Cheap Mississauga car insurance quotes
Mississauga drivers save $761* on average by comparing car insurance quotes on InsuranceHotline.com
Jump straight to...
- How does Mississauga auto insurance work?
- How to get the cheapest Mississauga car insurance quotes
- Mandatory and optional coverages in Mississauga
- Comparing Mississauga car insurance premiums against other Ontario regions
- How much does the cheapest car insurance premium in Mississauga cost in 2024?
- The cheapest car insurance rates found in Mississauga in 2024
- Factors that influence your Mississauga auto insurance premium
- Tips on getting the cheapest car insurance in Mississauga
- Frequently asked questions about car insurance in Mississauga
How does Mississauga auto insurance work?
Auto insurance in Mississauga follows the same regulations as the rest of Ontario. The second point to understand is that driving in Mississauga without insurance is illegal. A standard auto insurance in Mississauga must include:
- Third-Party Liability coverage
- Accident Benefits Coverage
- Uninsured Automobile coverage
- Direct Compensation-Property Damage (consumers can opt out of this if they choose)
Without this coverage you could be fined anywhere from $5,000 to $50,000. In some cases, your licence could be suspended, and your car might be impounded.
Drivers purchase insurance through a private insurance model either through brokers, agents or directly from the insurance companies. Also, Ontario, and by extension Mississauga, operates under a no-fault insurance system, meaning both drivers in an accident would submit claims to their own insurance companies no matter who is at fault.
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Mandatory and optional coverages in Mississauga
| Insurance type | Mandatory coverage | Optional/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 Insurance | Provides 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 Benefits | Provides 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) | Optional | DCPD 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) | Optional | Covers the costs of repairing or replacing your vehicle following a collision with another vehicle, an object, or property. |
| Comprehensive coverage | Optional | Covers 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 Coverage | Optional | Covers 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 Coverage | Optional | Combines collision/upset and comprehensive coverage. Also, provides additional protection if a household member or an employee steals your vehicle. |
| OPCF 20: Coverage for Transportation Replacement | Optional | Covers 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) | Optional | Covers if you damage a borrowed or rental vehicle. The coverage limit is usually around $25,000 to $50,000. |
| OPCF 39: Accident Waiver/Forgiveness | Optional | Protect your premium from rising when you have your first at-fault accident. |
| OPCF 16: Suspension of coverage | Optional | This 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 depreciation | Optional | Ensures 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 coverage | Optional | Ensures 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 glass | Optional | For 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 deductible | Optional | Adds a deductible (an amount you must pay before your insurance company chips in funds) for a theft or fire damage claim. |
Car insurance premiums tend to be on the high side in Mississauga compared with other parts of the province. Based on InsuranceHotline.com data from the first three months of 2024, almost 70% of premiums quoted in Mississauga were above $2,000.
These numbers align with the average premiums estimated by the Financial Services Regulatory Authority of Ontario (FSRA), which found that. According to FSRA, the average premium in the Greater Toronto Area (GTA), was $2,391, which is higher than anywhere else in Ontario.
Finding the cheapest auto insurance in Mississauga can vary depending on many factors. However, InsuranceHotline.com data shows that the cheapest insurance quote in the first three months of 2024 was $523 annually for a 24-year-old vehicle in the L5V postal code.
The factors that can change what individual people pay for insurance can include:
Location – Higher traffic areas or areas that generate more claims can be risk for insurance providers.
Your vehicle – Some models are more attractive to thieves or can be costly to repair/replace.
Driving record – Because insurance providers look at risk factors to determine premiums, a safer driver will be considered a lower risk.
How much you drive – Being an occasional driver will be less risky than someone who commutes far distances every day. The more you are in your car the more risk there is for an accident.
What coverage you choose – Costs can add up if you choose full benefits with a low deductible. A higher deductible takes some of the risk off the insurance provider and thus can lower your premiums.
The cheapest car insurance rates found in Mississauga in 2024
The cheapest auto insurance quotes in Mississauga were found in the L5V, L4T and L5N postal codes. The major contributing factors are that the drivers who requested quotes from InsuranceHotline.com were older and drove older model year cars, too.
Factors like where you live, what you use your car for, the size of your deductible, and your driving record can alter your premium, making it go higher or lower depending on your personal risk factors.
| Mississauga postal code | Vehicle | Model year | Driver profile | Annual premium |
|---|---|---|---|---|
| L5V | Hyundai | 2007 | Male, 58 yrs | $567 |
| L4T | Honda | 2003 | Male, 74 yrs | $588 |
| L5N | Ford | 2011 | Female, 61 yrs | $647 |
Age
How much you pay for insurance depends a lot on your age. Drivers in their teens and early twenties, males especially, pay the highest car insurance premiums. Prices begin to decrease by your mid-twenties, and the price gap between men and women levels out by age 30. Your rate takes another dip in your fifties.
The vehicle you drive
Base model cars tend to fetch lower insurance premiums than ones with luxury trim. This is because basic cars are cheaper to repair and replace. When shopping for a new car, remember to factor in insurance costs when deciding between makes and models.
Where you live
The place you call home affects your rates, down to your postal code. Insurance companies group drivers by geographic location and examine claims activity within those boundaries. Your neighbours affect your rate, too. More neighbours filing claims to their insurer equals higher rates, while fewer claims equal lower rates.
Your driving record
Any convictions under Ontario's Highway Traffic Act will affect your premiums. Think of speeding, driving under the influence, and driving without a license. In Ontario, convictions stay on your insurance record for six years, so protect your driving record.
Your insurance history
Your insurance history is important. Traffic convictions have a significant impact on your insurance history. Failure to pay your premiums on time will also destroy your credibility with your insurer and lead to a massive increase in your premium. It can also result in the cancellation of your policy, which will make finding cheap insurance with another provider nearly impossible.
Driving for a rideshare app without informing your insurer can also trigger a policy cancellation. All rideshare apps offer commercial insurance to drivers, but you're still obligated to let the provider of your personal policy know about your intention to start a new side hustle.
The coverage options you choose to include in your policy
Certain forms of auto insurance coverage are mandatory in Ontario — liability, accident, uninsured driver, and property damage — but you can choose to enhance your policy with a range of products. Adding them will raise your premium. Optional auto insurance in Ontario includes several products that reimburse you for physical damage to your car by circumstances that are not covered in a standard policy. Another form of optional insurance is endorsements, special contracts that amend a standard policy. For example, some endorsements will protect your premium from rising after your first at-fault accident, and there others that ensure depreciation won't be deducted from a claims settlement.
Your policy's deductibles
A deductible is an amount you agree to pay before your insurance company kicks in with the benefit detailed in your policy. Insurers will lower your premium if you increase a deductible since you're demonstrating that you're willing to shoulder a greater portion of the cost.
Whether you’re bundling with other insurance products, such as home insurance
Insurance companies will reward you for giving them more business by bundling your home and auto policies.
Gender and marital status
In Ontario, insurance companies can consider your gender and marital status when calculating your premium. Men are considered riskier to insure, and their premiums tend to be higher than women. Nonbinary drivers are offered female rates. Married drivers are perceived as being at lower risk to insure, which might benefit their premium.
The company's insurance claims history
Insurance companies have to ensure they have enough in their coffers to meet their obligations to their policyholders in the present and the future. That's why insurance companies are one of the most fiscally conservative entities in the financial marketplace. Suppose insurers observe that they're paying out more claims than what they're taking from payments (tracked using a metric known as the 'combined ratio'). In that case, they will need to increase premiums for their customers.
Tips on getting the cheapest car insurance in Mississauga
Saving on car insurance is easier than you think. These 10 tips help ensure you’re getting the cheapest Mississauga car insurance rate:
- Shop around - Rates often change. In Ontario, changes to car insurance rates are approved every three months. Depending on the quarter, just a few insurers might increase or decrease their rates. Sometimes dozens do!
- Increase your deductible - Most car insurance policies default to a $500 deductible, which is the amount you pay in the event of a claim. Increase yours to $1,000 and you're looking at saving five to 10 percent on your car insurance. More on how to choose a deductible.
- Pay your premiums annually - Paying your premiums all at once instead of once a month can avoid those pesky administrative fees that typically accompany monthly payments.
- Multi-line discount - Bundle your home insurance and car insurance policies together under one insurance provider to save five to 15 percent.
- Insure all vehicles, together - More cars under the same policy equals more savings on each policy. If you have more than one set of wheels, save up to 10 to 20 percent by insuring them on the same policy, also called a multi-vehicle discount.
- Winter tire discount - In Ontario, if you have—and install—winter tires, you will qualify for a winter tire discount of up to five percent.
- Review your policy annually - Double check your coverages every year. If you no longer need certain protection, removing it from your policy is one way to reduce costs.
- Telematics - Install a telematics device in your vehicle to save money with good driving habits. Ask your insurer for more information about usage-based auto insurance discounts.
- Ask about discounts - Ask and you shall receive. Ask your provider about discounts they offer and what you may qualify for.
- School’s cool - Are you a young or new driver, or are you adding one to your policy? Encourage them to enroll in an accredited driver's training school. The money you'll save on insurance typically offsets the cost of the training within in the first year.
Sample car insurance quotes completed for drivers in Mississauga, Ontario
Below are real quotes that were recently completed on InsuranceHotline.com by drivers living in Mississauga, Ontario
Female, age 27, Mississauga, ON
Driving: 2015 Honda Civic 4DR
Current Rate: $2,692
Lowest Rate Available: $2,221
Insurance Company: RBC Insurance
Annual Savings: $471
Male, age 54, Mississauga, ON
Driving: 2011 Hyundai Sonata 4DR
Current Rate: $2,474
Lowest Rate Available: $1,879
Insurance Company: Economical Mutual
Annual Savings: $595
Female, age 42, Mississauga, ON
Driving: 2018 Volkswagen Tiguan
Current Rate: $2,126
Lowest Rate Available: $1,771
Insurance Company: Johnson Insurance
Annual Savings: $355
Male, age 38, Mississauga, ON
Driving: 2008 Nissan Rogue
Current Rate: $2,392
Lowest Rate Available: $1,954
Insurance Company: Royal & SunAlliance
Annual Savings: $438
Female, age 51, Mississauga, ON
Driving: 2015 Lexus RX 350
Current Rate: $2,375
Lowest Rate Available: $1,848
Insurance Company: Intact Insurance Company
Annual Savings: $527
Male, Age 29, Mississauga, ON
Driving: 2016 Kia Forte ex 4DR
Current Rate: $2,480
Lowest Rate Available: $2,057
Insurance Company: TD Insurance
Savings: $423
We've helped drivers like you shave hundreds of dollars off their auto insurance premiums
Make 2024 your year for car insurance savings
Mississauga car insurance rates are some of the highest in Ontario. InsuranceHotline.com makes it possible for drivers and families in Mississauga to find the cheapest auto insurance rates available today.
The Financial Services Regulatory Authority of Ontario, which oversees car insurance rates in Ontario, recommends comparing rates from at least three car insurance providers before buying a policy. InsuranceHotline.com finds rates from multiple insurance providers so that you can find the best deal available today in one go.
We helped drivers like yourself save an average of $761* in car insurance premiums in 2023. Make today the day you join us in finding cheaper auto insurance rates by comparing Mississauga car insurance quotes today.
*Shoppers in Mississauga who obtained a quote on InsuranceHotline.com from January to December 2023 saved an average of $761 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.
Frequently asked questions about car insurance in Mississauga
Why am I getting different car insurance rates from different insurance companies?
Car insurance premiums can vary significantly between insurance companies. This is due to differences in the rating factors they use, the statistical information they look at, their claims experience and the cost of doing business. That's why it makes good financial sense to check with InsuranceHotline.com to see which insurer provides the cheapest Mississauga auto insurance.
Is car insurance in Mississauga cheaper than Brampton?
It depends on where you live in Mississauga. Auto insurance prices vary by postal code. Traditionally, car insurance is cheaper in Mississauga, however, the price difference between the cities has narrowed in recent years.
What are the cheapest insurance companies for cars in Mississauga?
The best way to determine the cheapest auto insurance for cars in Mississauga is to use rates comparison sites like InsuranceHotline.com. Simply typing in your postal code and hitting search will allow you instant access to myriad providers who offer the cheapest rates for Mississauga car insurance.
Is it cheaper to buy auto insurance directly from an insurance company than with brokers?
Brokers help consumers by researching various insurance providers and recommending one over the other in terms of services and price. However, this same tactic can be used by going directly to insurance companies if you have the time and patience to compare. InsuranceHotline.com does it for you in just a few clicks. It's up to you to see which method works best for you and how best to find the cheapest auto insurance in Mississauga.
