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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. 

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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