Car Insurance In Peterborough

Known as the gateway to the Kawarthas (cottage country), the southern Ontario town of Peterborough is a wonderful place to call home. From its friendly citizens to its picturesque location surrounding Little Lake on the Otonabee River, it’s a continually growing community with a rich history, a thriving downtown, and plenty of local attractions. Whether you’re enjoying a stroll at the Riverview Park & Zoo, taking advantage of an evening out at Showplace Performance Centre, or skating on the Trent-Severn Canal, there’s plenty to do in every season.

Peterborough is just an hour and a half away from Toronto by car, but it feels like a completely different world. Its wealth of quiet parks and trails provide relaxation close to nature, yet it still offers plenty of sports and recreation opportunities, heritage attractions, and festivals throughout the year. Did you know that Peterborough was historically known as “The Electric City” because it was the first town in Canada to have electric streetlights?

There’s no doubt that Peterborough is a special place, but in order to feel completely at home there, most people find that a vehicle is an important investment. Whether you want to commute to the big city, explore cottage country, or simply get around town with ease, you’ll likely find a car or truck to be a necessity. And, like other provinces in Canada, the province of Ontario requires you to insure your vehicle in order to drive it legally.

At Westland Insurance, we understand that insuring a vehicle is a process that can feel overwhelming, and we’re here to help and guide you every step of the way. Below, we’ve provided an overview of auto insurance in Peterborough, Ontario, along with the answers to some frequently asked questions. For specific questions or concerns or to receive a customized insurance quote, contact us directly via email, phone, or in person at our Peterborough location at 199 Sherbrooke St. One of our friendly and qualified representatives will be more than happy to assist you.

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How Car Insurance in Peterborough Works

Car insurance coverage in Peterborough is mandatory, just as it is throughout the entire province of Ontario and country of Canada. Unlike in some provinces, however, auto insurance is not provided through the government. Instead, auto insurance is sold through private companies in the province of Ontario.

While auto insurance plans and rates are not standardized throughout Ontario, auto insurance is regulated by the Financial Services Regulatory Authority of Ontario (FSRAO). This means that, while pricing structure and some coverage details may vary, all auto insurance plans must include certain coverages (see Mandatory Coverage below). In addition, insurance providers cannot raise their rates without approval from the regulatory body.

All auto insurance in Ontario, including in Peterborough, is no-fault. This means that, regardless of who is at fault in an accident, each driver submits claims to and deals with only their own insurance company throughout the entire process.

In Ontario, you’ll submit claims and work solely with your own insurance provider no matter who is at fault in a collision. This is known as a no-fault insurance model.

In Peterborough, mandatory auto insurance coverage includes the following:

  • Third-Party Liability
    • Third-party liability protects you from any damage you may cause while driving. It covers damage to people as well as to their property. Third-party liability coverage ranges from $200,000 up to $2,000,000, but $1,000,000 is the most standard coverage option selected by Ontario drivers.
  • Accident Benefits
    • In the event that you’re injured or killed in a car crash, accident benefits cover your medical/funeral expenses as well as those of any passengers, pedestrians, or cyclists who may also have been injured or killed. In addition to medical expenses, accident insurance also covers costs such as rehabilitation services, income replacement, and more.
  • Uninsured Automobile Insurance
    • If you’re involved in an accident with an uninsured or underinsured driver, uninsured automobile insurance protects you and your family against injuries sustained. Depending on the circumstances, it may also provide coverage for damages sustained to your vehicle.
  • Direct Compensation Property Damage (DCPD)
    • DCPID covers damages to your vehicle if you are not at-fault in an accident. In the event that you are at-fault, DCPD won’t cover the damage to your vehicle and enhanced coverage will be necessary to cover the costs.

In Peterborough, enhanced auto insurance coverage may include the following:

  • Collision Coverage
    • Collision coverage covers damage to your vehicle sustained upon impact with another object, such as another vehicle, guard rail, or building. With collision coverage, damages are covered whether or not you are at-fault in the collision.
  • Specified Perils Coverage
    • This type of auto insurance covers your vehicle for losses resulting from a specified list of causes. These can include break-ins, vandalism, natural disasters, or human-caused disasters (such as riots), plus more.
  • Comprehensive Auto Insurance
    • As its name implies, comprehensive auto insurance covers many costs not included under collision or specified perils coverage. These can include damage from falling or flying objects or impact with an animal.
  • All Perils
    • This type of auto insurance offers the most coverage of all the options. In addition to what comprehensive auto insurance offers, it also provides compensation for loss or damage caused by an individual who lives in your home stealing your vehicle.

Car Insurance FAQ

The cost of car insurance in Peterborough is determined by several factors (see below). That being said, the average cost is around $1,100 per year.

The average annual price of auto insurance in the province of Ontario is around $1,528. This puts Peterborough’s average below the provincial average.

With average annual prices over $2,000, Vaughan and Ajax top the list of the most expensive Ontario cities to insure a vehicle in.

The least expensive Ontario locations for car insurance include Cornwall, Elizabethtown, Amherstview, and Kingston, all with rates similar to Peterborough’s.

Overall, Peterborough is one of the more affordable places to purchase car insurance in Ontario.

That depends. Car insurance premiums are based on a range of factors including the type of coverage you’re personally most comfortable with, so the insurance provider that offers the most economical policy for one individual will probably not offer the best solution for everyone.

When shopping around for Peterborough auto insurance, it’s ideal to compare car insurance quotes from multiple providers so that you can select the coverage and price point that will suit your needs exactly.

Some of the factors that affect the cost of Peterborough car insurance rates are within your control, but many are not. Let’s take a look:

  • Location – Your rates will be impacted by the population density of the area you live in as well as the calculated risk of collisions, theft, insurance fraud, and more.
  • Driver Demographics – Your age, gender, and driving record all have a major impact on your auto insurance premium. Also taken into consideration is the distance you drive and the amount of time you spend driving each day.
  • Type of Vehicle – The age, make, and model of your vehicle will be factored into the cost of your car insurance. Consider the safety rating of your car as well as its repair costs and likelihood of being stolen before purchasing.

Type of Insurance Coverage – Every client has a different sense of what they’re looking for when it comes to car insurance coverage. While basic insurance is the least expensive option in the short term, it can result in major costs in the event that losses or damages occur.

Because new drivers lack a driving record, student car insurance rates in Peterborough can be pricey. That being said, there are ways to mitigate the costs. At Westland Insurance we recommend finding out if students can be included on their parents’ insurance, seeking out discounts offered by specific insurance providers, comparing multiple quotes, and considering the possibility of completing a driver’s education course to reduce insurance costs.

Though insurance rates for new immigrants may vary, providing a driving record from your previous insurance company is a good way to reduce costs from the get-go.

High-risk drivers across Canada pay higher insurance premiums than drivers with good driving records, and Peterborough is no exception. If you’re a high-risk driver seeking auto insurance in Peterborough, you can consider researching insurance companies that cater specifically to high-risk drivers or purchasing facility insurance.

There are a few methods of reducing your Peterborough auto insurance premiums. These include:

  • Maintaining a good driving record
  • Selecting a vehicle with high crash-test scores and low theft ratings
  • Increasing your deductibles
  • Paying for your insurance on time
  • Bundling your auto insurance with other insurance plans through the same provider

Are you currently seeking car insurance options in Peterborough, Ontario? Westland Insurance is ready to assist. For customized quotes coupled with impeccable service tailored to your needs, contact us today via email or phone or visit our Peterborough location in person!

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