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Source of information:

The content you will read below is not just imaginary, it is based on actual value and numbers. We’re licensed insurance and financial advisors in Ontario. We gather our information from trusted sources like the Financial Services Regulatory Authority of Ontario, High Traffic Rules and Condition, the Insurance Bureau of Canada, and the Government of Ontario. Our team applies their expertise to this information to offer you personalized advice that’s both ethical and compliant. We’re committed to transparency, ongoing learning, and earning your trust as we work towards securing your financial future. Thank you for choosing us.

Research and Written by  Arjun Mano

Updated on: 21 dec 2023

Average Car Insurance Rate in Newmarket 2023.

In Newmarket, the average rate for car insurance is $1,500 per year or $130 per month as of December 2023. This is lower compared to other cities in Ontario. Your premium will be determined based on your specific situation. For instance, you may be charged over $1,900 if your driving record have bad history. The Financial Regulation Service of Ontario governs all insurance companies, so they all operate under the same rules.

Is it legal to have Car Insurance in Newmarket?

Yes, car insurance in Newmarket is both legal and mandatory, and the government has implemented strict laws here. If you fail to comply with the law, you could be fined anywhere from $5,000 to $50,000.

How is car insurance calculated in Newmarket?

Insurance companies meticulously examine various factors such as your age, gender, residence, the car you drive, your past driving record, credit score, and your license. After evaluating all these aspects, they determine the amount you need to pay for your insurance. All insurance companies need to perform these checks.

Newmarket Car Insurance under No-Fault?

Car insurance in Newmarket operates under a no-fault insurance system, which means if you become a victim of an accident, you can’t claim from any other company except your own insurance company. However, suppose another person causes the accident or collision. In that case, you can claim from their insurance coverage, meaning the fault will be theirs, and you will receive the claim. But this is only possible if they have included OPCF 44R additional coverage. Otherwise, the insurance company would have added this additional coverage to their premium first, and then you would receive the claim. It might take 2 to 3 weeks to receive the car insurance claim.

However, suppose you are involved in an accident and collision. In that case, your insurance premium may increase first. When you renew or get insurance from other providers, they might provide higher rates due to your driving record.

Why There is a 27.2% increase of car insurance in 2 years.

There’s been a noticeable difference in car insurance rates in Newmarket. The rate, which was $1,100 in 2021, has now increased to around $1,400 annually. This means there has been a 27.2% increase in rates over the past two years. One clear reason for this is the migration of people from larger cities to smaller towns and cities to avoid taxes. As the population in Newmarket has increased, insurance companies have raised their rates. It’s not just in Newmarket but also in smaller cities and towns like Scarborough, Peterborough, and Sarnia, where rates have gone up.

Get online Uber or ridesharing insurance

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Mandatory and Optional Car insurance.

When discussing the types of car insurance in Newmarket, there are two main categories: mandatory and optional. The government of Ontario and the Financial Service Regulations Authority(FSRA) have established separate systems for these two types of coverage, ensuring that every citizen of Newmarket can easily avail of them.

Mandatory car insurance.

Mandatory coverage is essential and must be included in your car insurance policy. There are four types of mandatory coverage.

Suppose you accidentally harm someone or their property. This insurance steps up to protect you financially. If you’re in Newmarket, you must have it. It defends you against lawsuits or claims from others.

The coverage starts from $200,000 and can go up to $2 million. Your specific policy and the insurance company decide the exact amount.

Several factors determine your premium for this coverage. These include your age, your driving record, the type of car you drive, and your location. Typically, people spend between $1,000 and $2,500 per year on this coverage.

Provides medical, rehabilitation, and income replacement benefits if you are injured or die in a car accident, which protects you against the risk of being involved in an accident with an uninsured or underinsured driver.

  • Medical care payment: A person can get a maximum benefit of around $3,500 to $ 5,000 for minor injuries. But when an injury is severe, the standard use is up to $65,000 per person (minimum five years). The common benefit for catastrophic injuries is $1 million to cover medical and attendant care.
  • Death and funeral payment: According to the Statutory Accident Benefits Schedule (SABS), they specify that up to $25,000 is provided to the deceased’s spouse, with an additional $10,000 available for each dependent. Additionally, the SABS indicates that up to $6,000 is allocated for funeral costs in the unfortunate event of the insured individual’s death.

Imagine you’re in an accident, but the other driver either doesn’t have insurance or can’t be identified. That’s when this coverage comes into play, protecting you. The Financial Services Regulatory Authority (FSRA) and Statutory Accident Benefits Schedule (SABS) confirm that in Ontario, the minimum coverage for Uninsured Automobile Coverage stands at $200,000. So, if you find yourself in an accident with an uninsured or unidentified driver, this coverage has got your back

This is a key part of Ontario’s no-fault auto insurance system. It ensures that you receive compensation for vehicle damage regardless of who was at fault.

It’s important to note that DCPD applies under specific conditions. For example, the accident must occur in Ontario, involve at least one other vehicle, and at least one car must be insured by an Ontario provider.

According to the latest information from FSRA and CBC, while DCPD is currently mandatory across Ontario, there have been proposals suggesting the introduction of an opt-out provision for DCPD starting in 2024. If implemented, this would allow individuals to choose whether or not to include DCPD as part of their auto insurance coverage.

Optional car insurance.

If you already have mandatory coverage but wish to avail additional safety and benefits, you can opt for other coverages. There are several optional coverages available in Newmarket that you can help for added protection.

This coverage compensates for damages resulting from a collision, regardless of who’s at fault. It provides financial protection when the driver is at fault or in single-vehicle accidents.

This type protects vehicles against non-collision-related theft, vandalism, fire, or natural disasters. It offers a broader scope of protection beyond typical collision scenarios.

This coverage protects vehicles from specific perils listed in the insurance policy, such as fire, theft, or certain natural disasters.

This coverage combines the benefits of collision and comprehensive coverage. It offers extensive protection for a wide range of potential risks, including both collision-related incidents and non-collision events like theft or vandalism.

This extends liability protection to vehicles that drivers occasionally operate but do not own, such as rental cars. It ensures financial coverage for any damages that may occur while using these non-owned vehicles.

Optional Policy Change Forms(OPCF).

Drivers in Newmarket can make their coverage 1 step ahead by adding these endorsements to their coverage.

Suppose your car is being repaired or replaced, and you’re using a rental car in the meantime. In that case, the transportation fees and insurance coverage for the rental car are included under this provision. This means that while your car is unavailable, you won’t have to worry about the additional costs of using a rental car. It’s a beneficial feature that ensures you stay mobile without incurring extra expenses.

This provides coverage for vehicles, including accident benefits, liability, and uninsured automobiles that you don’t own but occasionally use, like a borrowed car.

Suppose you’re involved in an accident, and the other party is responsible, but their insurance coverage isn’t fully covering your injury and damage claim. In that case, this optional endorsement can complete your coverage. This means that if the other party’s insurance falls short, the optional endorsement can step in to cover the remaining costs. It’s a safety net that ensures you’re fully covered in case of accidents where the other party’s insurance is insufficient.

If your car gets damaged, its value will obviously decrease due to depreciation. But if you add OPCF43 coverage, insurance companies won’t depreciate your car’s value. This means that in the event of a claim, the insurance company will pay out the full value of your car before it was damaged, not its depreciated value. It’s a valuable addition to your insurance policy that can save you money in the long run.

We analyzed our past user data and found out the Car insurance rates in Newmarket by age and gender.

Car Insurance rates by age and gender in Newmarket.

According to the Insurance Institute for Highway Safety (IIHS) report, young male drivers in Newmarket often have to pay higher rates for car insurance than females due to their driving behavior and age record. While males and females generally receive high rates, young males pay more.

Age Yearly Monthly
Male 16-20
$1,600
$135
Female 16-20
$1,550
$130
Male 21-24
$1,480
$123
Female 21-24
$1,450
$120
Male 25-30
$1,350
$115
Female 25-30
$1,300
$108

Car insurance rates by postal code in Newmarket.

While the average rate in Newmarket is generally below $1,450, sometimes your postal code can cause your rate to be higher or lower. This is because some places in Newmarket are considered secure or insecure based on location, and providers suggest rates according to your postal code. L3X is a quite popular postal code in Newmarket. According to records, you can find rates around $1300 to $1600 annually here.

Uber Insurance Provider in Newmarket:

Many insurance providers in Newmarket and throughout Ontario offer ride-sharing and Uber insurance. This is because, due to inflation, people are looking for additional income sources, including Uber. Therefore, along with commercial driving, insurance is also essential. The Ontario Insurance Hub can be of great help in finding Uber insurance. So why wait until ONIS HUB is with you?

Car Insurance For Senior Driver in Newmarket:

In Newmarket, insurance companies provide coverage based on age. If you are a senior driver, congratulations, you are a strong contender for receiving the best premium coverage at the best rates. Insurance companies can get an idea from your history that you are a financially responsible person who will pay the insurance on time and take good care of your driving record. You may sometimes receive a high rate, so the best thing to do is contact different providers to get an idea of the available rates.

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Ways To Get A Cheap Car Insurance Newmarket.

Several factors can affect car insurance rates, so understanding them in Newmarket is essential.

  1. Compare quotes and shop around: We recommend actively shopping around and comparing quotes for car insurance. By examining different providers, you gain a better understanding of their policies. This proactive approach not only helps you save a significant amount of money but also ensures you find the best discount available. Remember, every penny counts when you’re looking for the most affordable car insurance rates. Compare your free Car insurance quote with ONIS HUB.com.
  2. Consider raising your deductible: To secure cheap insurance coverage in Scarborough, consider taking an active role in adjusting your deductible. A higher deductible can significantly lower your premiums. Regularly reviewing and updating your insurance policy ensures you’re getting the best rates.
  3. Pay Annually: Try to pay your insurance premiums annually. This strategy can help you save some money compared to paying monthly.
  4. Ask Discount: Take advantage of any discounts and savings opportunities available to you, like bundle your car and home insurance.
  5. Driving course: By completing the government-certified driving course, you will improve your defensive driving capabilities and significantly decrease your premiums. That’s because insurers view such drivers as less of a risk (and have enough statistics to back that up).
  6. Add winter tires: Ontario experiences harsh winter weather conditions, which can make driving hazardous. So, installing winter tires helps you to get a discount on your insurance coverage.
  7. Choose better cars: Choose cars with lower insurance rates, like the Honda Civic, Toyota Corolla, Subaru Outback, Hyundai Santa Fe, and SUVs. These vehicles are family and eco-friendly, increasing your chances of getting a reasonable insurance rate in Scarborough.
  8. Avoid tickets: Tickets like parking, red light cameras, and speeding can affect your insurance badly in Ontario. Always try to avoid these types of tickets to make your insurance cheap.

  9. Add Security: Use alarms and security features in your car so that insurance companies will consider your vehicle secure.

If you need assistance or expert advice, consider seeking help from an insurance providers. Remember, every penny saved is a step towards cheaper insurance coverage.

Documents required for Car Insurance.

  • Valid Driver’s License: It’s essential to have a valid State(Ontario) driver’s license. This license not only serves as your primary form of identification but also confirms your eligibility to drive a motor vehicle in the region.
  • Vehicle Information: Be ready to share detailed information about your vehicle, including the make, model, year of manufacture, and Vehicle Identification Number (VIN). Any relevant vehicle history is also essential. This information helps determine the specific coverage and premiums for your vehicle.
  • Personal Information: Insurance providers will need your details, such as your full name, date of birth, address, and contact details. This information helps establish your identity and assess any potential risk factors associated with providing you with insurance coverage.
  • Driving History: Keep a comprehensive record of your driving history. This should include any past accidents, traffic violations, or claims. This history allows insurance companies to assess your risk profile and determine the appropriate coverage and premium rates for your policy.
  • Insurance History: If you’ve had auto insurance coverage in the past, be prepared to provide details about your previous insurers, policy periods, and any claims made. This information helps insurers evaluate your insurance history and may influence the terms and conditions of your new policy.
  • Additional Documents: Insurance providers may ask you to establish your current address in Scarborough. This could involve providing documents such as utility bills or lease agreements.
  • Driving Period: As for your annual mileage, please provide an estimate. The distance you drive each year can affect your insurance premium, as more time on the road increases the likelihood of accidents.
  • Usage: Don’t forget to specify the primary use of your vehicle, whether it’s for personal use, commuting, or business. The purpose of use can influence the type of coverage you need.
  • Courses: Lastly, if you’ve completed any defensive driving courses or certifications, make sure to inform your insurer. This can sometimes result in discounts on your insurance premium, helping you secure a cheaper price for your coverage

Car Insurance rates compared to other cities.

The rate of car insurance varies from city to city as it is based on factors such as traffic, population, theft, and other aspects. If you live in scarborough, peterborough, or sarnia, you may encounter different rates because the influencing factors in these locations are different.

City 2023 Annual Rates
TORONTO
$2,300
BRAMPTON
$2,707
RICHMOND HILL
$2,188
MISSISSAUGA
$2,311
OSHAWA
$1,839
WINDSOR
$1,743
HAMILTON
$1,810
LONDON
$1,730
AJAX
$1,726
KITCHENER
$1,654
GUELPH
$1,676
BRANTFORD
$1,602

Why Choose Ontario Insurance Hub

Welcome to Ontario Insurance Hub! As your trusted partner in Ontario, we specialize in Car, Home, Life, and Business insurance. We ensure you’re covered for life’s unexpected moments. Our partnership with some of Canada’s most trusted insurance providers allows us to offer reliable and comprehensive coverage online, around the clock.

Understanding insurance can be complex, but we make it simple. Our policies are straightforward to comprehend. If you’re in Newmarket and find yourself searching for “Cheap car insurance Newmarket, we’re here for you.

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Car Insurance providers and Brokers in Newmarket:

Co-operators

Type: Direct Provider

Address: 75 Dawson Manor Blvd, Newmarket, ON L3X 2H5

Phone Number: 905-895-8674

Ontarioinsurancehub

Type: Quote Comparision

Address: 1141 Morningside Ave #42, Scarborough, ON M1B 0A7

Phone Number: +16475021840

Scoop Insurance:

Type: Broker

Address: 300 Lincoln St. Unit 22, Welland, ON L3B 4N4

Phone Number: 1-866-456-6620

Allstate Insurance:

Type: Direct Provider

Address:17725 Yonge St Unit 9, Newmarket, ON L3Y 7C1

Phone Number: 289-803-5450

BrokerLink:

Type: Broker

Address: 247 Main St S, Newmarket, ON L3Y 3Z4

Phone Number: 905-836-7283

Frequently asked questions about Cheapest Car Insurance in Newmarket:

Typically, an insurance company takes 5 to 6 days to process your requirements.

It does not affect your rate, but insurance companies use your credit score to identify if you are good with money.

Well, the best way is to get quotes from different providers yourself so that you can get the best rate

Yes, if you bundle both car and home insurance, you can get a significant discount.

We do not charge you any fees. We are partnered with various insurance companies, so our affiliation is with them. Therefore, you don’t need to worry about any charges.

We cover All over in Newmarket:

Arjun mano

Arjun Mano

Having more than 8 years of experience in writing and reporting about Insurance and Finance. He is working with Onis hub and providing valuable knowledge to our readers. Read full bio.

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Car Insurance service areas in Ontario, ON

We are providing Insurance services in these Cities and Town aswell. For best rates based on city check out.

Guelph

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