How Can You Get Cheap Car Insurance in Waterloo?
You can get cheap Waterloo car insurance by finding the best deals. Here are several tips to help you do so:
Who Provides Car Insurance Quotes in Waterloo?
Insurance brokers, agents, aggregators, and direct writers provide car insurance quotes in Waterloo. Here’s an overview of these four insurance quote providers:
The Best Car Insurance Brokerages in Waterloo
Car insurance brokerages can help you find the best one based on your driving record, driving needs, vehicle, and budget. They can compare car insurance policies from different companies and answer all your questions.
MyChoice works with several established insurance brokerages in Waterloo. Contact them if you have any queries or need help looking for auto insurance:
| Brokerage | Address | Phone number |
|---|---|---|
| Donovan Insurance | 72 Regina St N Waterloo, ON N2J 3A5, Canada | +15198863150 |
| Zehr Insurance Brokers Ltd | 279 Weber St N Waterloo, ON N2J 3H8, Canada | +15197465900 |
| Jeff Weadick Desjardins Insurance Agent | 69 Bridgeport Rd E Waterloo, ON N2J 2K1, Canada | +15197255885 |
| Cane and Co. Insurance | 375 University Ave E Unit 105 Waterloo, ON N2K 3M7, Canada | +15195701117 |
How Does Car Insurance Work in Waterloo?
Car insurance in Waterloo works by providing financial coverage in case something bad happens to you or your car, depending on the protection you choose. Auto insurance in Waterloo 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 Waterloo.
Here’s a breakdown of the key elements of your auto insurance policy:
How Your Car Insurance Quotes Are Calculated in Waterloo
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 Waterloo car insurance quotes:
Most Expensive Postal Codes in Waterloo
The average car insurance rate in Waterloo, ON is $1,478/year or roughly $123/month. This rate is higher compared to Ontario’s provincial average of $1,385/year by approximately $90. However, there are some parts of Waterloo that may have higher auto insurance rates compared to the average rate.
The N2L area has the highest car insurance premium rate in Waterloo, ON. You can find out more details below:
| Postal code | Average annual car insurance premium |
|---|---|
| N2L | $1,486 |
| N2K | $1,481 |
Least Expensive Postal Codes in Waterloo
The N2J area in Waterloo has the least expensive auto insurance rates in the city, as detailed in the table below:
| Postal code | Average annual car insurance premium |
|---|---|
| N2J | $1,567 |
Car Insurance Cost in Waterloo by Age
Generally, your age will affect the cost of a car insurance policy in any Canadian city, including Waterloo.
If you’re a younger driver below the age of 25, you will typically be charged a higher auto insurance premium. Younger drivers are seen as less experienced on the road, meaning they’re perceived as more likely to get into an accident or get demerit points. These factors make it pricier for auto insurers to cover younger drivers, hence their higher car insurance premiums.
Your car insurance premiums will go down once you reach the age of 25, but they’ll start to rise again once you turn 65. Senior citizens are seen as likelier to get injured or killed in a car accident. Because of this increased risk of death and injury, car insurance companies charge senior citizen drivers a higher premium.
We’ve broken down how your age can affect your car insurance cost below:
| Age | Average annual insurance cost | Average savings with MyChoice |
|---|---|---|
| 18-20 | $5,276 | $1,049 |
| 21-24 | $3,015 | $600 |
| 25-34 | $2,010 | $400 |
| 35-44 | $1,478 | $294 |
| 45-54 | $1,212 | $241 |
| 55-64 | $1,030 | $205 |
| 65+ | $1,174 | $234 |
Car Insurance Cost in Waterloo by Driving History
Your driving history also affects the cost of your car insurance in Waterloo.
Generally, drivers with a clean record enjoy the lowest car insurance premiums, as they’re seen to be less risky to insure. But if you have a lot of traffic citations on your driving record, an auto insurer will consider you a high-risk driver who’s more likely to earn more demerits or get into car accidents. This increases the cost of your car insurance.
While your demerit points and violations only stay on your Ontario driving record for two years, auto insurers may look back as far as 10 years into your driving history. This means even old violations or incidents can drive your car insurance premiums up.
Here’s a simple overview of how your driving history can affect the cost of your car insurance in Waterloo, based on our research:
| Driving violation | Average annual car insurance rate |
|---|---|
| Clean driving record | $1,478 |
| Insurance cancellation due to non-payment | $2,424 |
| Licence suspension for alcohol-related offences | $1,771 |
| One accident | $3,258 |
| Speeding ticket | $1,924 |
Other Factors That Affect Car Insurance Prices in Waterloo
We’ve covered several factors that influence car insurance rates in Waterloo. Aside from those, several extra factors play a part in determining your Waterloo auto insurance premiums:
Driving in Waterloo
Waterloo is one of the Twin Cities, with the other being Kitchener, ON. Because of their close proximity to each other, they’re often referred to as a singular area known as Kitchener-Waterloo. The Grand River flows just south of Waterloo’s east side.
What’s it like to drive and commute in Waterloo? Here are some key facts about driving and commuting in this city:
- Major highways in Waterloo: Conestoga Parkway (a.k.a. the Kitchener–Waterloo Expressway), 7, 8
- Public transit options: Grand River Transit (bus), ION Rapid Transit
- Ridesharing services: Uber, RideON Canada
- Parking space providers: The City of Waterloo, private lots
- Top tourist attractions: The City of Waterloo Museum, Waterloo Park, West Montrose Covered Bridge (a.k.a. Kissing Bridge), Conestoga Mall, Laurel Creek Conservation Area, Earth Science Museum
- Busy intersections: Homer Watson Boulevard and Block Line Road, Fairway Road and Wilson Avenue, King Street and Bishop Street, Homer Watson Boulevard and Manitou Drive
- Airports: Region of Waterloo International Airport
Main Mode of Commuting in Waterloo
Personal vehicles are by far the most popular commuting method in Waterloo, with 83.9% commuters preferring them. Public transit is at a distant second, with 6.5% of commuters who regularly use it. Check the table below for more information on how Waterloo’s commuters prefer to travel:
| Main mode of commuting | Counts | Rates |
|---|---|---|
| Total – 25% sample data | 34,345 | 100.0 |
| Car, truck or van | 28,810 | 83.9% |
| Car, truck or van – as a driver | 26,245 | 76.4% |
| Car, truck or van – as a passenger | 2,565 | 7.5% |
| Public transit | 2,245 | 6.5% |
| Walked | 1,910 | 5.6% |
| Bicycle | 460 | 1.3% |
| Other method | 920 | 2.7% |
Commuting Duration in Waterloo
Most commuters in Waterloo spend 15 to 29 minutes getting to work, about par for the course for a city that’s experiencing urban growth. However, over a third of Waterloo’s commuters still enjoy a short commute of under 15 minutes, meaning traffic is still relatively reasonable in the city. Take a look at the table below to learn more about the commute times in Waterloo:
| Commuting duration | Counts | Rates |
|---|---|---|
| Total – 25% sample data | 34,345 | 100.0 |
| Less than 15 minutes | 12,645 | 36.8% |
| 15 to 29 minutes | 14,215 | 41.4% |
| 30 to 44 minutes | 4,420 | 12.9% |
| 45 to 59 minutes | 1,155 | 3.4% |
| 60 minutes and over | 1,915 | 5.6% |
Driving Conditions in Waterloo
Driving conditions like rain, snowfall, and dry months can affect road safety. As a result, the typical weather and traffic in a city can make your car insurance rates higher or lower.
Here’s a guide to the average driving conditions in Waterloo:
- Average daily commute time: 43 minutes round trip
- Average annual rainfall: 776.8 mm
- Average annual snowfall: 159.7 cm
- Rainy days per year: 118.7 days
- Rainiest month in Waterloo: June
- Driest month in Waterloo: February
- Snow days per year: 62.2 days
- Snowfall months in Waterloo: December – March
Traffic in Waterloo
Waterloo is part of Canada’s Technology Triangle (CTT), an initiative for the economic development of Waterloo, Kitchener, and Cambridge. It’s also known for having a strong technology, insurance, and service-based economy, with job opportunities booming due to the hundreds of tech firms in the city.
Urban growth is still increasing in Waterloo, which can affect traffic and commuting in the city. Here’s a quick overview of the key traffic statistics in Waterloo:
- Population: 121,436 people live within Waterloo’s city limits.
- City area: Waterloo’s city limits span 64.06 km2.
- Average commute distance: The average Waterloo resident travels 13.68 km every day to their school or workplace.
- Time spent in traffic annually: The average Waterloo resident spends 43 minutes in traffic daily, totalling roughly 262 hours per year.
- Busiest highway: Waterloo’s busiest highway is Highway 401
The Most Common Questions About Car Insurance in Waterloo
How much is car insurance in Waterloo?
Car insurance in Waterloo costs an average of $1,478/year.
Why is car insurance expensive in Waterloo?
Car insurance gets expensive in Waterloo because of several factors, such as a rapidly increasing population and a greater incidence of car accidents. Nevertheless, the average car insurance rate in Waterloo is still much lower compared to other cities in Ontario.
Is auto insurance the same in Waterloo and Kitchener?
No, auto insurance is not the same in Waterloo and Kitchener. Kitchener’s average auto insurance rate is higher, costing residents $1,238/year for coverage. Waterloo’s average auto insurance rate is higher at $1,478/year.
Which city has cheaper car insurance, Waterloo or London?
Waterloo has cheaper auto insurance than London, ON. While Waterloo’s average car insurance rate is $1,478/year, the average auto insurance rate in London is $1,510/year. This makes Waterloo auto insurance cheaper by around $20/year.
How much is car insurance for students in Waterloo?
The price of car insurance for students in Waterloo will depend on several factors, such as the model and age of their vehicles and their driving records.
However, students will generally pay higher car insurance premiums than drivers who are 25 years old or older. This is because younger drivers like students are seen as less experienced and more likely to get into an accident, making them more expensive for insurers to cover.
Is ridesharing insurance available in Waterloo?
Yes, ridesharing insurance is available in Waterloo. If you’re interested in getting this type of policy, ask your insurance provider if they have ridesharing insurance and what rates they offer.