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Peterborough Auto Insurance

Peterborough, Ontario, has a reputation as a laid-back and cultural mid-sized city near cottage country and the Kawartha Lakes. Despite the many people attracted to the area, traffic isn’t an issue –– and that means lower car insurance rates. 

Peterborough Car Insurance FAQs

  • How much is car insurance in Peterborough?
    The average cost of car insurance in Peterborough is $1,023 per year or a little over $85 monthly. This rate doesn’t include any discounts that may be available to you and may vary based on a wide range of factors, such as your age, gender, driving history, and vehicle. For instance, the average car insurance rate for a 30-year-old in Peterborough is approximately $1,757. A 59-year-old woman would only be charged an average of $837 per year, and a 20-year-old male can expect closer to $6,972 per year. Insurance costs tend to decline with age starting around age 20 and drop significantly at age 35. Before age 35, men also tend to pay higher rates than women, and those who are married have the lowest rates forgoing any other factors, such as bad driving history.
  • Is car insurance in Peterborough expensive?
    Car insurance costs in Peterborough fall below-average for the province. Ontario averages $1,505 per year, with Brampton drivers paying the highest rates at $2,268 per year on average. Kingston has the lowest rates in Ontario at about $843 per year. As location is just one factor car insurance companies consider when calculating rates, it is possible to pay high insurance costs in Peterborough—and it’s also possible to pay less than the already low average.
  • How to get the cheapest car insurance in Peterborough?
    Shopping around is the key to finding the cheapest car insurance in Peterborough. Insurance quotes can differ significantly between providers and from year to year. Comparing car insurance rates doesn’t have to be a hassle, though. At MyChoice, you can compare rates from 30+ top providers in three minutes or less! Give it a try today and see how your current rate compares. While you're comparing rates, you can also play with coverage options, such as your deductible and riders, to see if you can get a lower quote. However, don't leave yourself under-insured—car insurance is mandatory in Ontario for a reason! Discount programs are another way you can reduce your premium. Most car insurance providers offer discounts for things like taking a driver’s education course, keeping a clean driving record, insuring multiple vehicles, and paying your bill in one lump sum.
  • When is a good time to compare car insurance rates in Peterborough?
    As your car insurance rate is likely to change over time, we recommend shopping around every year before your policy renews. This practice not only ensures that your current rate is still competitive but allows you to take advantage of rate drops due to age. Traffic violations and accidents also stop affecting your car insurance rates after about three years. It’s a good idea to compare rates again if you get married, add a new driver, or purchase a new vehicle as well.
  • Which car has the cheapest car insurance in Peterborough?
    Small economical cars like the Honda Civic tend to be the least expensive to insure in Peterborough. However, cheap car insurance isn't necessarily make-and-model specific. Any vehicle with good safety and anti-theft features is likely to cost less to insure—with a few exclusions. Vehicles that would be expensive to replace, such as luxury vehicles, or those with higher than average theft rates, will always cost more to insure. After-market upgrades can also increase your insurance rates.
  • What is the cheapest postal code for car insurance in Peterborough?
    The K9J postal code, which is to the south of the city’s downtown area, currently has the city’s cheapest car insurance rates in the city. On the other hand, the K9K postal code, covering just west of downtown Peterborough, has the highest average rates.
  • What are the most dangerous intersections in Peterborough?
    One of the best ways to keep your driving record clean is to avoid high traffic areas and intersections with high collision rates. In Peterborough, the five most dangerous intersections in the city are Lansdowne Street and Parkway, Lansdowne Street and High Street, Parkway and Clonsilla Avenue, Clonsilla and Sherbrooke Street, and Monaghan Road and Parkhill Road. Notice there are few streets that appear on that list more than once— Lansdowne Street, Parkway, and Clonsilla Avenue. If you can, it’s best to avoid these streets completely or during times when the roads tend to be busy. Like most cities, traffic in Peterborough tends to be heaviest in the morning as people are leaving for work, late afternoon when schools get out, and early evening as people head home from work.  
  • Is Car Insurance Expensive in Peterborough?

    Peterborough residents don’t have to deal with the high-priced car insurance rates of most other cities around Ontario, but it doesn’t hurt to shop around for the lowest prices and the best coverage. With My Choice, you can compare quotes from top Canadian insurance providers in under three minutes.

    Like all of Ontario’s provinces, Peterborough’s drivers use private auto insurance markets. Private insurance means insurance companies have competition when it comes to providing their customers with the best products and services available. That means many of these companies offer more discounts to persuade customers to shop with them. 

    However, it also means one size does not fit all. If you are a high-risk driver, for example, or live in an area with higher rates of theft and vandalism, most private insurance companies will make you pay more than their public counterparts. It also means you’ll need to do your research to find the best quotes available, no matter your driving record.

    What Are The Car Insurance Requirements in Peterborough?

    By law, drivers in Peterborough must purchase several mandatory insurance coverage types, including third-party liability coverage, direct compensation property damage, uninsured driver protection, and accident benefits protections.

    The minimum coverage amount is $200,000, but drivers can include additional options, such as comprehensive coverage, collision coverage, and transportation replacement.

    Drivers can increase their coverage up to $2 million through the addition of these optional policy endorsements. 

    Driving In and Around Peterborough

    While Peterborough is only a 45-minute drive from the Kawartha Lakes, it has much different weather. On average, Peterborough experiences more snow than any of the other areas along Highway 401. What does this mean for car insurance? 

    You need snow tires. 

    Buying winter tires for your car affects the rates you can get from Peterborough auto insurance companies. If you want the lowest rates possible, invest in safety equipment for your vehicle. 

    Another way to lower your rates is through usage-based insurance, which tracks your driving. If you follow road rules, you’ll be rewarded with cheaper rates. 

    Safer driving means watching out for those one-way streets like George Street and Water Street downtown. If you’re a new driver, it’s easy to get mixed up. As an experienced driver, look out for less experienced drivers and town visitors coming your way. 

    The more experience you have with driving, the better your rates. You can take driving classes, keep up your grades, and avoid speeding tickets. Plus, if you commute to work and find yourself driving every day, your insurance rates will differ from those who only use their car for the occasional trip to the grocery shop. 

    How to Find Cheap Car Insurance in Peterborough

    Insurance companies measure the risk you carry as a driver, as well as the risk they carry as a company. 

    As far as your risk goes, if you are leasing your car or financing it with a loan, you will be subject to higher rates than if you own your vehicle outright. The neighbourhood you live in also matters. If your area has heavy traffic, a high risk of theft or vandalism, or you live somewhere with an unusual amount of traffic violations, your rates will go up.

    The make and model of your car factors in, as well. High scores in crash tests, low theft rates, and less powerful engines mean safer cars and, therefore, less risk. 

    Even though insurance companies look at the same basic information you provide—postal code, driving experience, vehicle make and model—what happens behind the scenes at an insurance company directly affects your rates. 

    Do a little research to find out if the insurance company has any active claims in court. If so, they will be less likely to take big risks. Also, look at the insurance company’s turnover rate due to the economy, lack of sales or training, or other factors. The higher the turnover, the less likely they are to take on more risk.

    Finally, if a larger company recently acquired the insurance company, they may be willing to take on more risk since the company is more stable.

    Knowing where you and the insurance companies stand is the first step toward finding the best, cheapest car insurance policies available.

    Find a Cheap Quote for Peterborough Car Insurance Here!

    The My Choice aggregator allows you to see a range of possibilities when it comes to your car’s insurance rates. However, you may find even more ways to save. 

    First, if you pay annually, you’ll save money in the long run. While month-to-month payments seem more manageable upfront, paying annually sidesteps any interest or other small fees that could pop up over time. 

    Also, if you bundle your car insurance with your home, RV, or motorcycle policies, many insurance carriers will offer you a discount. 

    Finally, because Peterborough car insurance is private, it is also itemized. You may not need everything in the policies provided to you. If you need coverage, but can only afford the minimum, you might be able to reduce your rates by getting rid of any add-ons. Give it a shot today!

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