How Does Car Insurance Work in Peterborough?
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 Peterborough 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 Peterborough referenced above.
| Coverage Type | What’s Included | Average Annual Car Insurance Premium |
|---|---|---|
| Mandatory | – Third-Party Liability – Accident Benefits – Uninsured Automobile | $706 |
| Highly Recommended | – Direct Compensation: Property Damage – Collision – Comprehensive – OPCF 20 – OPCF 27 – OPCF 44R – OPCF 39 – OPCF 43 | $878 |
| Coverage Total: | $1,584 |
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 | $221 |
| Accident Benefits | Covers medical costs, income replacement, and more for you and others injured in an accident, regardless of fault | $473 |
| Uninsured Automobile | Protects you if you’re hit by an uninsured or an unidentified driver and suffer injuries or vehicle damage | $12 |
| Coverage Total: | $706 |
*The above coverages are mandatory in Peterborough 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. | $389 |
| Collision | Covers your vehicle if you hit another car or object and you’re found at fault. | $237 |
| Comprehensive | Covers damage to your vehicle from non-collision events like theft, vandalism, fire, or weather. | $171 |
| 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. | $20 |
| OPCF 27: Rental Vehicle | Extends your coverage to rented or borrowed vehicles, protecting you if damage occurs while you drive them. | $21 |
| 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. | $16 |
| 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. | $23 |
| 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: | $878 |
*Any of the above highly recommended coverages in Peterborough may be removed from your quote, but we strongly recommend keeping them to have adequate protection.
Most Expensive Postal Codes in Peterborough
The average car insurance rate in Peterborough, is $1,584/year, which is lower than Ontario’s provincial average of $1,874/year by roughly $300. The K9K area in Peterborough is the postal code with the highest car insurance premium rate in the city.
| Postal Code | Average Annual Car Insurance Premium |
|---|---|
| K9K | $1,720 |
| K9L | $1,702 |
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 |
|---|---|
| K9J | $1,449 |
| K9L | $1,457 |
How Peterborough Car Insurance Rates Compare to Nearby Cities
Peterborough’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 |
|---|---|
| Peterborough, ON | $1,584 |
| Oshawa, ON | $1,974 |
| Barrie, ON | $1,915 |
| Kingston, ON | $1,581 |
| Belleville, ON | $1,652 |
| Orangeville, ON | $1,849 |
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 | Average Annual Car Insurance Premium | Average Savings with MyChoice |
|---|---|---|
| 18-20 | $4,546 | $904 |
| 21-24 | $2,344 | $466 |
| 25-34 | $1,806 | $359 |
| 35-44 | $1,584 | $315 |
| 45-54 | $1,346 | $268 |
| 55-64 | $1,251 | $249 |
| 65+ | $1,283 | $255 |
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 Premium |
|---|---|
| Clean driving record | $1,584 |
| Insurance cancellation due to non-payment | $2,202 |
| Licence suspension for alcohol-related offences | $1,663 |
| One at-fault accident | $3,105 |
| Minor speeding ticket | $1,917 |
Car Insurance Cost in Peterborough by Vehicle Model
Below is a breakdown of the estimated insurance costs for various car models in Peterborough. 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 |
|---|---|
| Volkswagen | $1,457 |
| Honda | $1,454 |
| Toyota | $1,668 |
| Tesla | $1,556 |
| Hyundai | $1,598 |
| Audi | $1,969 |
| BMW | $1,844 |
| Mazda | $1,477 |
| Mercedes | $1,569 |
| Subaru | $1,375 |
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:
| Brokerage | Address | Phone number |
|---|---|---|
| Westland Insurance | 199 Sherbrooke St Peterborough, ON K9J 2N2, Canada | +17057433382 |
| BrokerLink | 201 George St N Suite 201 Peterborough, ON K9J 3G7, Canada | +17057434211 |
| ISL Insurance Brokers | 441 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 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% |
| Public transit | 985 | 3.7% |
| Walked | 2,080 | 7.7% |
| Bicycle | 385 | 1.4% |
| Other method | 590 | 2.2% |
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 duration | Counts | Rates |
|---|---|---|
| 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
How much does Peterborough car insurance cost?
On average, Peterborough car insurance costs $1,584/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.
How you can get cheaper car insurance in Peterborough?
Compare car insurance rates in Peterborough with MyChoice, or visit our main car insurance page to learn other ways of getting cheap car insurance quotes.