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All about car insurance in Peterborough
Matt Hands, VP, Insurance
Peterborough, fondly known as “The Electric City,” made history as Canada’s first town with electric streetlights. This innovation drew companies like General Electric and Quaker Oats, boosting the local economy. Split by the Otonabee River and linked by four main bridges – Nassau Mills, Parkhill, Hunter, and Little Lake – it's a city with seamless connectivity, also accessible via Lansdowne Street and Highway 7. Although major manufacturers have left, Peterborough ranks as a top city to retire and invest in. The 407 extension, completed by the end of 2020, enhances commuting ease, making this charming town more attractive than ever.
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.
Peterborough (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 Peterborough 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 Peterborough auto insurance coverages
In Peterborough , 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 Peterborough auto insurance coverages
Aside from the mandatory coverages, you can also add optional coverages to your Peterborough 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 Peterborough 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 Peterborough drivers.
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How much is car insurance in Peterborough?
In Peterborough, the average cost of car insurance is about $1,100 per year, or just over $90 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 Peterborough users received from us (last updated in June 2024).
- $83/month
40-year-old male
driving a 2004 Pontiac Vibe under Heartland Farm Mutual
- $113/month
32-year-old male
driving a 2015 Honda Civic under Pembridge Insurance
- $116/month
27-year-old male
driving a 2015 Mazda3 GX under Gore Mutual
Factors that impact your Peterborough car insurance rate
It pays to shop the market for cheap Peterborough 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 Peterborough 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 Peterborough 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 Peterborough , 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 Peterborough 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 Peterborough 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 Peterborough . Rates can potentially go up whenever you renew, but lucky for you comparing personalized Peterborough car insurance quotes with us is free.
- Stay loyal
Some Peterborough 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, Peterborough 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 Peterborough . Car crashes can stay on your record for years, causing your insurance premium to go up substantially.
- Install winter tires
As Peterborough 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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Frequently asked questions about car insurance in Peterborough
Who are the best car insurance brokers in Peterborough?
Any broker licensed by the Registered Insurance Brokers of Ontario (RIBO) can provide you with a quote and help answer any questions you may have. Choosing an insurance broker is a personal choice. Fortunately, we work with some preferred brokers who can help you finalize your car insurance quote. We'll connect you to a great broker to walk you through the fine details of your quote and help to customize it to your specific needs.
What are the best car insurance companies in Peterborough?
The best insurance company will be the one who provides you with the best service and a great rate. Typically, we look to major players like Allstate or Desjardins, but there are many insurance companies in Ontario. Depending on the state of their book of clients, an insurance company may offer a reduced rate or not. For instance, if you're a high-risk driver, only certain companies will even provide a quote. The easiest way to find the best insurance company for you is to enter our quote and see which insurance company wants your business the most right now.
How do I get the best car insurance in Peterborough?
The best car insurance depends on how you define it. For instance, if you're looking for cheap car insurance, you can opt for the minimum coverage, but it could cost you if you are in an accident. If you want the "full package" – a policy armed with all the endorsements and extra coverage, it will cost much more, but you'll be protected in nearly all circumstances. The best car insurance is finding a balance between cost and your tolerance for risk or dealing with any financial repercussions.