How Can You Get Cheap Car Insurance in Cambridge?
You can get cheap Cambridge car insurance by finding the best deals. Here are several tips to help you do so:
Compare Rates Between Insurers
Cambridge has a highly competitive auto insurance market, so insurers are constantly vying for your business. When insurers try to give you the best deals, it’s you who wins. Compare rates and shop around to see which insurance provider fits your auto protection needs affordably.
Take Bundled Policies
One of the best ways to save money while shopping is to buy a package deal, and insurance is no different. If you bundle home and auto insurance from the same company, you’re much more likely to get lower rates.
Ask For A Higher Deductible
You must pay a deductible on insurance claims before your carrier covers the remaining expenses. A higher deductible means paying extra if something happens to your car, but it also means you’ll get lower insurance premiums.
Request Group Discounts
Many insurance companies deal in group discounts for companies and other organizations. If you’re shopping for auto insurance in Cambridge for work, ask your agent about group deals and discounts.
Pay Annual Premiums
Paying annual insurance premiums might look expensive initially, but it’s generally cheaper than paying them monthly. Ask your insurers about half-year premiums if you can’t afford annual premiums.
Drive Safely
Motor vehicle offences and accidents stay on your record for years. Unfortunately, any driving violation on your record will considerably increase your insurance rates. However, this also means you’ll get lower auto insurance rates if you have no offences on record.
Consider Taking Usage-Based Insurance
Usage-based insurance (UBI) or pay-as-you-go insurance tracks your driving behaviour to determine how much you must pay for insurance. Taking UBI lets you save up to 30% on your annual premiums, so it’s a good option if you consider yourself a safe driver.
Take Driving Courses
Accredited driving lessons make you a safer driver and let you earn discounts on auto insurance in Cambridge.
Choose the Coverage You Need
Naturally, more insurance protection leads to higher rates. While some auto insurance coverage is mandatory, you have optional insurance coverage like at-fault accident and theft protection. Review your policy and skip unnecessary optional coverage to save on insurance premiums.
Buy Affordable Cars
Cars that are expensive and hard to replace tend to get hit with higher premiums. If possible, buy affordable and reliable cars that are more common and easy to repair or replace if you want lower insurance rates.
Quick Facts About Auto Insurance in Cambridge
- Cambridge car insurance is MORE expensive than the Ontario average.
- The average annual car insurance cost in Cambridge for a driver with comprehensive/collision coverage and a clean record is around $1,642.
- Comparing Cambridge auto insurance quotes with MyChoice can save you up to $1,166 annually.
Who Provides Car Insurance Quotes in Cambridge?
Insurance brokers, agents, aggregators, and direct writers provide car insurance quotes in Cambridge. Here’s an overview of these four insurance quote providers:
Insurance Brokers
Insurance brokers are independent professionals who help you shop for the best rates by comparing deals from multiple insurers. Because they have a bird’s-eye view of the current Cambridge insurance landscape, they can show you which companies offer the best insurance deals and answer any questions you may have.
Brokers take a commission from insurance companies, which could increase your rates. You might spend more money than if you had found an insurer yourself.
Direct Writers
Like insurance agents, direct writers only sell insurance products from one company. Direct writers are typically found online and are cheaper because they don’t have physical offices.
Insurance Agents
Insurance agents work for a certain insurer, so they can only offer their employer’s insurance products. However, they know their insurer like the back of their hands and might even give you discounts that brokers don’t have access to.
Additionally, insurance agents can close insurance sales independently, meaning you can purchase insurance from them right then and there.
Insurance Aggregators
An insurance aggregator website like MyChoice compiles rates from various insurance brokers, companies, and direct writers in one place. You can browse aggregator websites to find the best deals from the top insurance companies and get quotes instantly.
Better yet, insurance aggregators are accessible online and entirely free for customers, so you can look up insurance rates without spending a single penny or leaving the house.
How Does Car Insurance Work in Cambridge?
Car insurance in Cambridge works by providing financial coverage in case something bad happens to you or your car, depending on the protection you choose. Auto insurance in Cambridge is mandatory by local laws, which means you need car insurance to avoid fines or driver’s licence suspensions.
Worse still, if you get convicted of driving without insurance, you’ll get higher premiums from carriers. This makes driving again prohibitively expensive or even nearly impossible after being caught driving without insurance. That’s why getting auto insurance is essential before buying a car or driving in Cambridge.
Here’s a breakdown of the key elements of your auto insurance policy:
The mandatory car insurance requirement for Cambridge drivers are:
Third-Party Liability (TPL) Coverage
This insurance component provides financial compensation if you cause an accident that results in car damage or somebody getting hurt or killed. Per Financial Services Commission of Ontario (FSCO) regulations, you need at least $200,000 in TPL coverage.
Statutory Accident Benefits Coverage
This insurance component pays for your medical bills, rehabilitation, and possible funeral expenses if you get hurt or killed in a car accident, regardless of who’s at fault. Accident benefits coverage also offers income replacement worth 70% of your gross income, capped at $400 per week.
Uninsured Automobile Insurance
Uninsured automobile insurance covers your medical bills and funeral expenses if you’re struck by uninsured vehicles or hit-and-run drivers. Additionally, it compensates for vehicular damage caused by uninsured drivers.
Direct Compensation – Property Damage (DC-PD) Insurance
DC-PD insurance compensates you for the damage other drivers cause in an accident. However, DC-PD only kicks in if the other person is at fault, they’re also insured, and the accident takes place in Cambridge.
Once you meet the minimum car insurance coverage requirements, you can legally drive in Cambridge. However, it pays to have extra protection beyond the basics in case you get in an accident.
Since minimum car insurance only goes so far, we’ve got some extra Cambridge car insurance recommendations for you:
Extra TPL Coverage
The mandatory $200,000 insurance minimum can be too small, so many drivers choose to get coverage up to $2 million if they cause property damage or hurt somebody in an accident.
Additional Statutory Accident Benefits
Many people get additional coverage for medical bills and funeral expenses in their statutory accident coverage. You can also get extra income replacement protection if 70% income capped at $400 a week seems too limited.
More Comprehensive Property Damage Protection
DC-PD coverage has very specific coverage terms like the other driver also needs to be insured, and the accident must occur in Cambridge. To cover their bases, many people purchase extra insurance that still protects them even when the other driver is uninsured, and the accident happens in other provinces.
In addition to mandatory insurance coverage outlined by the FSCO, you can take optional insurance coverage like:
Specified Perils Protection
Specified perils insurance coverage protects you from loss or damage due to a specific cause. The most common perils insured are:
- Car theft
- Fire, earthquake, and explosion
- Weather, which includes windstorms, hail, and lightning
Many insurers also offer comprehensive auto insurance in Cambridge if you want protection from all these perils.
Accident Forgiveness
Insurers usually raise your premiums if you’re at fault for causing an accident. If you’ve been a safe driver for several years, you can take extra accident forgiveness coverage so you won’t get higher premiums if you cause an accident. Note that accident forgiveness only works on your first accident, and subsequent violations will still raise your rates.
Limited Depreciation Waiver
If you take a limited waiver of depreciation, you can receive your car’s purchase price as compensation if it’s been stolen or deemed a total loss after an accident.
How Your Car Insurance Quotes Are Calculated in Cambridge
Your car insurance rates are calculated based on how risky you are to insure. Naturally, drivers more likely to get into accidents will have higher premiums than those less likely to be in an accident.
Here are seven factors that influence your Cambridge car insurance quotes:
Age, Gender, and Marital Status
Your personal demographics influence auto insurance premiums in Cambridge because different people have varying accident risks.
Younger people tend to get higher premiums because insurance companies see them as more accident-prone than older people. Generally, your car insurance rates start decreasing when you hit 25 years old as long as you keep a safe driving record. However, insurance premiums increase again for people aged 65 and older because they’re more likely to be injured or killed in traffic accidents.
Women often get lower insurance rates because they’re seen as more careful drivers and don’t take as many risks as men.
Marital status also determines your rates because most insurance companies see married people as more financially stable and less-risky drivers. Married couples also tend to bundle home and auto insurance, saving more on premiums.
Location
People who live in urban areas often see higher insurance premiums because they’re more prone to car accidents and theft.
Car Make and Model
Expensive cars are more costly to repair or replace, so insurance premiums are usually higher than more common vehicles. You can install security features like anti-theft devices if you have an expensive car and want to save on insurance premiums.
Driving History
People who drive safely are rewarded with lower premiums because they’re usually less likely to get into a traffic accident. Conversely, people who have gotten into multiple accidents get higher premiums because they’re more likely to be involved in another accident down the line.
Driving Activity
Logic dictates that people who drive frequently are more likely to get in an accident. Therefore, kilometres driven is one of the determining factors that set your Cambridge auto insurance rates.
Insurance Coverage Chosen
Your coverage options influence your insurance rates because taking more coverage gives you more protection. Naturally, the more coverage you choose, the higher your rates.
Policy Discounts
Getting discounts can lower your auto insurance rates and make them more affordable. You can typically get discounts by bundling home and auto insurance or asking for a group discount for your workplace or organization.
Most Expensive Postal Codes in Cambridge
The annual average auto insurance premium in Cambridge is $1,642, around $250 higher than the provincial average of $1,385.
Here’s a detailed look at the most expensive postal codes for auto insurance in Cambridge:
Postal code | Average annual car insurance premium |
---|---|
N3H | $1,657 |
N1T | $1,631 |
Least Expensive Postal Codes in Cambridge
N1S (Cambridge Southwest) has the lowest insurance rates in the city, below the average. Here’s a detailed look at the cheapest areas for auto insurance in Cambridge:
Postal code | Average annual car insurance premium |
---|---|
N1S | $1,568 |
Car Insurance Cost in Cambridge by Age
Auto insurance rates are affected by age because it’s usually related to driving experience.
Age affects your car insurance rates because it’s closely related to your driving experience. Teenagers pay more for insurance because they’re less experienced and are more likely to get in an accident, but their rates will lower as they age. Meanwhile, senior citizens pay more because they’re much more likely to get hurt in an accident.
Here’s a breakdown of how age influences car insurance rates in Cambridge:
Age | Average annual insurance cost | Average savings with MyChoice |
---|---|---|
18-20 | $5,862 | $1,166 |
21-24 | $3,350 | $666 |
25-34 | $2,233 | $444 |
35-44 | $1,642 | $327 |
45-54 | $1,346 | $268 |
55-64 | $1,144 | $228 |
65+ | $1,305 | $260 |
Car Insurance Cost in Cambridge by Driving History
Your driving history impacts auto insurance premiums because it can predict your accident risk. High-risk drivers are more likely to get in accidents, landing them higher insurance rates. Conversely, safe drivers are less likely to be involved in an accident, giving them lower rates.
Your traffic violations and demerit points will “reset” after two years, but insurance companies usually check your driving record as far as 10 years back.
Here’s a look at how different driving violations affect your auto insurance rates:
Driving violation | Average annual car insurance rate |
---|---|
Clean driving record | $1,642 |
Insurance cancellation due to non-payment | $2,693 |
Licence suspension for alcohol-related offences | $1,970 |
One accident | $3,613 |
Speeding ticket | $2,135 |
Other Factors That Affect Car Insurance Prices in Cambridge
We’ve covered several factors that influence car insurance rates in Cambridge. Aside from those, several extra factors play a part in determining your Cambridge auto insurance premiums:
Vehicle Model Accident Rates
Some cars are just more accident-prone than others. Even if you have a spotless driving record, owning a car model infamous for having high accident rates will increase your insurance premiums.
Vehicle Age
Naturally, older cars are more expensive to insure because they may not have all the safety features of newer vehicles. If you insist on driving a vintage car everywhere, make sure you can pay the insurance premiums.
Vehicle Repair Costs
The harder it is to repair a car, the more expensive it is to insure. You can expect high insurance premiums on luxury cars and foreign cars that don’t have a large dealership or service centre presence in Canada.
Vehicle Primary Usage and Annual Mileage
You may spend more or less time on the road depending on what you use the car for. Car usage influences insurance rates – generally, the more you use it, the higher your premiums. For instance, insurance premiums on a car you use as an Uber will be higher than on a car you almost exclusively take on weekend cruises.
A good way to measure how much somebody uses a car is by its annual mileage. If your car has low annual mileage, insurers may determine that this car is low-risk and thus grant you more affordable insurance rates.
Local Crime Rates
Living in high-crime areas means your car is at higher risk of being stolen or vandalized. If you live in an area where theft or vandalism often occurs, you may get higher car insurance rates.
Past Insurance Claims
Any auto insurance claims will drive your premiums up, regardless of who’s at fault. If you make many insurance claims, the insurer will see you as a high-risk policyholder and give you higher rates.
Loyalty Bonuses
Many insurance companies reward long-term customers with discounted rates. If you’ve been a policyholder at the same insurance company for several years, ask for a rate reduction or discount when you renew your policy.
The Best Car Insurance Brokerages in Cambridge
Car insurance brokers can answer your questions and compare deals between multiple insurers to help you choose the right auto insurance policy.
You can work with Cambridge insurance brokers to find the best insurance deals, so contact them for extra assistance when shopping for car insurance:
Brokerage | Address | Phone number |
---|---|---|
Regal Insurance Brokers | 159 Main St Cambridge, ON N1R 1W5, Canada | +15196242150 |
BrokerLink | 1165 Franklin Blvd Cambridge, ON N1R 8E1, Canada | +15196246072 |
Monteiro Insurance Brokers Ltd | 12 Cambridge St Cambridge, ON N1R 3R7, Canada | +15196237031 |
Conestoga Insurance Brokers Ltd. | 731 King St E Cambridge, ON N3H 3N8, Canada | +15196531134 |
Driving in Cambridge
With its rich architectural heritage, Cambridge is popular with filmmakers and played host to popular movies and TV series like The Handmaid’s Tale, American Gods, 12 Monkeys, and more. It’s also home to a large manufacturing industry that employs roughly 20% of its residents.
With all these activities, Cambridge can be a busy city to drive in at times. Here are some key facts about driving in Cambridge you should know:
- Major highways in Cambridge: 8, 24
- Public transit options: Grand River Transit (bus), GO Transit (bus and train)
- Ridesharing services: Uber, Lyft
- Parking space providers: The City of Cambridge, private lots
- Top tourist attractions: Fashion History Museum, Shade’s Mills Conservation Area, Cambridge Butterfly Conservatory, Queen’s Square Gallery, Riverside Park
- Busy intersections: Hespeler Road and Bishop Street, Hespeler Road, Maple Grove Road, and Fischer Mills Road, King Street and Bishop Street
- Airports: Region of Waterloo International Airport
Main Mode of Commuting in Cambridge
An overwhelming majority of Cambridge’s commuters travel by car, truck or van. Out of the 47,590 car users, 43,605 drive while the remaining 3,985 are passengers. Public transit and walking take the second and third-most popular commuting methods at 1,695 and 1,250 respectively. Here’s a closer look at how people commute in Cambridge:
Main mode of commuting | Counts | Rates |
---|---|---|
Total – 25% sample data | 51,550 | 100.0 |
Car, truck or van | 47,590 | 92.3% |
Car, truck or van – as a driver | 43,605 | 84.6% |
Car, truck or van – as a passenger | 3,985 | 7.7% |
Public transit | 1,695 | 3.3% |
Walked | 1,250 | 2.4% |
Bicycle | 200 | 0.4% |
Other method | 815 | 1.6% |
Commuting Duration in Cambridge
Most of Cambridge’s 51,550 commuters take 15 to 29 minutes to get to work. A smaller, but still considerable portion of them spend less than 15 minutes on their commute. That said, one-third of Cambridge commuters spend over half an hour commuting. Check this table for more details on commuting times in Cambridge:
Commuting duration | Counts | Rates |
---|---|---|
Total – 25% sample data | 51,550 | 100.0 |
Less than 15 minutes | 16,690 | 32.4% |
15 to 29 minutes | 18,540 | 36.0% |
30 to 44 minutes | 8,900 | 17.3% |
45 to 59 minutes | 3,480 | 6.8% |
60 minutes and over | 3,935 | 7.6% |
Driving Conditions in Cambridge
The weather, commute times, and other factors can affect your auto insurance rates. Here’s a quick look at the driving conditions in Cambridge:
- Average daily commute time: 46 minutes roundtrip
- Average annual rainfall: 32.11 mm
- Average annual snowfall: 28.41 mm
- Rainy days per year: 154
- Rainiest month in Cambridge: October
- Driest month in Cambridge: December
- Snow days per year: 57
- Snowfall months in Cambridge: January – May, October – December
Traffic in Cambridge
Cambridge is a city of over 130,000 people, making it the second-most populous city in the Waterloo Region. With its bustling manufacturing industry and frequent film productions, traffic in Cambridge may be heavier than in many other cities.
Here’s a quick look at the key traffic statistics in Cambridge:
- Population: 138,479 people live within Cambridge’s city limits.
- City area: Cambridge’s city area spans 112.99 km2.
- Time spent in traffic annually: Most Cambridge residents spend 46 minutes in traffic daily on average, totalling roughly 280 hours per year.
- Busiest highways: Cambridge’s Highway 8 connects to Highway 401, North America’s busiest highway that sees over 500,000 vehicles driving through it daily.
The Most Common Questions About Car Insurance in Cambridge
How much is car insurance in Cambridge?
The Average car insurance policy in Cambridge costs $1,642/year.
Who has the cheapest auto insurance in Cambridge?
The cheapest auto insurance provider in Cambridge depends on your chosen protection and budget. You can reduce your auto insurance costs by skipping optional coverage.
Is ridesharing insurance available in Cambridge?
Ridesharing insurance is available in Cambridge. Ask your insurer if you want to apply for a policy.
What information do you need for an auto insurance quote in Cambridge?
To get an auto insurance quote, all you need to provide is basic personal and vehicle information. However, you can get more accurate quotes by providing extra details like your driving history and past traffic violations.