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How car insurance in Guelph, Ontario works
Matt Hands, VP, Insurance and MoneySense
As you approach Guelph, the smell of manure may invade your personal space, but it should only be seen as a sign of prosperity. Home to the Ontario Agricultural College, Ontario Veterinary College, and the city’s own prestigious university, Guelph is a flourishing town with one of the lowest unemployment rates in the country and consistently ranking near the bottom of crime rates.
Higher education, a booming economy, and low crime help Guelph’s car insurance premiums stay low at just over $1,000. However, areas with high collisions and road work force car insurance premiums to approach nearly $3,000. With all this in mind, the people of Guelph need to shop around for car insurance quotes to make sure they’re paying the best price and getting the best value.
Car insurance in Guelph, Ontario is a requirement for all drivers. To operate a vehicle in Guelph, you must have insurance. To get the best car insurance in Guelph, it's vital to understand how it works.
Guelph operates in a no-fault insurance system. No-fault means drivers use their own insurance company regardless of who is at-fault in an accident. In other words, you only ever deal with your own insurance company for a claim or following an accident.
Ontario auto insurance is provided by private insurance companies and is regulated by the Financial Services Regulatory Authority of Ontario (FSRAO). FSRAO ensures rate increases are substantiated. Simply put, an insurer can't raise rates without prior approval from the regulatory body and is based on their financial records.
Available Guelph car insurance coverage is broken down into two categories - mandatory and optional.
Mandatory Guelph auto insurance coverage includes:
- Third-party liability
- Accident benefits
- Uninsured automobile insurance
- Direct Compensation Property Damage (DCPD)
Optional Guelph car insurance coverage includes:
- Collision insurance
- Comprehensive car insurance
- Specified perils
- All perils
Also available in any city in Ontario are Optional Policy Change Forms (OPCF) which are coverage enhancements. Here are 4 common Ontario endorsements.
- OPCF 20 - covers the cost of a rental vehicle while yours is being repaired or replaced
- OPCF 27 - Ports your existing insurance to a rental car or car you borrow
- OPCF 39 - Your insurer forgives your first accident claim so it doesn't impact your insurance rate
- OPCF 43 - Removes depreciation in calculating the value of your car when settling a claim
Mandatory coverage for auto insurance in Guelph
Mandatory insurance is mostly about protecting you from damage you may cause to others and their property. Protecting you personal car is available with optional coverages.
Third-party liability
Accident benefits
Uninsured motorist
Direct compensation property damage
Optional coverage for auto insurance in Guelph
The below coverages are optional, unless you lease your car and your lessor requires them. Typically, new cars will get the optional coverages.
Collision insurance
Comprehensive
Emergency roadside assistance
Specified perils
All perils
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In less than 5 minutes, you can compare multiple insurance quotes from Guelph's top personal auto insurers. See how much you can save on your next policy today.
Factors that impact your Guelph car insurance rates
It pays to shop around to find cheap car insurance in Guelph. Even though an insurance application is fairly standard you will find that different insurance companies offer different rates based on their existing users, the number of active claims on their fiscal books, and overall risk tolerance calculations. Furthermore, there are several factors beyond your control that impact a risk tolerance calculation, like if you live in an area with higher than average levels of insurance fraud. Here are seven factors auto insurance companies consider before offering personal car insurance in Guelph:
Driver demographics
Where you live
Vehicle type
Driving history
Driving activity
Type of insurance coverage
Applicable discounts
How to get cheap car insurance in Guelph
Shop and compare
Research which company provides cheap car insurance in Guelph, and also the best value for you and your vehicle. Rates may change up to four times a year, but lucky for you comparing Guelph car insurance quotes with us is free.
Stay with your current insurer
Some Guelph car insurance companies will give loyalty discounts to drivers who remain active with them for years. Especially if they add family members or multiple vehicles to their policy.
Bundle your policies
If you use the same insurance company for both your home and auto insurance needs, your insurer will often thank you with a dip in premiums.
Get a multi car discount
If you have multiple drivers and vehicles in the same household, by putting them all on one policy can 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 double your deductible, it could save you money.
Ask about discounts
If you’re a member of a large corporation, union, or a school alumnus, it could help you get cheaper Guelph car insurance.
Pay premiums annually, instead of monthly
Paying monthly adds administrative costs to your insurer, so if you’re able to pay in full annually you can lower your premiums.
Maintain a good driving record
If you’re a safe driver, obey the rules of the road and drive according to road conditions you can reduce your chances of an accident. Car crashes stay on your insurance record for up to ten years and can result in higher premiums.
Install winter tires
You can save up to 3-5% simply by adding winter tires to your car.
Ready to get a free Guelph car insurance quote today?
By comparing quotes from Canada's top insurance companies to find your best rate can potentially save you hundreds of dollars annually.
Frequently asked questions about car insurance in Guelph
How much is car insurance in Guelph?
How much is car insurance in Guelph, Ontario?
What are the best insurance companies in Guelph?
Who are the best car insurance brokers in Guelph?
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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