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All about car insurance in Waterloo
Matt Hands, VP, Insurance
Waterloo, although the smallest city in the “Tri-City” area that includes Kitchener and Cambridge, forms a vibrant hub of innovation and education. It’s home to top institutions like the University of Waterloo and Wilfrid Laurier University – which attract top talent and draw tech firms eager to hire graduates. The Conestoga Parkway (the main highway), connects Waterloo to Kitchener with streets like Bridge, Weber, King, Westmount, Fischer-Hallman, and Ira Needles ensuring smooth north-south travel. This network, however, can still get quite busy. So when shopping around for auto insurance, it's crucial to compare rates to get the best value while considering coverage options for the higher traffic volumes and potential for accidents in this bustling area.
Auto insurance in Ontario is a requirement. Private companies issue coverage, but the system is overlooked by the Financial Services Regulatory Authority of Ontario (FSRAO). This ensures rate increases are substantiated – simply put, an insurer can't raise rates without prior approval from the regulatory body. Rate increases also need to be backed by financial records.
Waterloo (along with the rest of Ontario) also operates under a no-fault insurance system. This doesn't mean you'll never be deemed at fault after an accident. Instead, it means that you'll generally be making claims under your own insurer, regardless of fault.
To learn everything there is to know about auto insurance in the city, be sure to read on. When you're ready, you can also compare personalized car insurance quotes to find your best rate. We can connect you with a licensed broker who will guide you seamlessly through the process of securing your Waterloo car insurance policy.
Did you know?
The previously mandatory coverage, Direct Compensation for Property Damage (DCPD), has been made optional for Ontario drivers as of January 2024. Many insurance experts are warning drivers about the implications of opting out, however, as the financial risk may not be worth the potential savings. Learn more about optional DCPD in our blog linked below.
Standard Waterloo auto insurance coverages
In Waterloo, three are four standard car insurance coverages – third-party liability, accident benefits, uninsured motorist, and direct compensation for property damage.
Third-party liability
Accident benefits
Uninsured motorist
Direct compensation for property damage
Optional Waterloo auto insurance coverages
Aside from the mandatory coverages, you can also add optional coverages to your Waterloo car insurance policy. These options are mainly there to help cover the loss and damage of your personal vehicle.
Collision
Comprehensive
Specified perils
All perils
Emergency roadside assistance
Popular Waterloo auto insurance endorsements
To further customize your car insurance, you can also add Ontario Policy Change Forms (OPCFs) to your policy. While the selection of endorsements may differ depending on the provider you choose, here are some popular options for Waterloo drivers.
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How much is car insurance in Waterloo?
In Waterloo, the average cost of car insurance is about $1,500 per year or $125 per month. Keep in mind, however, that rates are calculated based on your individual profile – to find the exact cost you'll be paying, be sure to compare personalized car insurance quotes with us. Below are three sample quotes our Windsor users received from us (last updated in May 2024).
- $74/month
60-year-old male
driving a 2020 Toyota Tacoma under SGI Canada Insurance
- $90/month
51-year-old male
driving a 2024 GMC Sierra 1500 under CAA Insurance
- $109/month
66-year-old female
driving a 2009 Mitsubishi Lancer under Economical Insurance
Factors that impact your Waterloo car insurance rate
It pays to shop the market for cheap Waterloo car insurance. This is because different insurers offer different rates based on a list of personalized factors. Here, we cover a few main ones, so you can better understand how insurers come up with your quote.
Age
Younger drivers tend to pay the highest car insurance rates due to statistical risk factors.
Gender
Males tend to pay higher premiums than their female counterparts due to statistical risk factors.
Location
Where you live in Waterloo matters. Busy areas with high crime rates will inevitably come with higher premiums.
Vehicle type
Cars that expensive to repair and replace will cost more to insure – and the same goes with highly-stolen ones.
Vehicle use
Do you drive for business or for pleasure? Pleasure-use cars tend to come with cheaper insurance rates.
Driving history
Your Waterloo driving history is looked at by insurers. A clean record shows low-risk which means low premiums.
Driving behaviour
More time on the road equals more risk – so expect to pay higher premiums if you commute daily.
License class
If you have your full driver's licence in Waterloo, expect to pay cheaper premiums than a novice driver.
Coverages & discounts
More protection will lead to higher rates, but asking for discounts can help combat the cost.
How to get cheap Waterloo car insurance quotes
While insurers are the ones that quote you, there are many steps you can take to make sure you're getting the cheapest Waterloo car insurance on the market. Here, we cover ten different tips to help lower your premium.
- Shop & compare
Research which company provides cheap car insurance in Waterloo. Rates can potentially go up whenever you renew, but lucky for you comparing personalized Waterloo car insurance quotes with us is free.
- Stay loyal
Some Waterloo car insurance companies will give loyalty discounts to drivers who remain active with them for years – but don't let this deter you from shopping the market.
- Bundle insurance products
If you use the same insurance company for both your home and auto insurance needs, your insurer will often thank you with a policy bundle discount.
- Insure multiple vehicles together
If you have multiple drivers and multiple vehicles in your household, putting them all under one policy can help save you money.
- Increase your deductible
Your deductible is the portion you pay when settling a claim before your insurer will pay the rest. If you’re willing to increase it, you'll pay less in premiums.
- Ask about discounts
Ask your insurer about group rates – for professionals, alumni, and more. Oftentimes, Waterloo insurance companies will offer discounts to members of certain organizations.
- Pay premiums annually
Paying monthly premiums adds administrative costs to your insurer. If you’re able to pay in full annually, you'll likely pay a bit less in the long run.
- Keep a clean record
The cheapest rates go to the safest drivers in Waterloo. Car crashes can stay on your record for years, causing your insurance premium to go up substantially.
- Install winter tires
As Waterloo roads can get dangerous in the winter, insurers often offer a cheaper rate to those who install winter tires.
- Drive less
The more you drive, the more risk you're inevitably exposed to. Simply driving less can help save you money on your car insurance premium.
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