Car Insurance Oshawa

You are likely in the process of buying a new car or looking at getting a different car insurance policy. Car insurance is mandatory for all vehicles in Oshawa and Ontario in general. We have some of Canada’s strictest insurance regulations and most expensive insurance premiums. 

By law, all vehicles registered in Ontario must at least have the mandatory car insurance coverage of:

  • Third-party liability coverage of a minimum of $200,000.
  • Accident benefits to recover from collision injuries.
  • Uninsured motorist coverage of minimum $200,000 for accidents by an uninsured driver.
  • Direct compensation coverage for damages if someone else is at fault.

Drivers can also choose among the optional insurance coverage available, which includes:

  • Collision insurance coverage.
  • Comprehensive car insurance coverage.
  • All perils.
  • Specified perils.

Best Car Insurance Rates Oshawa

Insurance rates and regulations are monitored by the Financial Services Regulatory Authority of Ontario (FSRAO), but there are tons of companies and tools you can use to find the car insurance that fits your driving needs and budget.

Best is a subjective word. It’s hard to tell you which rate is the best one for you without understanding your situation. Of course, everyone wants to save money, especially because car insurance rates can get quite expensive in Ontario. However, you want to ensure you are getting enough coverage and protection when you are on the road.

Some of the factors that can affect your car insurance rate include:

  • Vehicle make, model, and year.
  • Your age and whether you are a new driver.
  • The claims and accident history in Oshawa.
  • Your driving and insurance history.
  • How much mileage you drive each year.
  • The purpose of your vehicle – i.e., pleasure or business.
  • Coverage amount.
  • Type of car insurance you buy – i.e., collectors car insurance, high risk car insurance, commercial car insurance, etc.

Each of these factors needs to be thoroughly considered and balanced to find the right car insurance policy for you that not only meets your budget but also covers you and your family in the case of an accident

Cheapest: Lowest Car Insurance Rates Oshawa

While car insurance rates are expensive in general in Ontario, there are still ways you can save money on your insurance policy.

Rural areas like Oshawa already have a relatively low rate of theft and accidents. As a result, you will find that your car insurance rates are generally cheaper than if you were driving in an area with higher accident rates.

Using a tool like Insurance Hero can help you compare different car insurance rates in Oshawa. We will help you shop for affordable car insurance with over 12 insurance companies. All you have to do is enter your information, and we will find the different rates available for you to choose from.You can also find ways to get discounts on car insurance to lower your rates even more. For example, bundling your car insurance with your home insurance policy can save you up to 15%. Other ways you can get discounts include:

  • Taking defensive driving courses.
  • Consider a policy with higher deductibles.
  • Have a good driving history.
  • Choose your vehicle type wisely.
  • Install winter tires in the winter.
  • Ask about discounts for seniors, multiple vehicles, student drivers, etc.

Vehicle: Car Insurance Rates Ontario By Model

The year, make, and model of your vehicle has a substantial impact on the price of the insurance premiums you pay. If the model of your car is to be less likely to be involved in a car accident or be stolen, then your insurance premium will be lower.

Insurers also consider the quality of your car, how old your car is, whether it is a new or used vehicle, the safety and handling features, the size of your car, and the repair and replacement costs to determine your insurance premium.

If you are buying an older or used vehicle, the general rule is that the older the car is, the cheaper it will be for an insurance company to insure. However, vintage or collector vehicles might have insurance premiums that are higher because they are significantly harder and pricier to replace or repair.

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Commonly Asked Questions About Car Insurance

How do I get low car insurance rates in Ontario?

Ontario has some of the strictest driving laws and the highest car insurance rates in the country. Ontario averages $1,528 in annual car insurance premiums, and only British Columbia has a higher annual average at $1,832. That said, it’s still possible to lower your car insurance rates, so you aren’t paying as much. Bundling up your car insurance policy with your other insurance policies can give you a discount. In addition, insurance companies often have loyalty discounts for long-time customers. If you are an experienced driver with a clean driving record, you will also likely get cheaper insurance rates.

What should I look for when buying car insurance?

One of the biggest factors to consider when buying car insurance is coverage. You want to ensure you have enough coverage in your car insurance policy to meet your driving needs. For example, if you use a lot of mileage every year, you want an insurance policy that provides more coverage. You should also have a good balance between coverage and affordability. Compare insurance rates from different companies to find one that’s best suited for you.

What factors determine my car insurance rates in Oshawa?

  • Vehicle make, model, and year.
  • Your age and whether you are a new driver.
  • The claims and accident history in Oshawa.
  • Your driving and insurance history.
  • How much mileage you drive each year.
  • The purpose of your vehicle.
  • Coverage amount.
  • Type of car insurance you buy.

How do Oshawa car insurance quotes compare to other cities in Ontario?

The average car insurance in Oshawa is around $1,870 per year, which is higher than the provincial average of $1,505. Car insurance in Oshawa is more than areas like Kingston, with an average annual premium of $1,103, and London, with an average premium of $1,509. However, it’s significantly lower than areas like Brampton and Mississauga, where the premiums are $2,696 and $2,373 respectively.

Can you switch to a different insurance broker in Oshawa?

It’s possible to switch insurance brokers. However, you might be subject to a penalty if you switch before your current insurance policy expires.