How Can You Get Cheap Car Insurance in Peterborough?
You can get cheap Peterborough car insurance by finding the best deals. Here are several tips to help you do so:
Compare Rates Between Insurers
Peterborough 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 Peterborough 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.
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 Peterborough.
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 Peterborough
- Peterborough car insurance is LESS expensive than the Ontario average.
- The average annual car insurance cost in Peterborough for a driver with a clean record is around $1,117.
- Drivers without a clean record in Peterborough can pay up to $2,462 annually, depending on factors like driving and claim history.
- Comparing Peterborough auto insurance quotes with MyChoice can save you up to $793 annually.
Who Provides Car Insurance Quotes in Peterborough?
Insurance brokers, agents, aggregators, and direct writers provide car insurance quotes in Peterborough. Here’s an overview of these four insurance quote providers:
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 Peterborough 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.
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 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.
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 Peterborough?
Car insurance in Peterborough works by providing financial coverage in case something bad happens to you or your car, depending on the protection you choose. Auto insurance in Peterborough 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 Peterborough.
Here’s a breakdown of the key elements of your auto insurance policy:
The mandatory car insurance requirement for Peterborough 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 Peterborough.
Since minimum car insurance only goes so far, we’ve got some extra Peterborough 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 Peterborough. 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 Peterborough if you want protection from all these perils.
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 Peterborough
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 Peterborough car insurance quotes:
Age, Gender, and Marital Status
Your personal demographics influence auto insurance premiums in Peterborough 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.
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.
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.
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 Peterborough 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.
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 Peterborough
The average car insurance rate in Peterborough, ON is $1,117/year, which is lower than Ontario’s provincial average of $1,385/year by roughly $260. However, some areas in Peterborough may have higher auto insurance rates compared to the city’s average.
The K9K area in Peterborough is the postal code with the highest car insurance premium rate in the city. You can find out more details below:
|Postal Code||Average Annual Car Insurance Premium|
Least Expensive Postal Codes in Peterborough
The K9J area in Peterborough has the least expensive auto insurance rates in the city, as detailed in the table below:
|Postal Code||Average annual car insurance premium|
Car Insurance Cost in Peterborough by Age
Generally, auto insurance companies will consider your age when estimating your insurance rates.
Younger drivers are perceived as a bigger risk to insure because they have less experience on the road, making them more likely to get into accidents. Because of this, younger drivers usually have higher insurance premiums.
Once a driver reaches the age of 25, their car insurance premiums tend to go down and stabilize. However, your car insurance premiums start going up again when you turn 65. This is because car insurers see senior citizens as more likely to be injured or killed if they get into a car accident.
Take a look at how your age affects the cost of car insurance:
|Age Group||Average annual insurance cost||Average savings with MyChoice|
Car Insurance Cost in Peterborough by Driving History
As in any other Canadian city, your car insurance premiums in Peterborough will be affected by your driving history. Having a clean record makes car insurers deem you less risky to insure, so you’ll typically enjoy lower car insurance rates if you have no violations or demerit points.
On the other hand, having more traffic violations and demerit points on your record can lead to being labelled as a high-risk driver. High-risk drivers are seen as more likely to get into accidents or break traffic laws, resulting in higher premiums in Peterborough.
Though violations and demerit points only stay on your Ontario driving record for two years, car insurers may check your driving history for the last 10 years. This means your car insurance premiums can still go up because of previous violations, even if you’ve maintained a spotless record in recent years.
We’ve prepared a detailed overview below of how different traffic violations can affect your car insurance rates in Peterborough, based on our research:
|Driving violation||Average annual car insurance rate|
|Clean driving record||$1,117|
|Insurance cancellation due to non-payment||$1,832|
|Licence suspension for alcohol-related offences||$1,339|
Other Factors That Affect Car Insurance Prices in Peterborough
We’ve covered several factors that influence car insurance rates in Peterborough. Aside from those, several extra factors play a part in determining your Peterborough 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.
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.
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 Peterborough
An insurance brokerage can help you find a car insurance policy that best suits your driving needs and budget once they have more details about your vehicle, driving habits, and driving history.
These are some of the top car insurance brokerages in Peterborough. Contact them if you have any questions or need help looking for an auto insurance policy:
|Westland Insurance||199 Sherbrooke St|
Peterborough, ON K9J 2N2, Canada
|BrokerLink||201 George St N Suite 201|
Peterborough, ON K9J 3G7, Canada
|ISL Insurance Brokers||441 Water St, Peterborough|
ON K9H 3M2, Canada
|McDougall Insurance &|
Financial – Peterborough
|261 George St N, Peterborough|
ON K9J 3G9, Canada
Driving in Peterborough
Peterborough is known as “the Electric City”, and it’s widely considered the gateway to the Kawartha Lakes region, which is known for being a natural recreational area in the province. The city also surrounds Little Lake, which is Otonabee River’s only lake, and the Trent Canal flows around Peterborough’s eastern area.
What’s it like to drive and commute in Peterborough? Here are some key facts about driving and commuting in this city:
- Major highways in Peterborough: 115, 7A, 28, and 7 (part of the Trans-Canada Highway)
- Public transit options: Peterborough Transit (bus)
- Ridesharing services: YDrive Ptbo, VanBr, URide
- Parking space providers: The City of Peterborough, private lots
- Top tourist attractions: Riverview Park and Zoo, Canadian Canoe Museum, Peterborough Lift Lock, Jackson Park, Art Gallery of Peterborough, Peterborough Museum & Archives
- Busy intersections: Lansdowne Street and Parkway, Monaghan Road and Parkhill Road, Parkway and Clonsilla Avenue, Lansdowne Street and High Street, and Clonsilla and Sherbrooke Street
- Airports: Peterborough Airport
Main Mode of Commuting in Peterborough
Public transit isn’t very popular in Peterborough. There are twice as many pedestrian commuters compared to public transit users. As with most cities, personal vehicles are the commuting mode of choice in Peterborough, boasting over 22,805 users. Here’s a closer look at the modes of commuting in Peterborough:
|Main mode of commuting||Counts||Rates|
|Total – 25% Sample Size||26,845||100.0|
|Car, truck or van||22,805||85.0%|
|Car, truck or van – as a driver||20,605||76.8%|
|Car, truck or van – as a passenger||2,200||8.2%|
Commuting Duration in Peterborough
While traffic in Peterborough is relatively sparse, over one-third of its residents take 15 to 29 minutes to get to work. Another third of them enjoy short commutes of under 15 minutes. Here’s a closer look at commuting times in Peterborough:
|Total – 25% Sample Size||26,845||100.0|
|Less than 15 minutes||13,915||51.8%|
|15 to 29 minutes||7,245||27.0%|
|30 to 44 minutes||2,550||9.5%|
|45 to 59 minutes||1,400||5.2%|
|60 minutes and over||1,735||6.5%|
Driving Conditions in Peterborough
Road safety is affected by driving conditions like snowfall and rain. Consequently, driving conditions can have a major impact on your car insurance rates in a city.
Here’s a guide to the average driving conditions in Peterborough.
- Average daily commute time: 44 minutes round trip
- Average annual rainfall: 749 mm
- Average annual snowfall: 147.2 cm
- Rainy days per year: 113.6 days
- Rainiest month in Peterborough: September
- Driest month in Peterborough: January
- Snow days per year: 37.6 days
- Snowfall months in Peterborough: November – April
Traffic in Peterborough
Peterborough has enjoyed moderate growth in its economy and job opportunities for the past decade. The city’s primary employers are service-oriented industries such as electronics, food processing, and automotive supplies. The city is home to many workers who commute to nearby East Toronto and Oshawa.
Peterborough is one of the region’s major shopping destinations, boasting three large shopping centres: Portage Place, Lansdowne Place, and Peterborough Square. Major retailers like Costco and Walmart also have large operations in Peterborough, attracting many shoppers and workers from surrounding cities.
Here’s a quick overview of the key traffic statistics in Peterborough:
- Population: 83,651 people live within Peterborough’s city limits.
- City area: Peterborough’s city limits span 58.61 km2.
- Average commute distance: The average Peterborough resident travels 15.5 km every day to their school or workplace.
- Time spent in traffic annually: The average Peterborough resident spends 44 minutes in traffic daily, totalling roughly 268 hours per year.
- Busiest highway: Peterborough’s busiest highway is Highway 7, which is part of the Trans-Canada Highway.
The Most Common Questions About Car Insurance in Peterborough
Is ridesharing insurance available in Peterborough?
Yes, ridesharing insurance is available in Peterborough. If you’re interested in getting this type of coverage, ask your insurer if they have ridesharing insurance and what rates they offer.
How much does Peterborough car insurance cost?
On average, Peterborough car insurance costs $1,117/year.
Is car insurance cheaper in Peterborough than in Toronto?
Yes, car insurance is cheaper in Peterborough than in Toronto. The average car insurance rate in Peterborough is roughly $1,117/year, while the average in Toronto is $1,796/year. Car insurance in Peterborough is cheaper compared to Toronto car insurance by approximately $680/year.
Which auto insurance is the best for young drivers in Peterborough?
The best auto insurance for young drivers in Peterborough is coverage that comes at a competitive price despite their age. Young drivers tend to have higher premiums until they turn 25. If you’re a young driver looking for affordable car insurance, it’s best to shop around to get the best rates for your desired level of coverage.