Peterborough is split by the Otonabee River and brought together by its 4 main bridges: Nassau Mills Road, Parkhill Road, Hunter Street, and Little Lake. You can also cross on Lansdowne Street and Highway 7. Water flows in its history, too. Peterborough was known as “The Electric City” for being the first town in Canada with electric streetlights, powered by hydro, which brought General Electric, Quaker Oats, and Pepsi to the town driving up its economy. However, times are changing. Though the major manufacturing plants are leaving, it ranks as one the best cities to retire and invest in – maybe it’s because the 407 extension will be complete by the end of 2020 making it much easier to commute in and out of this picturesque town. Whether you’ve been a resident for years, or looking to move there soon - at Ratehub.ca, we help the people of Peterborough shop for the best car insurance rates in just minutes to suit their budget and preferences.
Peterborough car insurance, like all other cities in Ontario, is provided by private insurance companies. The basic and mandatory coverages for all Peterborough drivers include: No-Fault Insurance, Third-Party Liability Insurance, Accident Benefits, Direction Compensation-Property Damage (DCPD), and Uninsured Motorist. You can opt to pay for more coverage if you feel more comfortable.
Here is a complete overview of the available coverage options for Peterborough drivers:
Coverage | Description |
---|---|
Public Insurance |
Basic auto insurance coverage provided by the Provincial government. This generally includes liability, accident benefits and uninsured motorist coverage.
Available: No |
Private Insurance |
Auto insurance policies created & sold by private insurance carriers. Though these carriers must still abide by Federal and Provincial regulations.
Available: Yes |
No-fault insurance |
Having no-fault insurance doesn’t mean you can’t be found at fault. This coverage means you must first deal with your own insurance company for all claims, whether you’re at fault or not. But, Ontario will allow a no-fault driver to sue an at-fault driver for additional damages and costs that are not covered by their accident benefits.
Available: Yes |
Third-party Liability Insurance |
Protects against damage caused by you while driving and includes injury and death to others and property damage. This is the only insurance coverage that is mandatory across Canada. Minimum coverage for Ontario is $200,000.
Available: Yes |
Accident Benefits |
Covers your medical benefits if you’re injured in a crash, whether you’re at fault or not. The coverage includes your medical costs, while also paying for additional recovery costs, such as rehab, income replacement, and payment for and attendant care, if needed.
Available: Yes |
Direct Compensation-Property Damage (DCPD) |
Covers damage to your vehicle and its contents, and for the loss of use of your vehicle when damaged – if another person was at fault. This coverage only applies if the crash occurs in a province where DCPD is mandatory, if two or more insured vehicles are involved, and if both insurers are licensed within that DCPD province.
Available: Yes |
Uninsured Motorist |
Uninsured motorist coverage protects against injuries you and your family members sustain in a crash caused by an uninsured motorist. It can also cover your vehicle damages, if the uninsured driver is able to be identified.
Available: Yes |
Collision Insurance |
Protects against damages sustained in a collision. This insurance covers you if your car is damaged in a crash – in both cases whether you crash into another other car or whether you crash into a stationary object.
Available: Yes |
Comprehensive Insurance |
Protects against any losses a car owner may suffer, from events not related to driving. Such losses could include theft or damage from attempted theft; vandalism; environmental damage to a car from floods, fallen trees, and hail, etc.
Available: Yes |
Specified Perils |
Covers your financial losses for damage caused specific perils – but only for perils chosen specifically for your policy. Available coverages are for theft; fire; damage from hail, lightning, wind, or flooding; earthquakes; explosions; riots; aircraft crash damage; and damage sustained during any transportation relocation.
Available: Yes |
All Perils |
This combines the coverages you get with collision and comprehensive insurance. Additionally, all-perils also covers you if an employee, or someone who drives or services your car, steals it. It also covers you if someone you live with steals your vehicle.
Available: Yes |
Emergency roadside assistance |
This service covers you for roadside callouts for emergencies such as dead batteries, towing, flat tires, keys locked in your car, empty gas tank, etcetera. Many insurance companies offer roadside assistance either included or in addition to other coverages.
Available: Yes |
*Table information sourced from http://www.ibc.ca (2017)
The low volume of traffic makes Peterborough a driveable city. In fact, most of the 80,000 residents rely on their cars to get around. With the pending completion of the 407 extension and being the gateway to the growing eastern Ontario cottage country, you can expect to see traffic increase. With more traffic, comes the potential for more collisions, and a greater number of accidents in a given area will raise premiums for everyone in the area as insurance providers make sure their premiums are covering the costs of their claim payouts. That’s just one factor, though. Insurance companies also want to understand who you are as a driver, so they will look into your type of driver’s license and how long you’ve had it, your daily commute, as well as any at-fault collisions, traffic tickets or moving violations currently still on your record. Insurance calculations are complex, and no two companies use the same weighted criteria, but overall here are the factors that determine the rate you will receive from a Peterborough car insurer.
Research which car insurance company provides the best value for you and your car. In Ontario, rates change four times a year, but lucky for you comparing rates with us is free.
Some 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.
If you use the same insurance company for both your home and auto insurance, your insurer will often thank you with a discount on your premium.
If you have multiple drivers and vehicles in the same household, by putting them all on one policy can save you money.
This is the portion you pay when settling a claim before your insurance provider will pay the rest. If you’re willing to double down on your deductible, it could save you money.
If you’re a member of an Ontario faction of CAA, a large corporation, union, or a school alumnus, it could help you get cheaper car insurance.
Paying monthly adds administrative costs to your insurer. If you can help them by paying one lump sum annually, they will thank you by lowering your premiums.
Be a safe driver, the insurance companies love it. Obey the rules of the road and drive according to road conditions, they look upon this fondly. If you, through these practices, can reduce your chances of an accident, you will pay less.
You can save up to 5% simply by adding winter tires to your car. With winter driving conditions being so treacherous throughout Ontario it pays to be safe!
There are telematics devices that collect driving data. With user-based insurance (UBI) you can earn your discounts if you’re not driving far or often. These devices even look at advanced stats like how carefully you brake and accelerate.
Are you new to driving? A driver’s education course can save you money. Car insurance providers will think of you as a safe driver if you’ve received lessons by professionals.