Peterborough Car Insurance Broker
Get the Best Peterborough Auto Insurance Quote
The cost of car insurance in Peterborough is generally lower than it is in other larger cities because it has less traffic and fewer cars on roads. As a Peterborough resident, you can pay lower car insurance premiums, but it’s still necessary that you explore different options for coverage and pricing.
McDougall makes it easy to compare quotes from top Canadian insurance providers. Our customers in Peterborough have saved hundreds of dollars on their car insurance. With McDougall an experienced car insurance broker, you can compare car insurance quotes in Peterborough from multiple insurance providers today and find the best rates to save even more.
How Does Car Insurance in Peterborough Work?
Peterborough’s auto insurance falls under the province’s jurisdiction. All cities in the province adhere to the same rules, so car insurance in Peterborough is mandatory.
Additionally, drivers must insure their vehicles with a minimum of $200,000 in third-party liability. Peterborough also follows a no-fault system, and private insurance companies can provide coverage. The FSRAO regulates the industry and oversees rates.
What Does Car Insurance in Peterborough Cover?
Mandatory Coverage
The policies listed below are legally required and included in all plans.
1- Third-party liability
If you are found responsible for an accident that results in personal injury, property damage, or death of a third party, third-party liability insurance will provide financial protection. All Canadian auto policies must include TPL.
If, for example, you rear-end another car, causing injuries to the driver and damage to their vehicle, you would be liable, and you can file a claim. Third-party liability coverage will compensate the third party for their property, medical costs, repair costs, and lost wages, where applicable.
2- Statutory accident benefits
An injury sustained in a car accident can result in financial and physical damage. Statutory accident benefits coverage will ensure that you receive the financial and healthcare support you need whenever you need it.
This feature of Ontario car insurance covers healthcare costs that are not covered by OHIP. It also provides assistance with income-related expenses.
Statutory Accident Benefits Schedule:
- Income replacement
- Caregiver
- Non-earner
- Rehabilitation and medical
- Attendant care
- Death and funeral
3- Direct compensation for property damage
Direct compensation for property damage (DCPD) is mandatory in Ontario, Quebec, and Nova Scotia (as of early 2002). Your insurance provider will cover the repair costs of your vehicle if you are not at fault for an accident in these provinces. To have your car repaired if you are at fault, you will need collision or all perils insurance. So you need to contact with an experienced insurance broker in Peterborough
4- Uninsured automobile
Uninsured motorist coverage covers injuries sustained by you or your family members in an accident caused by an uninsured driver. If the uninsured driver can be identified, vehicle damages may also be covered. You can rely on collision insurance to pay the repair costs if you are not able to identify the driver.
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Optional Coverage
Adding this coverage to your policy is optional; this allows you to customize your policy according to your needs.
1- Collision insurance
Collision insurance provides coverage for damage to your vehicle if it is involved in an accident with another vehicle or object.
If the vehicle is a write-off, collision insurance will provide financial assistance for replacement. Your liability plan will cover the costs of any damage to other vehicles or property that was caused by the accident.
Your driving history may indicate whether or not you need this coverage. It is a good idea to add this coverage to your auto insurance to lower your financial risk and avoid having to pay for repairs and replacement in the event of an at-fault accident.
2- Comprehensive insurance
Comprehensive insurance offers you additional protection beyond what is required by your basic auto policy. It provides coverage against non-collision-related risks.
It covers damages resulting from things such as natural disasters, extreme weather, fires, explosions, vandalism, theft, and civil disturbances.
3- All perils insurance
All perils insurance is another additional coverage option. It is also known as “all-risk.” It is one of the most comprehensive policies, as it provides comprehensive coverage as well as collision coverage. It covers all risks unless they are explicitly excluded from the policy.
A peril is an event or situation that results in a loss. Peril can be a car accident or an extreme weather event.
4- Specified perils insurance
This policy covers financial losses resulting from specific risks or perils. These can include theft, fire, hail, lightning, wind, or flooding, or other events like earthquakes, explosions, riots, or relocation.
Although it’s cheaper to list perils specifically instead of getting all perils insurance, you could be left exposed to risks you are unaware of.
Optional Policy Change Forms
Ontario Policy Change Forms (OPCF) provide coverage enhancements in any city in Ontario. Here are 4 common OPCF endorsements:
- OPCF20: Covers the rental of a vehicle while yours is being fixed or replaced.
- OPCF 27: Transfers your existing insurance to a car that you rent or a car that you borrow.
- OPCF 39: Your insurer will forgive your first accident claim so that it doesn’t affect your insurance rates in the future.
- OPCF 43: Removes depreciation when calculating the car’s value while settling a claim.
Wondering how much car insurance coverage you need? Contact our expert car insurance brokers in Peterborough for advice and get a free car insurance quote!
How to Contact a Car Insurance Broker in Peterborough
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Working Hours
Monday – Friday:
8:30am – 5:00pm
Talk to a broker
Toll-Free: (800) 958-2270
Business: (705) 742-8864
How Much Does Car Insurance in Peterborough Cost?
Car insurance companies consider many variables before determining their rates, so the price of car insurance in Peterborough can vary. It’s difficult to calculate the cost of Peterborough car insurance without knowing your driving record and insurance needs.
We recommend that you get our free car insurance quote in Peterborough, instead of relying on other methods like car insurance calculators.
You will need to provide additional details when you request a quote, like details about the vehicle you are looking to insure, how many people you expect will be using it, and your driving record. Using these details, McDougall Insurance can provide much more accurate estimates for the cost of car insurance in Peterborough than those provided by calculators.
How Are Car Insurance Premiums Calculated in Peterborough?
It’s important to invest time in shopping around for cheap Peterborough car insurance. Although an application for car insurance is quite standard, you’ll find that insurance providers offer different rates depending on several factors, like the number of active claims they have on their fiscal books and your overall risk tolerance.
Below are some factors that auto insurance providers also consider before determining your car insurance premium in Peterborough.
Driver demographics
An insurance company will use historical data to factor in the driver’s age and sex in their risk calculation. Companies consider a variety of factors such as driving time, vehicle type, accidents, and driving habits. Your rates may be reduced if you are married to someone with a great driving record.
Type of vehicle
Your Peterborough insurance provider will calculate your rate based on the year, make, and model of your vehicle. Insurance rates for vehicles with high safety ratings are often lower. Owners of higher-risk vehicles and cars that are more expensive will usually be charged more. Your Peterborough car insurance premium will be affected by the cost of replacing or repairing a vehicle after it is involved in a collision.
Driving history
An insurance adjuster is needed to determine the fault in any accident. An at-fault incident can increase your premium significantly, and speeding tickets and other driving convictions can stay on your driving record for up to three years. Your Peterborough insurance rate may be affected by driving tickets depending on the type of ticket and its frequency. Major tickets, like distracted driving or DUI, will have a significant impact on your car insurance premium.
Chosen coverage options
As mentioned above, there are a few mandatory coverages that every Peterborough driver must have when purchasing car insurance. Depending on which additional coverage options you choose, your premium will increase.
How to Save Money on Car Insurance in Peterborough
Peterborough drivers can find lower car insurance costs by comparing rates from several Canadian insurance providers.
Insurance companies will give you rates based on how risky they perceive you to be. Below are some great strategies you can use to improve your risk profile and encourage insurers to offer you lower premiums as a Peterborough resident.
- To reduce your premium, you can increase your deductible. If you have to file a claim, you’ll be responsible for paying more upfront.
- You can opt to only purchase bare-minimum coverage. Only purchase what is legally required, without additional protections like collision or all perils coverage.
- Bundle your auto insurance with other products such as home insurance all in one package from the same insurance provider.
- To reduce theft risk, invest in anti-theft technology and mechanisms for your vehicle.
- You can reduce the risk of accidents in the winter by installing winter tires.
- Many Peterborough auto insurance companies offer loyalty discounts for drivers who have been active for many years. You may also be able to get discounts if you add family members and multiple vehicles to your policy.
Using our free car insurance quote tool, you can find and get affordable car insurance with the most competitive rates in Peterborugh!
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