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