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Alexandra Bosanac
Written by Alexandra Bosanac About Alexandra Bosanac

Alexandra Bosanac, content manager at InsuranceHotline.com, focuses on auto insurance. She began reporting on this topic in 2017. Alexandra holds a bachelor’s degree in journalism from Toronto Metropolitan University. Prior to joining InsuranceHotline.com in 2021, she contributed to publications such as Canadian Business, the Toronto Star, the National Post, and the CBC.

 

Content Manager

Updated On May 9, 2024

How does Cambridge auto insurance work

Cambridge is a picturesque city on the Grand River in Southern Ontario with a population of 138,000.

Most residents in Cambridge drive, because although there is public transit, it is not as comprehensive and frequent as larger cities in Ontario.

And of course, those drivers are required by law in Ontario to carry insurance for their vehicle. Some of it is mandatory, such as accident benefits, Direct Compensation Property Damage (DCPD), third party liability and uninsured motorist insurance.

But many insurers in Ontario also offer optional coverages, including all perils, comprehensive, collision and specified perils.

Below, we break down which coverages are considered mandatory for drivers in Ontario and which ones are optional. Take some time to familiarize yourself with them so you can find the right coverage for you.

 

Mandatory coverage

You will be required to have the following coverage for your vehicle in Ontario.

  • Accident benefits/bodily injury: This will cover the cost of medical care, wage replacement, home care and even funeral costs if a Cambridge driver is injured in an accident.
  • Direct Compensation Property Damage (DCPD): This will cover damage to your vehicle and damage to the vehicle’s contents if you’re insured and in a collision where you’re not at-fault. The benefit of DCPD is it allows the insured driver to be paid by their insurance company in a timely manner, rather than having to wait for legal negotiations with the other driver’s insurer to conclude.
  • Third party liability: This will cover you if someone else is injured or killed and you’re at fault for the collision. It will cover the cost of a lawsuit that may stem from such an event, as well as covering the repair cost for vehicles and property involved in the collision. Also covered will be any medical costs.

    The minimum amount of liability coverage you need in Ontario is $200,000, though many drivers end up going with $1 million coverage, as it ensures you’re protected if you are sued for that much (which is not uncommon).
  • Uninsured motorist: This will cover you if your vehicle is damaged or if you are injured and killed in a collision with an uninsured driver, or a driver who flees the scene.
     

Optional coverage

  • All perils: Perils is a type of insurance referring to a specific item to be covered, such as damage from a fire. All perils covers many named perils.
  • Collision: Covers the replacement or repair cost of a vehicle if it is insured and it is in an accident where the driver is at fault.
  • Comprehensive: This expands your coverage to cover a variety of potential events that could damage your car, including hail, earthquakes, theft, vandalism and damage by debris.
  • Specified perils: We mentioned all perils above, which covers a wide range of perils, but this is designed to specifically cover named perils, which can include things like fire, lightning strikes, attempted theft, riots or windstorms.
     

Ontario endorsements

“Endorsement” refers to an amendment in your insurance policy that either broadens, restricts or alters your terms. Often, they're added to your policy for increased coverage.

Familiarize yourself with the endorsements below to see if they make sense for you.

  • OPCF 20 – Loss of use: This endorsement will cover you if your vehicle is damaged, needs to be replaced and/or you have to pay for alternative transportation while your vehicle is fixed. Other coverages such as all perils, comprehensive or specified perils offer this protection.
  • OPCF 27 – Damage to non-owned vehicle: This endorsement means your coverage for any bodily injury, uninsured automobile damage, accident benefits and other property damage will be extended to a vehicle you don’t own.

    It also protects you if you’re driving a rental vehicle, meaning you won’t have to purchase property damage coverage (Loss Damage Waiver, or LDW).
  • OPCF 35 – Emergency roadside: This endorsement will protect you if your car breaks down and cover the cost of any labour required, such as tire replacement, locksmith services, cost of a tow, battery replacement, gas, etc.
  • OPCF 44R – Family protection: This endorsement helps cover the difference between your coverage and the liability of any third party who’s in an at-fault collision with you. If you’re under 18 and eligible for coverage, you’re better compensated in the event of a collision with an at-fault driver.
  • OPCF 43 – Depreciation waiver: An endorsement that will get you full value coverage of your car in the event it’s in a collision and totaled. This is a good option for anyone with a brand new car, given new vehicles quicky depreciate quickly in the first few months.

Take stock of the above coverages and decide how much will give you peace of mind. But also remember that more coverage will increase the cost of your annual premium.

One way to save money is to compare the coverages you want among many difference insurance providers. You can use a site like Insurancehotline.com to do that quickly and for free.

Mandatory & optional auto insurance coverage in Cambridge

Insurance typeMandatory coverageOptional/ Additional Coverage
Third-Party Liability$200,000 minimum. Provides coverage in the event of a lawsuit resulting from an accident where you are at fault.Coverage can be increased to $500,000, $1 million, or $2 million, with up to $2 million limit.
Uninsured Automobile InsuranceProvides up to $200,000 in coverage if you are injured or killed by an uninsured driver, or if your vehicle is damaged as a result of a hit-and-run by an unidentified, uninsured motorist.Family Protection Coverage is an optional coverage that includes additional coverage of up to $1 million in the case of a hit-and-run by an uninsured motorist.
Statutory Accident BenefitsProvides coverage if you are injured in an accident, regardless of who is at fault. Covers medical expenses that aren’t covered by OHIP.Coverage limits can be increased.
Direct Compensation-Property Damage (DC-PD)OptionalDCPD is included in all standard insurance policies, but Ontario drivers can apply to remove it. DCPD pays to repair or replace your car if you're in a collision where the other driver is at fault. You lose this coverage by removing DCPD, as well as your ability to sue the other driver for repairs. 
Collision Coverage (Also Upset Coverage)OptionalCovers the costs of repairing or replacing your vehicle following a collision with another vehicle, an object, or property.
Comprehensive coverageOptionalCovers damages caused by named perils identified under the Specified Perils coverage, as well as losses from other perils like falling or flying objects, theft, fire, hail, windstorms, missiles, and vandalism.
Specified Perils CoverageOptionalCovers damages caused by named perils such as theft, attempted theft, explosions, natural disasters like fire, lightning, windstorm, hail, rising water, earthquakes, and other perils specified in your policy. Specified perils do not cover damages due to vandalism, breakage of glass, etc.
All-Perils CoverageOptionalCombines collision/upset and comprehensive coverage. Also, provides additional protection if a household member or an employee steals your vehicle.
OPCF 20: Coverage for Transportation ReplacementOptionalCovers the cost of your transportation replacement and rental car insurance if you were to get into a car accident or if your vehicle is stolen.
OPCF 27: Liability for Damage to Non-Owned Automobile(s)OptionalCovers if you damage a borrowed or rental vehicle. The coverage limit is usually around $25,000 to $50,000.
OPCF 39: Accident Waiver/ForgivenessOptionalProtect your premium from rising when you have your first at-fault accident.
OPCF 16: Suspension of coverageOptionalThis allows you to suspend your insurance coverage for 30 days or more during periods when you aren't using the car.
OPCF 43: Waiver of depreciationOptionalEnsures your insurance company won't factor in depreciation when settling a claim; you will receive the amount you initially paid for the car.
OPCF 44R: Family protection coverageOptionalEnsures your costs are covered if you and your family are involved in an accident with a driver with less liability insurance than you. This endorsement will cover the remainder.
OPCF 13C: Limited glassOptionalFor a lower premium, you can limit or exclude any coverage for glass damage that might've been in your policy.
OPCF 40: Fire and theft deductibleOptionalAdds a deductible (an amount you must pay before your insurance company chips in funds) for a theft or fire damage claim.

How much does Cambridge car insurance cost?

The average car insurance premium in Cambridge in was $1,402, according to data from RATESDTOCA.

The average in Ontario, by comparison, is $1,555, meaning that insurance in Cambridge is about 10% less expensive than the provincial average.

Residents living in the Cambridge postal codes of N1R and N1S will find premiums ranging from $1,378 to $1,475.

The cheapest car insurance is in postal code N1S, at $1,378, while the most expensive insurance is in N3H, at $1,475.

Cambridge postal codeAverage 2021 car insurance premium
N1S$1,378
N1T$1,447
N3C$1,403
N3E$1,403
N3H$1,475

Shopping for Cambridge auto insurance quotes

 

Cambridge, Ontario is a city that likes to entertain. Home to the country's oldest farmer's market (which still operates out of the original building it started in back in 1830), residents of Cambridge also enjoy cultural events such as the Cambridge Highland Games, the annual dragon boat race and Christmas in Cambridge, not to mention hundreds of hectares of parkland! It's no wonder the city is growing alongside neighbouring Kitchener and Waterloo. Together, the three cities comprise the heart of the Waterloo region.


For drivers, this means there's plenty to see and lots to do. Nobody wants to waste precious time shopping around for car insurance when they could be out enjoying the day with their families. That's why InsuranceHotline.com has become the go-to destination for millions of Canadians looking to save on their auto insurance. Our service compares quotes from more than 30 of Canada's top insurance providers making it easier and faster for Cambridge-based drivers to save on their car insurance. Find out what you could be saving by comparing car insurance quotes today. 

Compare Cambridge car insurance premium against other Ontario regions

CityAverage 2021 premiumDifference from Cambridge average in 2021
Cambridge$1,402-
Vaughan$2,17955%
Ajax$2,10450%
Richmond Hill$2,02544%
Brampton$1,97641%
Mississauga$1,97141%
Pickering$1,95940%
Toronto$1,95339%
Oshawa$1,83331%
ONTARIO$1,55511%

What factors affect your Cambridge car insurance premium?

Insurance companies take a wide range of factors into account to price insurance. It’s important to understand that different insurers calculate risk differently. That means while one insurer may rate your neighbourhood as higher risk to insure a vehicle in, another insurer will gauge it less risky based on their data. So be sure to always compare your quotes.

  • Claims history: Drivers with clean records and no history of making insurance claims get the best insurance rates. The longer this history, the better. It signals to insurers that you are reliable and won’t cost them money. They’ll give you a lower rate as a result.
  • Driving infractions: Drivers with speeding tickets or traffic infractions like running a red light pay higher insurance rates. The more of these infractions you have on your record, the more insurance companies will charge to insure you. So drive at the speed limit and follow the rules, and you’ll be rewarded with cheaper insurance!
  • Location: Insurance companies use postal codes to price insurance based on your location. If you live somewhere with many car thefts, or a busy highway with a large number of accidents runs through your neighbourhood, you’re going to pay higher insurance rates. Doing something as simple as moving one street over sometimes can have a dramatic effect on your insurance prices.
  • Vehicle type: Not all cars are created equal. Cars that are more expensive to repair, or vehicles that frequently show up on the most stolen list, are going to be more expensive to insure. Before you buy your vehicle, get an insurance quote to see if your make and model is more expensive to insure compared to other vehicles.

How to get the cheapest car insurance in Cambridge

While there are some factors that you don’t have as much control over when it comes to car insurance, there are still many things you can do to save money. Below, we list out some steps you can take to cut down on your annual costs.

  • Bundle: If you have home insurance or tenant insurance, make sure it’s with the same provider as your car insurance, because many companies offer you a discount for bundling your insurance services together.
  • Buy a cheap vehicle: If you drive a cheap car, chances are you can get cheap insurance with it. The less your car costs to repair or replace, the cheaper your insurance will be. (Just make sure it’s not a model that’s prone to getting stolen.)
  • Comparison shop: Head online and use a website like Insurancehotline.com to compare prices from a variety of insurance companies. That is single-handedly one of the best things you can do to find cheap insurance rates.
  • Customize your policy: Avoid paying for coverage you don’t need. Check every year that your policy only includes what makes sense. For instance, if after 10 years, your car is worth nearly zero, does it make since to pay for collision coverage? Does it make sense to have a low $500 deductible when the car is only worth $500? Do a policy check up annually to make sure you’re not overpaying for coverages you don’t need.
  • Increase your deductible: Speaking of deductibles, one way you can save money is by increasing your deductible. Moving from $500 to 1,000 can lower your annual premium. A deductible is the amount you have to pay out of pocket before your coverage kicks in and pays for the rest.
  • Install winter tires: Drivers in Cambridge can save money if they install winter tires. Many insurers offer discounts for drivers that do, and these discounts can range from 5% to a hefty 15%.
  • Telematics: If you’re willing to let an insurance company monitor your driving, you could save up to 30% on your annual premium. Many companies now offer an app that tracks your driving, making telematics less cumbersome than the old school monitoring devices that would have to be installed in your vehicle.

Sample car insurance quotes completed for drivers in Cambridge, Ontario

Below are real quotes that were recently completed on InsuranceHotline.com by drivers living in Cambridge, Ontario:

Annual Savings: $339

Driver: Male, age 36, Cambridge, ON

Driving: 2016 Mazda 3 4DR

Current Rate: $1,872

Lowest Rate Available: $1,533

Insurance Company: Ayr Farmers Mutual Insurance

Annual Savings: $617

Driver: Female, age 27, Cambridge, ON

Driving: 2014 Kia Soul

Current Rate: $2,491

Lowest Rate Available: $1,874

Insurance Company: Portage Mutual Insurance

Annual Savings: $594

Driver: Female, age 43, Cambridge, ON

Driving: 2016 Hyundai Sonata 4DR

Current Rate: $1,779

Lowest Rate Available: $1,185

Insurance Company: Gore Mutual Insurance

Cambridge car insurance 101

Car insurance is a necessity when it comes to owning a car. But if you're not with the right auto insurance provider, it may be costly. If you're looking for ways to save money on Sudbury car insurance, the best way to save is to compare rates. Car insurance rates are always changing and will vary by company, which is why it pays to shop around.
 

What are the main things insurers look for when determining my auto insurance rates?

When it comes to determining insurance rates there are many factors that are taken into consideration. One of the biggest ones is your driving record. Many people think, only drivers with tickets, collisions or both need to shop around, but InsuranceHotline.com data shows that even drivers with a clean driving record benefit too!

While getting quotes at InsuranceHotline.com, almost 70.4 per cent of Cambridge drivers indicated they have a clean driving history with no tickets, accidents or licence suspensions to speak of. That's a good chunk of the population. The rest may have a blemish or two on their record.

 

What optional coverage and endorsements are available?

Every province has compulsory coverages that you must have as part of your policy. In addition to these compulsory coverages, there are optional coverages that you can add to your policy for an additional fee. These include:

 

  • Loss of use: In case you're in an accident, this covers your transportation costs (like a rental car) while your vehicle is being repaired or replaced.
  • Rental car: If you frequently rent cars, this ensures that your rentals have both collision and comprehensive coverage.
  • Depreciation Waiver: If you have a new car, this endorsement ensures you'll receive the full value of your vehicle rather than the depreciated value.

 

The majority of drivers opt for collision and comprehensive coverage, but it depends on a number of factors including the age of your vehicle. If you're interested in any of these coverages, be sure to speak with your insurance representative when purchasing your policy and don't forget to ask any questions you m ay have. 

Compare your Cambridge auto insurance rates. You could save $508.

Shoppers in Cambridge obtained a quote on InsuranceHotline.com in 2023 saved an average of $508*. Compare your Cambridge insurance rates today to see if we can help you save money, too, because who couldn't use a little more savings in their wallet?

 

How can I find the cheapest car insurance in Cambridge?

Finding the cheapest car insurance means using a site like Insurancehotline.com to compare your options. Not all car insurance companies will offer you a low rate. Some may deem you to be riskier to insurance, and will charge you accordingly. The only way to find the cheapest rate is to compare online! 

Who offers the cheapest auto insurance in Cambridge?

Different people will find that different companies offer them the cheapest rate. That’s because companies will look at a variety of factors, including your driving history, where you live and what kind of car you drive to determine what you should be paying. And they all judge the risk of insuring you based on those factors in different ways. That means that the cheapest company for one person may not be the cheapest for another. To find out which company is willing to give you the best rate, compare online. 

Why do Cambridge car insurance rates change over time?

Insurance companies are businesses that price risk based on their best judgment. If you get into an accident, they will have to raise your premiums to account for the fact that you cost them money and may be riskier to insure than they initially expected. Other factors outside your control can also drive rates up. For instance, there has been a surge in inflation recently, which has made cars more expensive to repair, thus meaning those costs get passed on to consumers in the form of higher insurnace costs.

*Shoppers in Cambridge who obtained a quote on InsuranceHotline.com from January to December 2023 saved an average of $508 per year. The average savings represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third-lowest quoted premiums generated by InsuranceHotline.com.

About the Author - Alexandra Bosanac

Alexandra Bosanac, Content Manager

Alexandra Bosanac, content manager at InsuranceHotline.com, focuses on auto insurance. She began reporting on this topic in 2017. Alexandra holds a bachelor’s degree in journalism from Toronto Metropolitan University. Prior to joining InsuranceHotline.com in 2021, she contributed to publications such as Canadian Business, the Toronto Star, the National Post, and the CBC.

 

Read more about the author