Compare Waterloo Car Insurance Quotes
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Matt Hands, Business Director, Insurance
Waterloo is the smallest of the three cities that form the Regional Municipality of Waterloo. Kitchener and Cambridge join Waterloo to form the “Tri-City” area. It doesn’t mean the city isn’t doing big things.
The University of Waterloo and Wilfrid Laurier University are esteemed post-secondary institutions and tech firms are setting up shop to pick from the finest crop of graduates.
The Conestoga Parkway is the main highway connecting Waterloo to Kitchener. Many of the North-South streets also connect the two cities including Bridge Street, Weber Street, Kind Street, Westmount Road, Fischer-Hellman Road, and Iran Needles Blvd.
Wherever you are on your journey, at Ratehub.ca we help you find car insurance quotes in minutes from multiple providers saving you time and money.
Car insurance in Waterloo, and across Ontario is a requirement for all drivers. To operate a vehicle in Waterloo, you must have insurance. To get the best car insurance in Waterloo, it's vital to understand how it works.
Waterloo 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 Waterloo car insurance coverage is broken down into two categories - mandatory and optional.
Mandatory Waterloo auto insurance coverage includes:
- Third-party liability
- Accident benefits
- Uninsured automobile insurance
- Direct Compensation Property Damage (DCPD)
Optional Waterloo 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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Emergency roadside assistance
What is the average cost of car insurance in Waterloo?
The Waterloo car insurance average is $1,500, or about $125 per month. Are you paying more? Could you be paying less? Let's find out.
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Research which company provides cheap car insurance in Waterloo, and also the best value for you and your vehicle. Rates may change up to four times a year, but lucky for you comparing Waterloo car insurance with us is free.
Stay with your current insurer
Some Waterloo 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 Waterloo 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.read linkedin bio
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