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Article Contents
Picture of By <span>Aren Mirzaian</span>
By Aren Mirzaian

Updated on March 21, 2024

Visit author page
Picture of By <span>Aren Mirzaian</span>
By Aren Mirzaian

Updated March 21, 2024

Visit author page

13 minute read

Article Contents

How Can You Get Cheap Car Insurance in Oakville?

You can get cheap Oakville car insurance by finding the best deals. Here are several tips to help you do so:

Compare Rates Between Insurers

Oakville 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 Oakville 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 Oakville.

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 Oakville

  • Oakville car insurance is LESS expensive than the Ontario average.
  • The average annual car insurance cost in Oakville for a driver with comprehensive/collisoin coverage and a clean record is around $1,586.
  • Comparing Oakville auto insurance quotes with MyChoice can save you up to $1,126 annually.

Who Provides Car Insurance Quotes in Oakville?

Insurance brokers, agents, aggregators, and direct writers provide car insurance quotes in Oakville. 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 Oakville 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 Oakville?

Car insurance in Oakville works by providing financial coverage in case something bad happens to you or your car, depending on the protection you choose. Auto insurance in Oakville 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 Oakville.

Here’s a breakdown of the key elements of your auto insurance policy:

The mandatory car insurance requirement for Oakville 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 Oakville. 

Once you meet the minimum car insurance coverage requirements, you can legally drive in Oakville. 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 Oakville 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 Oakville. 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:

Many insurers also offer comprehensive auto insurance in Oakville 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 Oakville

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 Oakville car insurance quotes:

Age, Gender, and Marital Status

Your personal demographics influence auto insurance premiums in Oakville 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 Oakville 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 Oakville

On average, the annual car insurance rate in Oakville is $1,586, around $100 lower than Ontario’s annual average of $673. Some areas in Oakville like the L6H (College Park, River Oaks, Wedgewood Creek, Falgarwood, Joshua Creek) have above-average rates.

Postal CodeAverage Annual Car Insurance Premium
L6H$1,741
L6J$1,736

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 CodeAverage Annual Car Insurance Premium
L6K$1,522
L6L$1,532

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:

AgeAverage Annual RatesAverage Savings with MyChoice
18-20$5,662$1,126
21-24$3,235$644
25-34$2,157$429
35-44$1,586$315
45-54$1,301$259
55-64$1,105$220
65+$1,260$251

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 ViolationAverage Annual Car Insurance Premium
Clean driving record$1,586
Insurance cancellation due to non-payment$2,601
Licence suspension for alcohol-related offences$1,903
One accident$3,489
Speeding ticket$2,062

Other Factors That Affect Car Insurance Prices in Oakville

We’ve covered several factors that influence car insurance rates in Oakville. Aside from those, several extra factors play a part in determining your Oakville 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 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:

BrokerageAddressPhone number
Morison Insurance Brokers Inc.112 Wilson St Unit B
Oakville, ON L6K 3G6, Canada
+19053386888
Oakville Insurance Brokers345 Lakeshore Rd E Suite 306
Oakville, ON L6J 1J5, Canada
+19058450391
All-Risks Insurance Brokers Limited2345 Wyecroft Rd #13
Oakville, ON L6L 6L8, Canada
+19058470400
Billyard Insurance Group – Oakville515 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 commutingCountsRates
Total – 25% sample data54,320100.0
Car, truck or van46,30585.2%
Car, truck or van – as a driver42,37578.0%
Car, truck or van – as a passenger3,9307.2%
Public transit3,8507.1%
Walked2,0203.7%
Bicycle2500.5%
Other method1,8903.5%

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 durationCountsRates
Total – 25% sample data54,320100.0
Less than 15 minutes14,89527.4%
15 to 29 minutes17,51532.2%
30 to 44 minutes11,98522.1%
45 to 59 minutes5,0559.3%
60 minutes and over4,8608.9%

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

Is ridesharing insurance available in Oakville?

Many insurers offer ridesharing insurance in Oakville. Ask your insurance agent or broker for more information.

How much does Oakville car insurance cost?

The annual average car insurance rate in Oakville is $1,586, lower when compared to Ontario’s average of $1,673.

Is car insurance cheaper in Oakville than in Toronto?

At $1,586/year, car insurance in Oakville is considerably cheaper than Toronto’s $2,139/year.

Who has the cheapest auto insurance in Oakville?

The cheapest auto insurance provider in Oakville depends on your protection needs. You can skip optional coverage to drive your insurance premiums down.

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.

What information do you need for an auto insurance quote in Oakville?

You need to provide basic personal details and car information like its production year, make, and model for a basic auto insurance quote in Oakville. You can get more information by providing additional data like your driving record and past traffic violations.

You need personal details and basic car information to get a basic auto insurance quote in Oakville. For more detailed quotes, you need to provide additional data like your driving record, past traffic tickets, and chosen coverage.

How do you find affordable car insurance for students in Oakville, Ontario?

You can’t find affordable car insurance specifically for students in Oakville. However, students can be included in their parent’s policy, which is more affordable than having them pay a solo policy.

Which auto insurance is the best for young drivers in Oakville?

The best auto insurance for young drivers should be the one that provides protection at a reasonable cost. You may also need additional coverage beyond the mandatory coverage to anticipate possible accidents.

The best auto insurance for young drivers in Oakville is the one that provides all mandatory protection at a reasonable price. You may also need extra coverage beyond what’s required to protect them from possible accidents.

Is car insurance cheaper in Oakville than in Brampton?

Car insurance in Oakville is $1,586/year on average, considerably cheaper than Brampton’s $2,922/year.

Sources

1. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, Oakville, Car Insurance Quotes Collected, 2023.

2. Mychoice.ca Internal Data, Least Expensive Postal Codes, Ontario, Oakville, Car Insurance Quotes Collected, 2023.

3. Mychoice.ca Internal Data, Rate Cost By Age, Ontario, Oakville, Car Insurance Quotes Collected, 2023.

4. Mychoice.ca Internal Data, Rate Cost By Driving History, Ontario, Oakville, Car Insurance Quotes Collected, 2023.

5. City of Oakville Website, Driving & Transit Information. Data Collected, 2023.

6. Statistics Canada, 2021, Census of Population, Ontario, Oakville, Main Mode of Commuting. Data Published March 29, 2023.

7. Statistics Canada, 2021, Census of Population, Ontario, Oakville, Commuting Duration. Data Published March 29, 2023.

8. Weather Network Canada, Historical Averages, Ontario, Oakville.

9. 511 Ontario Traveller Information, Ontario, Oakville.

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