How Does Car Insurance Work in Oakville?
Car insurance is mandatory in Ontario, but it’s important to understand the factors that influence your insurance premium and the types of coverage you should consider.
Below is a breakdown of what’s included in your car insurance package in Oakville when you get a quote with MyChoice, categorized by mandatory and highly recommended coverages. Together, the mandatory and recommended coverage premiums reflect the average car insurance cost in Oakville referenced above.
| Coverage Type | What’s Included | Average Annual Car Insurance Premium |
|---|---|---|
| Mandatory | – Third-Party Liability – Accident Benefits – Uninsured Automobile | $807 |
| Highly Recommended | – Direct Compensation: Property Damage – Collision – Comprehensive – OPCF 20 – OPCF 27 – OPCF 44R – OPCF 39 – OPCF 43 | $1,003 |
| Coverage Total: | $1,809 |
Mandatory Coverages
| Coverage Type | Coverage Details | Average Annual Car Insurance Premium |
|---|---|---|
| Third-Party Liability | Protects you if you injure someone or damage property while driving, and covers legal costs if you’re sued | $252 |
| Accident Benefits | Covers medical costs, income replacement, and more for you and others injured in an accident, regardless of fault | $541 |
| Uninsured Automobile | Protects you if you’re hit by an uninsured or an unidentified driver and suffer injuries or vehicle damage | $14 |
| Coverage Total: | $807 |
*The above coverages are mandatory in Oakville and will always be included in a standard car insurance quote.
Highly Recommended Coverages
| Coverage Type | Coverage Details | Average Annual Car Insurance Premium |
|---|---|---|
| Direct Compensation: Property Damage | Covers damage to your own vehicle if you’re not at fault in an accident with another insured driver in Ontario. | $444 |
| Collision | Covers your vehicle if you hit another car or object and you’re found at fault. | $271 |
| Comprehensive | Covers damage to your vehicle from non-collision events like theft, vandalism, fire, or weather. | $195 |
| OPCF 20: Loss of Use | Pays for rental or other transportation if your car is out of service after an at-fault accident or comprehensive claim. | $23 |
| OPCF 27: Rental Vehicle | Extends your coverage to rented or borrowed vehicles, protecting you if damage occurs while you drive them. | $24 |
| OPCF 44R: Family Protection | Covers you and your family if you’re hit by an uninsured, underinsured, or hit-and-run driver and their coverage isn’t enough. | $18 |
| OPCF 39: Accident Forgiveness | Prevents your insurance premiums from increasing after your first at-fault accident, as long as you stay with the same insurer. | $26 |
| OPCF 43: Waiver of Depreciacion | Ensures you get the full purchase price back—not a depreciated value—if your new vehicle is written off. | $2 |
| Coverage Total: | $1,003 |
*Any of the above highly recommended coverages in Oakville may be removed from your quote, but we strongly recommend keeping them to have adequate protection.
Most Expensive Postal Codes in Oakville
On average, the annual car insurance rate in Oakville is $1,809, around $100 lower than Ontario’s annual average of $1,874. Some areas in Oakville like the L6H (College Park, River Oaks, Wedgewood Creek, Falgarwood, Joshua Creek) have above-average rates.
| Postal Code | Average Annual Car Insurance Premium |
|---|---|
| L6H | $1,931 |
| L6J | $1,924 |
Least Expensive Postal Codes in Oakville
Fortunately, there are some areas like L6K (Southwest, Central, and old Oakville) which offer lower insurance premiums, often below the town average.
| Postal Code | Average Annual Car Insurance Premium |
|---|---|
| L6K | $1,688 |
| L6L | $1,697 |
How Oakville Car Insurance Rates Compare to Nearby Cities
Oakville’s car insurance rates are some of the highest in the region. You can see how they compare to some of the neighbouring cities in the table below.
| City | Average Annual Car Insurance Premium |
|---|---|
| Oakville, ON | $1,809 |
| Burlington, ON | $1,704 |
| Mississauga, ON | $2,258 |
| Milton, ON | $1,824 |
| Hamilton, ON | $1,735 |
| Toronto, ON | $2,231 |
Car Insurance Cost in Oakville by Age
Your age influences auto insurance premiums because it impacts your accident risk.
Young drivers pay more because they tend to be inexperienced and are more likely to get into accidents, while older drivers get higher rates because they’re more likely to get hurt or killed in an accident.
Here’s a look at how age impacts your Oakville auto insurance premiums:
| Age | Average Annual Car Insurance Premium | Average Savings with MyChoice |
|---|---|---|
| 18–20 | $5,192 | $1,033 |
| 21–24 | $2,677 | $533 |
| 25–34 | $2,062 | $410 |
| 35–44 | $1,809 | $360 |
| 45–54 | $1,538 | $306 |
| 55–64 | $1,429 | $284 |
| 65+ | $1,465 | $291 |
Car Insurance Cost in Oakville by Vehicle Model
Below is a breakdown of the estimated insurance costs for various car models in Oakville. This should give you an idea of what you can expect to pay for car insurance based on the vehicle model you drive.
| Car Model | Average Annual Car Insurance Premium |
|---|---|
| Lexus | $1,675 |
| Volkswagen | $1,664 |
| Toyota | $1,905 |
| Hyundai | $1,824 |
| BMW | $2,106 |
| Tesla | $1,777 |
| Audi | $2,249 |
| Mazda | $1,687 |
| Honda | $1,660 |
| Mercedes | $1,792 |
| Nissan | $1,833 |
Car Insurance Cost in Oakville by Driving History
Insurers use your driving history to determine premiums because it predicts future driving behaviour. Drivers with numerous past violations pay more on insurance because they’re more likely to get in accidents. Conversely, safe drivers pay less on insurance because they’re less likely to get into accidents.
Per Ontario traffic laws, your violations and demerits go away after two years. Still, insurance companies sometimes check your driving record as far back as 10 years, so even old driving violations can raise your premiums.
Here’s a look at how various driving violations can raise your premiums:
| Driving Violation | Average Annual Car Insurance Premium |
|---|---|
| Clean driving record | $1,809 |
| Insurance cancellation due to non-payment | $2,515 |
| Licence suspension for alcohol-related offences | $1,899 |
| One at-fault accident | $3,546 |
| Minor speeding ticket | $2,189 |
The Best Car Insurance Brokerages in Oakville
Car insurance brokers help you find the best-valued policies by comparing deals and answering your insurance questions.
Here are several Oakville insurance brokers that you can visit for assistance in your search for auto insurance:
| Brokerage | Address | Phone number |
|---|---|---|
| Morison Insurance Brokers Inc. | 112 Wilson St Unit B Oakville, ON L6K 3G6, Canada | +19053386888 |
| Oakville Insurance Brokers | 345 Lakeshore Rd E Suite 306 Oakville, ON L6J 1J5, Canada | +19058450391 |
| All-Risks Insurance Brokers Limited | 2345 Wyecroft Rd #13 Oakville, ON L6L 6L8, Canada | +19058470400 |
| Billyard Insurance Group – Oakville | 515 Dundas St W Suite #214 Oakville, ON L6M 1L9, Canada | +19053644007 |
Driving in Oakville
The town of Oakville is part of the Greater Toronto Area (GTA) and is often seen as an oasis from the fast-paced life of Toronto. As Ontario’s largest town, it offers an abundance of natural beauty while still retaining the comforts of modern living.
Driving in Oakville is enjoyable, thanks to its many streets and robust public transportation. Here are some important facts about driving in this town:
- Major highways in Oakville: Queen Elizabeth Way, 403, 407
- Public transit options: Oakville Transit (bus), GO Transit (train and bus), Via Rail (train)
- Ridesharing services: Uber, Lyft
- Parking space providers: The Town of Oakville, private lots
- Top tourist attractions: Gairloch Gardens, Lion’s Valley Park, Bronte Creek Provincial Park, Coronation Park, Bronte Heritage Park, Oakville Public Library
- Busy intersections: Dundas Street East and Trafalgar Road, Kerr Street and Speers Road, Speers Road and Third Line
- Airports: N/A
Main Mode of Commuting in Oakville
There are almost as many car passengers as public transit users in Oakville. However, the most popular commuting method by far is still driving your own vehicle. Take a closer look at the modes of commuting in Oakville with this table:
| Main mode of commuting | Counts | Rates |
|---|---|---|
| Total – 25% sample data | 54,320 | 100.0 |
| Car, truck or van | 46,305 | 85.2% |
| Car, truck or van – as a driver | 42,375 | 78.0% |
| Car, truck or van – as a passenger | 3,930 | 7.2% |
| Public transit | 3,850 | 7.1% |
| Walked | 2,020 | 3.7% |
| Bicycle | 250 | 0.5% |
| Other method | 1,890 | 3.5% |
Commuting Duration in Oakville
Oakville is densely-populated and relatively busy, so the commuting times are about par for the course. One third of the city’s commuters spend 15 to 29 minutes on the road. Meanwhile, 22% of Oakville commuters spend 30 to 44 minutes getting to work. Check the table below for more information on commuting times in Oakville:
| Commuting duration | Counts | Rates |
|---|---|---|
| Total – 25% sample data | 54,320 | 100.0 |
| Less than 15 minutes | 14,895 | 27.4% |
| 15 to 29 minutes | 17,515 | 32.2% |
| 30 to 44 minutes | 11,985 | 22.1% |
| 45 to 59 minutes | 5,055 | 9.3% |
| 60 minutes and over | 4,860 | 8.9% |
Driving Conditions in Oakville
Driving conditions like snow and rain impact your auto insurance premiums because they influence your driving risk. Here’s a look at Oakville’s driving conditions:
- Average daily commute time: 58 minutes round trip
- Average annual rainfall: 13.3 mm
- Average annual snowfall: 8.4 mm
- Rainy days per year: 100
- Rainiest month in Oakville: July
- Driest months in Oakville: September
- Snow days per year: 41
- Snowfall months in Oakville: January – May, November – December
Traffic in Oakville
Oakville is the largest town in the province and part of the most densely-populated areas in Canada, so traffic may be heavier than in most other suburbs. Here’s a look at key traffic stats in Oakville:
- Population: 213,759 people live within Oakville’s city limits.
- Town area: Oakville’s town area spans 138.94 km2.
- Average commute distance: The average Oakville resident travels x km to their workplace or school.
- Time spent in traffic annually: The average Oakville resident spends 58 minutes in traffic daily, totalling roughly 352 hours per year.
- Busiest highways: The Queen Elizabeth Way, which sees 200,000 vehicles per day on average, runs through most of Oakville.
The Most Common Questions About Car Insurance in Oakville
How much does Oakville car insurance cost?
The annual average car insurance rate in Oakville is $1,809, lower when compared to Ontario’s average of $1,874.
Why should you compare car insurance rates in Oakville?
You should compare car insurance rates in Oakville to see which insurance company provides the best value for your money.
How can you get cheaper auto insurance in Oakville?
Compare car insurance rates in Oakville with MyChoice, or visit our main car insurance page to learn other ways of getting cheap car insurance quotes.