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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 Peterborough 2023.

As of December 2023, drivers in Peterborough can expect to pay around $1,470 to $1,510 per year or $130 per month. The rate is still lower than in Ontario’s small cities like Scarborough, Pickering, and Sudbury

Is it mandatory to have Car Insurance in Peterborough?

Yes, car insurance is mandatory for every citizen living in Peterborough or any other city in Ontario. It is a legal rule from the government. In case of non-compliance with the regulation, you could face a penalty ranging from $5000 to $50,000.

How is car insurance calculated in Peterborough?

Insurance companies will consider your age, gender, location, the car you drive, and your driving record. Sometimes, they may delve deeper and look at your credit history. After considering all these factors, they will decide your insurance rate.

Why there is 36% increase rate in Peterborough?

Although Peterborough generally has some of the cheapest car insurance quotes in overall Ontario, like every other city, it has seen a surge in insurance rates over the last two years. The reason for this is the increase in traffic and population. As you may know, Peterborough is a small city where rates differ from those in larger cities. It has been noted that many people are moving away from cities like Toronto, Mississauga, and Brampton to smaller towns and cities to save on taxes. Due to these factors, the insurance rate, which was $1100 in 2021, has crossed $1500 in 2023, meaning the rate has increased by 36% in two years. If this trend continues, it is estimated that by the end of 2024, the increase could reach 42%.

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Mandatory and Optional Car insurance.

When discussing the types of car insurance in Peterborough, 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 Scarborough 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 Scarborough, 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 Peterborough 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 Peterborough 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 Peterborough by age and gender.

Car Insurance rates by age and gender in Peterborough.

Rates vary based on age and gender in Peterborough and throughout Ontario. Young people are often given high rates based on their less driving experience. In addition, insurance providers set different rates based on various factors discussed in Peterborough alone.

Age Yearly Monthly
Male 16-20
Female 16-20
Male 21-24
Female 21-24
Male 25-30
Female 25-30
Male 31-39
Female 31-39

Car insurance rates by postal code in Peterborough.

You may not know this, but the area’s postal code also matters when deciding the premium, and this is the case in Peterborough. There are some postal codes in Peterborough where the rates differ slightly based on factors like theft and traffic issues. The premium postal codes in Peterborough include K9L, K9J, and K9K, where the rates range from around $1,380 to $1,515 annually.

These are not exact figures; the accurate calculation will be done after looking at your case. If you’re tired of doing this work, why not let us do it for you? We will provide you with the best and cheapest car insurance rate in peterborough.

Postal Codes Rates
K9H 0B7
K9H 0B1
K9H 0C9


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Tips To Get A Cheap Car Insurance in Peterborough.

If you work on these factors, so it can affect car insurance rates, so understanding them in Peterborough 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.
  2. Consider raising your deductible: To get a cheap car insurance coverage in Peterborough, consider taking an active role in adjusting your deductible. A higher deductible can significantly lower your premiums. 
  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. Driving Licence: Holding a total Full or G2 license can unlock even more discounts for you. You’ll need to pass some tests and pay a license fee to get a driving license. Do not use expire driving Licence.

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 in Peterborough.

You need some specific documents to get a car insurance in peterborough.

  • 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

Peterborough 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 reside in Pickering, Scarborough, or Bowmanville, you may face and find different rates because the influencing factors in these locations are different.

City 2023 Annual Rates

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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 Peterborough and find yourself searching for “Cheap car insurance Peterborough”, we’re here for you.

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Car Insurance Companies and Brokers in Peterborough:

Billyard Insurance Group

Type: Broker

Address:  1600 Lansdowne St W, Unit #2, Peterborough, ON K9J 7C7, Canada

Phone Number: +1 705-201-7826


Type: Quote Comparision

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

Phone Number: +16475021840

Economical Insurance:

Type: Direct Provider

Address: 121 King St W #1400, Toronto, ON M5H 3T9

Phone Number: +18002688801


Type: Direct Provider

Address:184 Marina Blvd, Peterborough, ON

Phone Number: (705) 760-9748

Think Insure:

Type: Broker

Address: 5700 Yonge St, Suite 1900, Toronto, ON M2M 4K2

Phone Number: +1 855-550-5515


Type: Direct Provider 

Address: 898 Monaghan Rd, Peterborough, ON K9J 5K4, Canada

Phone Number: +1 705-743-4343

Frequently asked questions about Cheapest Car Insurance in Peterborough

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

There are quite a few providers in Peterborough who provide insurance, and they all try to give you the best rates. So, it’s up to you to decide which one you prefer.

We are not insurance brokers. Instead, we assist our users by comparing insurance rates from different companies and helping them finalize the best deal.

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.

Yes, Aviva, Economical, and Travelers provide Uber and ride-sharing insurance coverage all over Ontario. In addition, you can also contact some brokers or rate comparison companies, they will also help you close the deal.

We cover All over Peterborough:

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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