance rates. That’s why we’ve compiled a list of some of the most budget-friendly cars to insure in 2023.

  • Chevrolet Spark
  • Toyota Camry
  • Volkswagen Golf
  • Toyota Corolla
  • Mazda 3
  • Mitsubishi Mirage
  • Honda Civic
  • Hyundai Elantra
  • Kia Forte
  • Chevrolet Cruze

Who regulates car insurance rates in Cambridge?

Car insurance in Cambridge is managed by private insurance companies but is subject to oversight by the Financial Services Regulatory Authority of Ontario (FSRAO). The FSRAO ensures that any proposed rate increases are reasonable and necessitate approval from the regulatory body, which is contingent on the insurer’s financial performance.

Cambridge operates under a no-fault insurance system, meaning that regardless of fault in an accident, drivers are required to utilize their own insurance provider. In practical terms, this means that you will always deal with your insurance company whenever you file a claim or handle an accident.

 

Get The Car Insurance That Works For You

If you’re looking for car insurance in Cambridge, you’ve come to the right place! Insurance Hero is an independent brokerage that represents several major insurance providers across Canada. This means you can count on getting the best insurance value. We simplify the process by comparing insurance quotes for you, saving you time and effort.

Accessing the top insurance rates, coverage, and services is easy with just one simple step! To get a quote from us, all you need to do is provide a few details about yourself and your vehicle, including your name, age, car details, driving history, and insurance information, using our online form.

We consider our customers as long-term clients and are committed to meeting your insurance needs while ensuring your safety and satisfaction!