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.
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|Savings: $946 (26%)|
|Savings: $931 (25%)|
|Savings: $258 (22%)|
|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.|
|Direct Compensation-Property Damage (DC-PD)||Covers damage to your car, or loss of use of your vehicle, if someone else is at fault. Must involve another insured vehicle.||For additional vehicle coverage, including for when you are at-fault, consider collision coverage.|
|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.|
|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.|
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.
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.
|Region||As of June 2023||As of Oct 2022||As of June 2022||As of Oct 2021||As of June 2021|
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.
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:
Saving on car insurance is easier than you think. These 10 tips will help you get there:
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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.
Paying lump sum payments will reduce costs for your insurance provider, who will pass those savings on to you.
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.
Save 10% to 20% when you insure all your vehicles under the same policy.
Changing from summer to winter tires can reduce the risk of an accident. A winter tire discount could save you about 5%.
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.
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.
Insurance providers offer discounts to seniors, members of associations and alumni groups. Don’t be afraid to ask about these discounts.
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.
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.
*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.
Here are some of the most common questions we get about 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.
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.
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).