Cheap Newmarket Car Insurance Quotes

Newmarket drivers save $1,318* on average by comparing quotes on InsuranceHotline.com.

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How does Newmarket auto insurance work?

Newmarket, part of the Greater Toronto Area, as well as a part of the Golden Horseshoe region, has about 85,000 residents. Car drivers here, like everywhere else in Ontario, are required by law to have car insurance and must adhere to auto insurance rules set by the province.

Insurance must also include third-party liabilitystatutory accident benefitsDCPD and uninsured automobile coverages. Newmarket residents can also buy optional car insurance products over and above standard coverage.

All Ontario insurance operates under a 'no-fault' system. This means that after a collision, drivers must make claims to their individual insurance companies, regardless of who was at fault in an accident.

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Newmarket Mandatory and optional auto insurance coverages

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.

The cheapest car insurance quotes unlocked by real Newmarket drivers

 

Examples of real savings found through InsuranceHotline.com by drivers living in Newmarket, Ontario.

Note: The data is based on Newmarket, Ontario shoppers with G class driver’s license, who obtained a quote on InsuranceHotline.com from January to April 2023.

How much does Newmarket car insurance cost?

According to the 2023 RATESDOTCA Insuramap data, the average cost of auto insurance in Ontario is $1,744 per year or $145 per month. In Newmarket the average premium was $1,763 or about $147 per month, which is only about 1% cheaper than the provincial average.

Car insurance is dependent on many factors, such as where you live, your age and experience, your driving record and claim history. Newmarket, while being near Toronto, is still a relatively small area, with a low population.

As a result, there are fewer accidents, claims and thefts here than in as big a city as Toronto. That’s why its average auto insurance price is closer to the provincial average. The Toronto average, for example, is $2,235 per year, while the highest provincial average is in Brampton, at $2,707 per year.

Premiums can change depending on your record, the amount of claims you make, your location and if you’ve purchased a new vehicle. You should consider all these factors when considering insurance for your vehicle.

Where in Newmarket has the cheapest car insurance?

Newmarket’s relatively small geographic area lends itself to having only two main postal codes for comparing auto insurance. According to the 2023 RATESDOTCA Insuramap data, areas with postal codes starting with L3X have an average premium of $1,754 per year – up nearly 11% from the 2021 average of $1,582 per year.

The other Newmarket area – which has postal codes starting with L3Y – had an average annual car insurance premium of $1,801, up more than 9% from 2021, when the annual average was $1,636.

Located north of Toronto, Newmarket is bordered by two major highways – the 400 on the west and the 404 on the east. The relatively high auto insurance costs can thus be attributed to the busy traffic, which itself is likely the result of Newmarket becoming somewhat of a bedroom community for Toronto workers – due to relatively affordable housing.

Compare Newmarket car insurance premiums against other Ontario regions

RegionAs of June 2023As of Oct 2022As of June 2022As of Oct 2021As of June 2021
Ontario$1,737$1,673$1,658$1,645$1,644
GTA$2,323$2,241$2,223$2,208$2,241
Other Urban$1,652$1,588$1,574$1,564$1,579
Rural$1,353$1,305$1,295$1,285$1,295

Source: Financial Services Regulatory Authority of Ontario (FSRA)

Ontario drivers pays some of the highest auto insurance premiums in Canada. Your location within the province will have a huge impact on your rates, and as can be seen on the chart above, urban and city drivers pay more than rural drivers.

Newmarket, which is a smaller urban area in the GTA, is in line with Ontario when it comes to average auto insurance premiums. According to the 2023 RATESDOTCA Insuramap data, the average premium in Ontario is $1,744 per year, or $145 per month. In Newmarket, the average is $1,763, or about $147 per month.

GTA drivers pay nearly 72% more than rural drivers in Ontario, according to the province’s car insurance regulator, the Financial Services Regulatory Authority (FSRA). In fact, as of June 2023, rural drivers are paying $1,353 per year, while GTA residents are paying a whopping $2,323 per year.

Perhaps, because of the COVID pandemic and fewer drivers using their cars, rates had been in decline from June 2021 until about October 2022, when the world started opening up again. As of 2023, rates are rising aggressively, with inflation only adding fuel to the fire.

Factors that determine your Newmarket car insurance rate

Most factors affecting your car insurance have to do with risk. Here are some of the main factors that insurance companies consider when calculating car insurance rates in Newmarket:

  • Neighbourhood: The area you live in, or more specifically the postal code your area is tied to, is an important determining factor when it comes to calculating rates. If drivers in your neighbourhood are more likely to file claims, your rates will be higher as a result. Also, high crime rate areas, densely populated areas and driving behaviour will all be part of the calculation.
  • Vehicle: The more expensive a car is, the more likely it is to have a higher insurance rate. For instance, a luxury car costs more to repair or replace after an accident than a regular economy vehicle. However, some newer economy vehicles have anti-theft and other safety devices, which could help you save on car insurance.
  • Daily commute: More time spent on the road means there is more opportunity for accidents and claims. If you can take public transit or use your vehicle less, especially for work, it could help reduce your auto insurance rates.
  • Driving history and pattern: Your driving history impacts your car insurance premiums. Serious traffic convictions or at-fault accidents stay on your insurance record for at least six years, during which time you'll pay more for your auto insurance coverage.
  • Existing coverage: Newmarket drivers can have both mandatory and optional coverage. The more coverage you get, the higher your rates will be. Consider if you are over-covered and speak to your provider about your specific insurance needs.
  • Discount eligibility: Your age, occupation and alma mater are all potential sources of discounts. It is best to check with your insurance provider about discounts you're eligible for to ensure you get the best rate.
  • Add-on drivers: If you have an add-on or secondary driver on your insurance, you'll pay more. The secondary driver's age and driving experience would also have an impact on your premiums.
  • Bundle auto and home insurance: Your insurance provider might suggest that you bundle your insurance policies, such as home and auto, as an easy way to reduce your premium – by as much as 5%-15%.

How to get the cheapest car insurance in Newmarket

Saving on car insurance is easier than you think. These 10 tips will help you get there:

Shop around

Comparison sites like InsuranceHotline.com provide instant quotes from more than 50 insurance companies in Canada.

Increase deductibles

By increasing deductibles and agreeing to pay more out of pocket should something happen to your vehicle, you are reducing your risk factor to your insurance company. This can potentially save you 5% to 10% on your car insurance.

Lump sum payment

Paying lump sum payments will reduce costs for your insurance provider, who will pass those savings on to you.

Bundle all policies

You can save between 5% and 15% on each policy if you bundle your home and car insurance under the same provider. Insurance companies appreciate your business and loyalty and will express that with a discount.

Insure all vehicles

Change tires seasonally

Changing from summer to winter tires can reduce the risk of an accident. A winter tire discount could save you about 5%.

Compare annually

Comparing insurance providers around renewal time can help you save money. You may have too much coverage and can save money by changing your policy – or going with a different provider altogether. There is also no penalty for terminating a policy early.

Use a telematics device

Allow your insurer to monitor your driving habits, and they will reward you with a reduced rate, sometimes by as much as 25% off the standard price.

Ask about discounts

Insurance providers offer discounts to seniors, members of associations and alumni groups. Don’t be afraid to ask about these discounts.

Driver’s education

Taking an accredited driver’s education course can help you become a more defensive driver and avoid costly collisions or claims – thus making you less of a risk to your insurer.

Car insurance in Newmarket: Things you should know

 

Different insurance companies will charge different rates for the same car and driver. In fact, rates can differ by hundreds, if not thousands of dollars, from one insurer to another.

 

The best way to find the cheapest auto insurance rate in Newmarket is through comparison sites like InsuranceHotline.com. Getting instant online car insurance quotes can save you both time and money, and best of all, the site is free to use. So, go ahead – compare quotes from over 50 trusted Canadian insurers right now.

 

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*Represents the average saved by Newmarket shoppers who obtained an auto insurance quote on InsuranceHotline.com and transacted via our contact centre between January and December 2022. The average savings amount 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 Newmarket car insurance

Here are some of the most common questions we get about car insurance in Newmarket.

Which companies offers the cheapest car insurance in Newmarket

There is no easy way to determine this. Each auto insurance company in Newmarket will assess risk and each driver differently. Therefore, the car insurance company that offers a cheap rate to one person may not be in a position to do so for you or vice versa.

That’s why using sites like InsuranceHotline.com is so important. Shopping around and comparing rates based on your individual needs and risk factors can help you secure the best rate. By going online, you can find quotes instantly and for free.

Why is Newmarket car insurance so expensive/so cheap?

Newmarket auto insurance premiums depend on many factors, such as the area you live in, your driving record/history and claim frequency.

Newmarket is a so-called bedroom community, and though it’s adjacent to larger cities, it does not suffer from the same amount of claims or incidents as places like Toronto or Brampton.

Newmarket auto insurance rates track relatively close to the Ontario average.

Why do Newmarket car insurance rates change from time to time?

Insurance rates in Newmarket are decided by private insurers who will adjust rates based on the claims they receive. The more claims that occur in your area, the higher your premiums will be. In Ontario, rate changes are regulated by an independent body called the Financial Services Regulatory Body (FSRA).