Compare Oakville Car Insurance Quotes
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Matt Hands, Business Director, Insurance
Oakville, Ontario is home to almost 200,000 people but despite a decent public transit system, the car is still the preferred method of getting around. Given one of the major drivers of their economy is car manufacturing with the Ford Motor Company, maybe its residents don’t mind.
Located about 40km west of Toronto, and directly off the 403 which seamlessly merges with Toronto’s Gardiner Expressway – many people in Oakville commute to the big city to work. If you’re driving, at Ratehub.ca, we help the people of Oakville shop for the best car insurance rates in just minutes to suit their budget and preferences.
Car insurance in Oakville, and across Ontario is a requirement for all drivers. To operate a vehicle in Oakville, you must have insurance. To get the best car insurance in Oakville, it's vital to understand how it works.
Oakville 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.
Auto insurance in Ontario is provided by private insurance carriers 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 Oakville car insurance coverage is broken down into two categories - mandatory and optional.
Mandatory Oakville auto insurance coverage includes:
- Third-party liability
- Accident benefits
- Uninsured automobile insurance
- Direct Compensation Property Damage (DCPD)
Optional Oakville 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
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Direct compensation property damage
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How much is car insurance in Oakville?
The average cost of car insurance in Oakville is roughly $1,400 per year, or just over $115 per month. Could you be paying less? Let's find out.
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Research which company provides cheap car insurance in Oakville, and also the best value for you and your vehicle. Rates may change up to four times a year, but lucky for you comparing Oakville car insurance with us is free.
Stay with your current insurer
Some Oakville auto 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 Oakville 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 5% simply by adding winter tires to your car in Ontario
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Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.
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