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

Updated on March 18, 2024

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

Updated March 18, 2024

Visit author page

13 minute read

Article Contents

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.

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 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 comprehensive/collision coverage and a clean record is around $1,239.
  • Comparing Peterborough auto insurance quotes with MyChoice can save you up to $880 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

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.

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 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. 

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

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 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.

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 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.

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 Peterborough

The average car insurance rate in Peterborough, is $1,239/year, which is lower than Ontario’s provincial average of $1,385/year by roughly $145. 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 CodeAverage Annual Car Insurance Premium
K9K$1,322
K9L$1,318

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 CodeAverage annual car insurance premium
K9J$1,114
K9L$1,115

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 GroupAverage annual insurance costAverage savings with MyChoice
18-20$4,423$880
21-24$2,528$503
25-34$1,685$335
35-44$1,239$246
45-54$1,016$202
55-64$864$172
65+$984$196

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 violationAverage annual car insurance rate
Clean driving record$1,239
Insurance cancellation due to non-payment$2,032
Licence suspension for alcohol-related offences$1,487
One accident$2,726
Speeding ticket$1,611

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.

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 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:

BrokerageAddressPhone number
Westland Insurance199 Sherbrooke St
Peterborough, ON K9J 2N2, Canada
+17057433382
BrokerLink201 George St N Suite 201
Peterborough, ON K9J 3G7, Canada
+17057434211
ISL Insurance Brokers441 Water St, Peterborough
ON K9H 3M2, Canada
+18883689298
McDougall Insurance &
Financial – Peterborough
261 George St N, Peterborough
ON K9J 3G9, Canada
+17057428864

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 commutingCountsRates
Total – 25% Sample Size26,845100.0
Car, truck or van22,80585.0%
Car, truck or van – as a driver20,60576.8%
Car, truck or van – as a passenger2,2008.2%
Public transit9853.7%
Walked2,0807.7%
Bicycle3851.4%
Other method5902.2%

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:

Commuting durationCountsRates
Total – 25% Sample Size26,845100.0
Less than 15 minutes13,91551.8%
15 to 29 minutes7,24527.0%
30 to 44 minutes2,5509.5%
45 to 59 minutes1,4005.2%
60 minutes and over1,7356.5%

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 $1,239/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.

Methodology

Sample Size

We analyzed over 50,000 auto insurance quotes across Canada.

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Single driver, one car, currently insured, and a pristine driving record. Our base profile is a 35-year-old individual (both male and female) with a spotless driving record.

Incident Profiles

We examined how rates change by evaluating profiles with a clean record (standard), one at-fault accident, a single speeding ticket, license suspension for alcohol related offenses and insurance cancellation due to non-payment.

Vehicle Details

These individuals own a 2018 Honda Civic, commute five days a week, and cover a distance of 15,000 kilometres annually.

Vehicle Models

Costs were also analyzed for different vehicles: Mazda CX-5, Ford Escape, Toyota Corolla, Honda Accord, Chevrolet Equinox, and the base 2018 Honda Civic.

Age and Homeownership

Profiles from age 18-65 (standard: 35 years) were considered. Depending on age, individuals might rent or own their homes. Age-related regulations may vary across provinces.

Team

MyChoice data science, MyChoice research.

Sources

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

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

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

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

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

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

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

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

9. 511 Ontario Traveller Information, Ontario, Peterborough.

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