Cheap Newmarket Car Insurance Quotes

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• How does Newmarket auto insurance work?
• How to get the cheapest Newmarket car insurance quote
• Newmarket Mandatory and optional auto insurance coverages
• How much does Newmarket car insurance cost?
• Where in Newmarket has the cheapest car insurance?
• Compare Newmarket car insurance premiums against other Ontario regions
• Factors that determine your Newmarket car insurance rate
• How to get the cheapest car insurance in Newmarket
• Frequently asked questions about Newmarket car insurance

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 liability, statutory accident benefits, DCPD 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.

Newmarket Mandatory and optional auto insurance coverages

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

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%.