Cheap Oakville Car Insurance Quotes
Oakville drivers save $578* on average by comparing car insurance quotes on InsuranceHotline.com
Jump straight to:
- How does Oakville auto insurance work?
- How to get the cheapest Oakville car insurance quote
- Oakville mandatory and optional car insurance coverage
- How much does Oakville car insurance cost?
- The cheapest car insurance in Oakville
- Comparing Oakville’s average car insurance premium against other Ontario cities
- Factors that determine your Oakville car insurance rate
- Frequently asked questions about Oakville car insurance
How does Oakville auto insurance work?
Car owners living and driving in Oakville follow the same rule as all drivers in Ontario: they must have valid auto insurance. Driving a vehicle that isn't insured is breaking the law.
The provincial government sets Oakville auto insurance rules. Basic insurance includes third-party liability, statutory accident benefits, and uninsured auto insurance. More coverage can be purchased if desired, though it will increase your Oakville car insurance rate.
Oakville insurance works under a no-fault system and can only be purchased from private insurance providers. Comparison shopping on InsuranceHotline.com can help you find the best rates from the top providers in Oakville.
Changes to Ontario's auto insurance in 2024
Ontario is currently in the process of reforming how auto insurance works in the province. The goal of this is to reduce the amount of coverage drivers are forced to take out, and in turn, lower their premiums.
Some of the proposed changes include:
- Option to remove the caregiver benefit, housekeeping and home maintenance expenses benefit, income replacement benefit, and death and funeral benefits (benefits for medical, rehabilitation, and attendant care will remain mandatory, however).
- Making auto insurance companies the first payer for medical and rehabilitation benefits (at the moment, a person's private medical insurance is the first payer). This change is meant to streamline the claims process and lead to earlier resolution.
- Option to remove direct compensation for property damage (DCPD) coverage (in effect since January 2024).
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| Cheapest Rate | $2,019 |
| Average Rate | $4,718 |
| Savings: $2,699 (57%) | |
| Cheapest Rate | $3,191 |
| Average Rate | $5,496 |
| Savings: $2,305 (42%) | |
| Cheapest Rate | $2,901 |
| Average Rate | $4,198 |
| Savings: $1,297 (31%) | |
Oakville mandatory and optional car insurance coverage
| 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. |
How much does Oakville car insurance cost?
According to Insuramap data, drivers in Oakville pay an average of $1,408 per year or $118 per month for insurance. That's nearly 9.5% below the $1,555 rate for the average Ontario driver.
Auto insurance premiums in Oakville depend on many factors, such as location, claims history, crime rates within your postal code area, and vehicle make and model.
The cheapest car insurance in Oakville
In most Oakville forward sortation areas (FSAs), the average rate is $1,378 per year, cheaper than the overall city average by 2%. This rate was found in four of Oakville's five FSAs.
The L6H area is an outlier responsible for bringing up the city average. At $1,526 annually, this part of Oakville is heavily populated, houses institutions such as Sheridan College, and is near the Queen Elizabeth Way freeway. Congestion and a concentration of young drivers can contribute to higher insurance costs within a postal code region.
| Oakville postal code area | Avg. 2022 premium |
|---|---|
| L6J | $1,378 |
| L6K | $1,378 |
| L6L | $1,378 |
| L6M | $1,378 |
| L6H | $1,526 |
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Oakville drivers pay relatively lower rates than other cities in the Greater Toronto Area (GTA), despite congestion brought on by the two major highways that frame the city (Highways 407 and 403, which feed into heavy Toronto-bound traffic).
The Ontario average for car insurance is $1,555, while Oakville's is $1,408: a 10% difference.
Vaughan has the province's highest average premium, at an annual rate of $2,179: 55% more than what Oakville drivers pay.
Premiums in Oakville may be cheap for the GTA, but it is not the most affordable municipality for auto insurance in the entire province. Oakville is slightly higher than the median rate. The cheapest auto insurance communities — including Brockville, Kingston, and Cornwall — have smaller populations than Oakville and lie well beyond the boundaries of the GTA. These three cities have average premiums of $1,132.
Factors that determine your Oakville car insurance rate
Car insurance rates depend on several different factors, including:
- Neighbourhood: Areas with lower car theft and vandalism rates will have cheaper auto insurance premiums and vice versa since claims activity influences auto insurance rates. The more claims within a geographical territory, the more insurance companies charge for coverage.
- Type of vehicle: Oakville insurance providers want to reduce their risk exposure. A higher-priced luxury vehicle may be more expensive to repair or replace, increasing the risk your insurance company will have to pay a claim. It could cause your rates to be higher than lower-priced vehicles.
- Daily commute: The more time you spend on the road, the greater the risk of collisions. Daily commuters, as a class, are more prone to make claims, which is why they often have higher premiums than people who only drive occasionally.
- Driving history and pattern: Safer drivers face fewer collisions and traffic violations and are rewarded with cheaper insurance rates. Serious infractions can stay on your insurance record for at least six years, during which you will pay more for auto insurance in Oakville.
- Existing coverage: To drive in Oakville, you must have basic auto insurance. Adding optional coverage will lead to higher premiums.
- Discount eligibility: Experienced drivers and drivers who belong to an alumni association can be eligible for specific discounts. Ask your provider for details.
- Add-on drivers: Adding a secondary or occasional driver to your policy or jointly owning a car with someone will increase your premium. Your insurance provider will also look at the age and experience of the secondary driver when determining rates.
- Bundle auto and home insurance: Bundling your home and auto insurance can help save you money. Your provider will likely reward your loyalty (and the extra business you're providing) with a 5-15% discount.
Frequently asked questions about Oakville car insurance
What kind of car has the cheapest car insurance in Oakville?
Oakville auto insurance providers always consider risks when determining your insurance premiums. Higher-priced cars that are expensive to repair or replace will likely lead to higher premiums than lower-priced models.
According to internal data, the following vehicles are the overall cheapest to insure in Ontario:
- Nissan Micra
- Volvo XC90
- Kia Rio 5-Door
- Mitsubishi Mirage
- Kia Rio
- Subaru Legacy
- Subaru Accent
- Mazda
- Mercedes-Benz GLE-Class
- Genesis G80
For a breakdown of how insurance rates compare depending on a car’s sales price, body type, safety rating, and more, check out our article on Ontario's cheapest cars to insure.
How can I find the cheapest car insurance in Oakville?
Comparison shopping on sites like InsuranceHotline.com is always a great place to start when looking for cheap Oakville auto insurance. Just a few pieces of information about your location and insurance needs, and we'll provide quotes from the top providers in the area.
Who offers the cheapest auto insurance in Oakville?
Determining which insurance company offers the cheapest auto insurance rates in Oakville used to take time and effort. But rate comparison sites like InsuranceHotline.com make comparison shopping fast and efficient. In three minutes, you can apply for quotes from 50+ insurance providers in the time it takes to get a quote from one. We only need a little information about yourself and your car, as insurance providers look at your history, risk factors, location and other factors to determine your rate.
Why is Oakville car insurance so expensive?
Oakville auto insurance rates are pretty reasonable compared to the rest of the GTA. The city didn't make the top 10 list of cities with the highest insurance premiums, and of 53 possible spots, Oakville ranked 24th. This places Oakville in the upper-middle range for auto insurance premiums. One reason Oakville insurance isn't cheaper is that many residents depend on their cars to commute, and the highways that frame Oakville are usually congested. Frequent car use and many vehicles on the road lead to higher auto insurance premiums.
Why do Oakville car insurance rates change?
Private insurance companies determine Oakville insurance rates. Rates are calculated based on location, claims histories, collisions and other factors. In Ontario, rate changes are regulated by a government body called the Financial Services Regulatory Body (FSRA).
*Shoppers in Oakville who obtained a quote on InsuranceHotline.com from January to December 2023 saved an average of $578 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.
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