Compare Peterborough Car Insurance Quotes

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. 

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Car insurance in Peterborough, and across Ontario is a requirement for all drivers. To operate a vehicle in Peterborough, you must have insurance. To get the best car insurance in Peterborough, it's vital to understand how it works. 

Peterborough 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 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 Peterborough car insurance coverage is broken down into two categories - mandatory and optional.

Mandatory Peterborough auto insurance coverage includes:

• Third-party liability
• Accident benefits 
• Uninsured automobile insurance
• Direct Compensation Property Damage (DCPD)

Optional Peterborough 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