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Car insurance in Waterloo

All drivers in Waterloo must have auto insurance if they want to get behind the wheel. There are both mandatory coverage and optional coverage in Canada.

 

Mandatory auto insurance coverage

Third-party liability insurance: By provincial law, you must carry at least $200,000 in liability insurance. Third-party liability "pays for claims resulting from lawsuits against you (up to the coverage limit) and pays the costs of settling the claims." It's recommended to have at least $1 million in liability coverage.

Accident benefits: This ensures you receive compensation for medical care not covered by OHIP. You're entitled to these benefits even if you caused the accident. The accident benefits portion of your policy covers medical, rehabilitative, attendant care, and income replacement for caregivers and non-earners.

Direct compensation property damage (DCPD): This provides compensation if your vehicle and its contents are damaged by an accident you're not at fault for causing. You collect directly from your own insurer. It only applies if the accident occurred in Ontario, at least one other vehicle was involved, and the other vehicle(s) are insured by a company licensed in Ontario.

Uninsured automobile: Provides coverage if you're injured or killed by a hit-and-run or an uninsured driver. It also covers damage to your car if you're able to identify the uninsured driver that hit you.

 

Optional car insurance 

You can enhance a standard Ontario auto insurance policy with these coverages:

Collision: This coverage ensures that your car will be repaired or replaced if your car is damaged in a collision you caused. However, making a claim under your comprehensive coverage often increases your premium at renewal. To prevent that from happening, you can buy accident forgiveness. This is an endorsement that ensures your premium won't be affected by your first at-fault accident.

Comprehensive: Covers you from instances where your car is damaged by something other than a collision. Examples include falling objects, fire, extreme weather, theft, and even vandalism.

All perils: Merges collision and comprehensive coverage.

Specified perils: Coverage for specific events. Fire, hail, lightning, and theft are common options, but vandalism, falling objects, or animal damage are usually excluded (if you want protection against any of those, you may need comprehensive insurance instead).

 

Available auto insurance endorsements

Endorsements, or insurance riders, are another type of optional insurance coverage. More than just something you add to your policy, endorsements alter the original policy. The terms of the endorsement supersede the terms of the original contract. Also, some endorsements can reduce your coverage in an area, lowering your premium as a result. Here's a list of some of the endorsements available to Newmarket drivers.

OPCF 20: Coverage for Transportation Replacement: This covers the cost of your transportation replacement and rental car insurance if you get into a car accident or your vehicle is stolen.

OPCF 27: Liability for Damage to Non-Owned Automobile(s): 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: Protect your premium from rising when you have your first at-fault accident.

OPCF 43: Waiver of Depreciation: Protects you by removing your insurer's right to deduct depreciation from the value of your vehicle when settling a claim. This coverage is for new vehicles with fewer than 5,000 kilometres.

OPCF 44R: Family Protection Coverage: Protects you if you or a family member is injured, regardless of whether you or your family members are in the car when the accident occurs

 

No-fault auto insurance system

Waterloo car insurance operates Ontario's auto insurance system, which is referred to as a no-fault system.

A no-fault insurance system means that drivers in Waterloo involved in a collision must each file claims to their own auto insurance provider.[3] Their provider will then offer coverage when it comes to paying for damages and injuries resulting from the accident. By law, insurance companies must give a percentage of blame to each driver involved. Either both drivers can be at fault to a degree, or one driver can be completely at fault and the other without fault.

 

Private insurance system

Waterloo auto insurance operates under a private insurance model.

Waterloo auto insurance operates under a private insurance model overseen by the Financial Services Regulatory of Ontario (FSRA). FSRA is responsible for approving or rejecting premium increases that private auto insurance companies propose. As a result, there's a lot of competition in this market, which can be good for you as a consumer. It means you have options when looking for cheap Waterloo car insurance.

Mandatory and optional car insurance in Waterloo

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.
OPCF 49: Agreement not to recover for loss or damage from an automobile collisionOptionalRemoves DCPD coverage from your Ontario Automobile Policy. You forfeit your right to compensation for physical damage caused to your vehicle by an at-fault driver. You cannot sue for repairs, either.

We can help you compare Waterloo auto insurance quotes to save money

Paying high car insurance rates doesn't have to be a fact of life

Waterloo has modest auto insurance rates when it comes to other cities in Ontario. That said, you still dont want to take the first rate that youre offered. At InsuranceHotline.com, we help numerous Canadians compare quotes so they can find the lowest auto insurance premiums possible.

Waterloo car insurance quotes can differ by hundreds, or even thousands, of dollars. Thats because companies each use their own criteria for calculating insurance rates. An offer youll receive at one company wont be the same offer you receive at the next one. If you take time to do your research, you can work this to your advantage. By shopping around, you can compare quotes to find the best deal for your Waterloo car insurance.

Luckily, weve made it easy for you. We instantly provide quotes so you can figure out which company you want to go with. Weve partnered with some of the most trusted insurance companies to ensure youll get the coverage you need. Check out our site today to start comparing quotes.

How much does Waterloo car insurance cost?

The average car insurance in Waterloo, according to Insuramap data, is $1,351.

Within Waterloo, the highest premiums were found in the N2T and N2V postal code areas. Here, drivers paid an average of $1,382. The lowest premiums could be found in the N2J, N2K and N2L regions, where insurance cost an average of $1,331.

So, how does that stack up to other cities in Ontario?

According to RATESDOTCA, the average Ontario premium in 2021 was $1,555. This is good news for Waterloo residents: auto insurance premiums are lower than average.

The most expensive places to drive in the province? That would be Vaughan, Ajax, Richmond Hill, Brampton and Mississauga. Vaughan drivers, for example, paid an average of $2,179.

The lowest insurance rates can be found in places like Brockville, Amherstview, Cornwall and Kingston for $1,132 per year.

Rate estimates are calculated using the profile of a 35-year-old driver of a 2018 Honda Civic with a clean driving record.

Factors that affect your Waterloo car insurance rate

Insurance companies calculate Waterloo car insurance quotes based on multiple factors, and each company might weigh those factors differently.

Here are some of the main factors that will influence Waterloo car insurance:

Age: Youth is not a boon when it comes to car insurance. Statistically, younger drivers are at greater risk of collisions on the road, so their auto insurance tends to be higher. Insurance rates go down as drivers age to reflect the experience they have behind the wheel.

Gender: Gender can also influence insurance rates. Historically, men are in more car accidents than women, so their auto insurance can be higher.

Location: Drivers that live in dense areas can pay higher insurance premiums. That's because major cities usually have higher instances of accidents, vandalism and theft.

Vehicle type: Insurance companies consider the year, make, model and engine size of your vehicle before setting a rate. Cars that have parts that are expensive to replace or cars that are more likely to be stolen may have higher insurance premiums. Insurance companies base their decisions on how much it would cost them to replace or repair your car if you filed a claim.

Driving record: Insurance companies tend to reward good behaviour and penalize bad driving behaviour. If you're found to be at fault in an accident, it can increase your insurance rates for up to 10 years. The more infractions you have, such as speeding tickets, the higher your costs will go up. You can lose your license if you're convicted of a crime.

Time on the road: Insurance companies might look at your mileage when determining a rate. The more you drive, the higher your insurance costs might be. If you're looking to lower your premium, try walking, biking, taking public transit or carpooling more often.

Type of insurance coverage: The kind of insurance coverage you have also makes a difference. Choosing optional coverages like collision and comprehensive will likely raise your premiums. On the flip side, they might also save you a lot of money if you are in an accident.

Applicable discounts: Look for insurance discounts when possible. That could be bundling home and auto insurance, taking advantage of group benefits, or installing winter tires.

 

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Tips on getting cheap car insurance in Waterloo

Bundle home and auto insurance

If you’re also paying for home insurance, see whether your insurance company might bundle home and auto together for a discount.

Seek out discounts

Always check with your insurance agent or insurance company if you’re eligible for a discount. Often members of major corporations or unions or post-secondary alumni, can receive one.

Drive safely

Don't drive recklessly if you want to keep costs low. If you’re found at fault for a car accident, that can remain on your record for years and cause your premium to increase.

Install winter tires

Part of driving safely means installing winter tires when the snow falls and the roads get slippery. Insurance companies provide savings of up to 5% if you do so.

Take driver’s ed

Teens and young adults often have to pay higher insurance because of inexperience on the road. Successfully completing a driver’s education program can result in a discount.

Increase your deductible

When you file a claim, even if you weren’t at fault, you’ll likely have to pay some sort of deductible before your insurance company compensates the rest. Deductibles can run you anywhere from $300 to $1000. Some people choose to raise their deductible in order to lower their insurance. Just make sure you’d be able to handle the increased deductible in case of an accident.

Compare upon renewal

Drivers will often get a renewal notice 30 to 60 days before their insurance is set to renew. Instead of letting that automatically renew, do your research to see if getting car insurance elsewhere might save you some money.

Shop around

Use an auto insurance comparison site like InsuranceHotline.com to compare auto insurance quotes.

Frequently asked questions about Waterloo car insurance

Where can I find the cheapest car insurance in Waterloo?

Drivers can find cheap Waterloo car insurance using an online comparison site like InsuranceHotline.com to find the lowest rates.

We've partnered with the most trusted insurance advisors in Ontario to help you find the best coverage for the lowest rates. Never accept the first offer you receive without exploring what else is out there.

Which companies offer car insurance in Waterloo?

There’s no shortage of insurance companies that offer auto insurance in Waterloo. Here’s a list of some companies you might want to choose from.

Which companies provide car insurance alumni discounts for Waterloo drivers?

If you're an alumnus of a college or university, always ask your insurance company if they provide an alumni discount. This can provide some savings when it comes to your insurance premiums.

For example, alumni from Wilford Laurier and the University of Waterloo can gain access to group rates for home and auto insurance from TD Insurance Meloche Monnex.

Sonnet Insurance will offer a Canadian alumni group discount to graduates and students from every university in Canada, no matter which province you attended school.

Use your education to your advantage when seeking a lower insurance premium.

*Represents the average saved by Waterloo, Ontario, 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.