Car insurance Peterborough, ON
Part of a series on car insurance rates in Ontario.
Car Insurance Peterborough FAQ
What type of auto insurance do I need in Peterborough?
In the city of Peterborough, Ontario, there are several choices to consider when it comes to car insurance coverage. Certain forms of auto insurance are required by law, while others are voluntary options.
In Peterborough, Ontario, all drivers are obligated to have third-party liability coverage. This crucial coverage provides safeguards in cases where you are found responsible for causing injury or damage to others while driving. It encompasses expenses related to legal matters, settlements, and claims, with a minimum coverage threshold of $200,000. However, many policyholders opt for higher coverage limits, such as $1 million or $2 million, to ensure additional protection and peace of mind.
Mandatory car insurance coverage includes accident benefits coverage, which offers benefits to individuals injured in a car accident, irrespective of fault. It encompasses uninsured motorist coverage, providing protection in case of an accident involving an uninsured, underinsured, or hit-and-run driver. Additionally, it encompasses direct compensation-property damage coverage, which applies when your vehicle is damaged in an accident caused by another party.
What are the main things affecting my auto insurance premiums in Peterborough?
Several elements can have a substantial influence on the price of your auto insurance premiums in Peterborough. Being aware of these factors is crucial as they play a significant role in determining the cost of your coverage. Here are some key factors to take into account:
Vehicle Type
The insurance premiums for your vehicle are significantly influenced by its make, model, and year. Cars that are expensive or high-performance generally incur higher insurance costs due to the potential for expensive repairs and being more attractive to thieves. Conversely, vehicles equipped with advanced safety features and boasting strong safety ratings may be eligible for premium discounts.
Annual Mileage
The number of miles you drive each year can influence your insurance premiums. Insurance companies take into account that the more you drive, the higher the likelihood of being involved in accidents. Therefore, if you have a lengthy commute or frequently embark on long-distance drives, your insurance premiums may be higher compared to someone who covers fewer miles on an annual basis.
Driving Record
Insurance companies place great importance on your driving history when determining your premiums. If you have a pristine record without any accidents, claims, or traffic violations, it signifies that you are a driver with minimal risk, and you can expect to receive lower insurance premiums. Conversely, if your history includes accidents or traffic infractions, insurers may perceive you as a higher-risk driver, resulting in higher premiums for your coverage.
Coverage and Deductibles
The extent of coverage you select and the deductible amount you are willing to assume both have a direct impact on your insurance premiums. Opting for higher coverage limits to ensure comprehensive protection or opting for lower deductibles (the amount you contribute in the event of a claim) generally leads to higher premiums. Conversely, choosing lower coverage limits or higher deductibles can lower your premiums but may also increase your exposure to risk in the event of an accident.
Age and Experience
Insurance premiums for young and novice drivers are often elevated due to their limited experience behind the wheel, and data indicates that they are more susceptible to accidents. However, as you accumulate more driving experience and reach certain age thresholds, such as 25 years old, insurance premiums tend to decline. This decrease reflects the perception that you have become a more seasoned and responsible driver, resulting in reduced risk and lower premiums.
Location
The location where you reside and park your vehicle can have an impact on your insurance premiums. If you live in an area with a dense population and a higher occurrence of accidents, vehicle theft, or vandalism, insurers may consider it a higher-risk area and charge higher premiums as a result. Conversely, parking your car in a secure garage or utilizing anti-theft devices may have the potential to reduce your premiums as they can mitigate the perceived risks associated with your vehicle’s safety and security.
How can I find the best car insurance quote in Peterborough?
To discover the optimal car insurance quote in Peterborough, you can adhere to the following guidelines:
- To begin your search for the best car insurance quote in Peterborough, initiate thorough research on various insurance providers operating in the area. Seek out insurers with a solid reputation and a wide array of coverage options. Take the time to review and assess customer feedback and ratings for these insurance companies, as they provide valuable insights into the quality of customer service, efficiency in claims processing, and overall satisfaction of policyholders.
- Reach out to different insurance companies and request personalized quotes that align with your specific coverage needs. Be sure to provide accurate and detailed information about your driving record, vehicle details, and any other relevant factors. Conduct a comprehensive comparison of the quotes you receive, paying close attention to coverage limits, deductibles, and premium amounts. This thorough analysis will help you identify the most competitive options available to you.
- Consult with an insurance broker who can offer expert guidance and support in navigating the available options. Brokers have established relationships with multiple insurance providers and can assist you in finding the most fitting car insurance quote in Peterborough. Additionally, inquire about potential discounts or incentives offered by insurance companies, such as safe driver discounts or bundled insurance packages. These opportunities can help reduce your premiums and enhance the overall value of your car insurance coverage.
By conducting thorough research, comparing quotes, and seeking professional advice, you can increase your chances of finding the best car insurance quote that suits your needs and provides optimal coverage at a competitive price.
What is the most affordable area for car insurance in Peterborough?
The cost of car insurance in Peterborough, Ontario, can vary significantly depending on factors such as the driver’s age, driving history, type of vehicle, and coverage options chosen. According to our data, the average annual cost of car insurance in Peterborough is approximately $3,259. However, it’s important to note that this figure represents an average and individual premiums can vary widely.
Nevertheless, the postal code K9J, located south of downtown Peterborough, currently offers the most affordable car insurance rates within the city. Conversely, the K9K postal code, situated just west of downtown, has the highest average rates for car insurance.
To get a more accurate idea of how much it will cost to insure your car in Peterborough, it is recommended to obtain quotes from multiple insurance providers and compare their rates and coverage options. Factors such as your driving record, age, vehicle make and model, selected coverage level, and any additional optional coverage can impact your premium expenses. Working with a licensed insurance broker can also help you find ways to lower your premiums while still maintaining the necessary coverage.
Can I lower my car insurance in Peterborough?
Indeed, there are multiple strategies available to help you reduce your car insurance rates in Peterborough. Here are some ways:
- Opt for higher deductibles: Increasing your deductibles can lead to lower premiums, but make sure you select a deductible that you can comfortably afford in the event of a claim.
- Complete a driver training program: As a new driver, enrolling in a driver training course demonstrates to insurers that you are a responsible and safe driver, potentially resulting in reduced rates.
- Bundle your policies: Consider combining your car insurance with other policies, such as home or life insurance, as this often qualifies you for a discounted rate.
- Compare quotes from various providers: Shopping around and obtaining quotes from different insurance providers enables you to find the best coverage options and rates that suit your financial situation.
- Maintain a clean driving record: Driving safely and avoiding accidents or traffic violations helps to keep your insurance rates low. A history of infractions can increase premiums, so prioritize safe and responsible driving.
- Inquire about available discounts: Check with your insurance provider to determine if you qualify for any available discounts, such as those for safe driving, loyalty, or bundled policies. It’s always worthwhile to ask about potential discounts for which you may be eligible.
Fast facts about auto insurance in Peterborough
Average annual car insurance rate
Regular drivers in the city
Collisions per year (approximately)
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Collision rate for the city
Average age
Average household income
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Unemployment rate
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Understanding car insurance in Peterborough, Ontario
More than just a collection of cottages east of Toronto, Peterborough is home to two post-secondary institutions, a zoo, several golf clubs, and—yes—many, many cottages.
It’s far enough east to sit outside the GTA, making it one of the few urban hubs between Toronto and Ottawa. This means that more of the city’s population can work inside the city, keeping commuting and road exposure to a reasonable amount, on average.
However, being in the heart of cottage country means that most people tend to get around by car rather than public transit. The bus system heavily caters to the student population and those living in the downtown area. Taking advantage of public transit could go a long way toward reducing your auto premiums.
Peterborough also has noticeably high crime rates in certain downtown areas, which can increase the chance of filing a claim, thus driving up insurance rates for both home and auto policies.
Get your bundle on & save!
Want even cheaper insurance? Save up to 50% on home and up to 15% on car insurance when you bundle them.
Get your bundle on & save!
Want even cheaper insurance? Save up to 50% on home and up to 15% on car insurance when you bundle them.
Busting myths about driving and insurance in Peterborough
Myth: Peterborough isn’t safe to live.
Peterborough only had a crime severity index of 55.1 in 2016, surpassed by plenty of cities: Halifax, Montreal, and even Kitchener-Waterloo all had higher numbers. Having said that, certain areas of Peterborough do have high crime rates, and that’s going to affect both your home and auto insurance premiums because it raises the risk of any given person having to file a claim.
Myth: Peterborough’s public transit is unpleasant.
Actually, people who use the transit system have great things to say about it, for the most part. The hub-and-spoke routes don’t work for everyone’s commutes, but the busses are known to be reliable. It’s also getting an overhaul in the near future.
Myth: Finding work is difficult.
It’s true that Peterborough’s unemployment rate historically tends to sit on the high end of the spectrum for a city of its size, but that’s also due to a shrinking manufacturing sector in the city’s job market. The city is undergoing a substantial change, with the city’s General Electric plant shutting down close to the General Motors plant shutting down in Oshawa, only about an hour’s commute away. Still, opportunities are coming.
Myth: The rest of Peterborough is isolated cottage country.
Wrong again. Peterborough is a university town, home to both Trent University and Fleming College, with plenty of real estate right on the Otonabee River. It also has a municipal airport to the south and a zoo to the north, making it a well-rounded city.
How Peterborough’s rates compare to other cities in Ontario
- North York: $4,261
- Etobicoke: $4,199
- Brampton: $4,071
- Scarborough: $3,825
- East York: $3,605
- Woodbridge: $3,603
- Richmond Hill: $3,579
- Mississauga: $3,473
- Markham: $3,389
- Niagara Falls: $3,321
- Bowmanville: $3,308
- Peterborough: $3,259
- Pickering: $ 3,245
- Newmarket: $ 3,216
- Hamilton: $3,201
- Brantford: $ 3,158
- Maple: $3,150
- Whitby: $3,087
- Ajax: $3,053
- York: $2,999
- Toronto: $2,983
- Barrie: $2,924
- Thornhill: $2,871
- Waterloo: $2,867
- Caledon: $2,780
- London: $2,765
- Fort Erie: $2,720
- Oakville: $2,720
- Sault Ste Marie: $ 2,713
- Kitchener: $2,705
- Milton: $2,680
- St Catharines: $ 2,550
- Windsor: $2,536
- Woodstock: $2,513
- Innisfil: $2,505
- Burlington: $2,476
- Kingston: $ 2,360
- Cambridge: $2,297
- Oshawa: $2,295
- Guelph: $2,268
- Gloucester: $2,256
- Stoney Creek: $2,222
- Nepean: $2,196
- Ottawa: $2,195
- Sudbury: $2,005
- Kanata: $2,002
- Thunder Bay: $1,973
- Wasaga Beach: $1,958
Quick tips on insurance and driving in Peterborough
Live where there’s a low crime severity index.
According to the Peterborough Police Force’s community crime map, there’s a higher rate of criminal occurrences in certain areas of the city. Avoid living in areas featuring more criminal activity, such as Sherbrooke Street, Bolivar Street, Charlotte and Stewart Street, or the area around Parnell Street.
By the same token, living in neighbourhoods with lower criminal activity will likely have a positive impact on your insurance rates. Try finding your next home in the East City, Old West, around the hospital, in Kawartha Heights, or even University Heights.
Work downtown? Carpool or take public transit.
Reducing the distance driven in a year reduces your roadside risk, which can effectively lower your auto insurance premiums (all else being equal). It makes sense to reduce your driving exposure to make insurance more economical.
At the same time, Peterborough’s public transit system operates in a hub-and-spoke style. The routes reach outward from the downtown station. This means you could reduce your premium by taking the bus downtown instead of driving.
Avoid Peterborough’s worst intersections to reduce your chance of collisions.
You know some of them like the back of your hand, but that doesn’t mean you’re not at risk in these dangerous intersections:
- Lansdowne Street and the Parkway
- The Parkway and Clonsilla Avenue
- Sherbrooke Street and Clonsilla Avenue
- High Street and Lansdowne Street
- Parkhill Road and Monaghan Road
Work in the city to avoid road exposure risk.
Most of Peterborough’s employment comes from within the city itself rather than other neighbouring cities. That’s an advantage for auto insurance because it means that people don’t have to drive as far to work on average.
That reduces the amount of risk from road exposure, lowering your premium compared to if you had to spend 2-3 hours commuting every day. Live close to work to reduce your premiums, all else being equal.
Sources for fast facts about Peterborough:
- Statistics Canada, Peterborough 2016 Census Profile
- Ministry of Transportation, 2016 Road Safety Report
- MyKawartha.com, “Here are the 5 most dangerous intersections in Peterborough”
- Crime Severity Index, 2016 Census
- MyKawartha.com, “Top five most desirable neighbourhoods in Peterborough”
- The Peterborough Examiner, “Ontario manufacturing hurting, says Peterborough chamber president”
- Peterborough Crime Map, Peterborough Police
Source for average insurance rates by city:
- Survey of 2,800 auto insurance policy holders in Ontario
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