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Here are some things to know before getting car insurance in Waterloo:
- Minimum insurance requirements: In Ontario, all drivers are required to have a minimum level of insurance coverage, including third-party liability coverage, accident benefits coverage, and uninsured automobile coverage. It’s important to make sure that your car insurance policy meets these minimum requirements.
- Insurance rates can vary: Insurance rates can vary widely depending on a number of factors, including your driving history, the type of car you drive, and the level of coverage you choose. It’s a good idea to shop around and compare quotes from different insurance providers to make sure you’re getting the best rate.
- Consider optional coverage: While the minimum insurance requirements in Ontario provide some basic coverage, there are additional types of coverage that you may want to consider, such as collision coverage, comprehensive coverage, and increased liability coverage. These options can provide additional protection in the event of an accident.
- Winter driving considerations: Waterloo experiences cold and snowy winters, which can make driving more challenging. Make sure your car insurance policy includes coverage for damage caused by snow and ice, and consider adding coverage for emergency roadside assistance or a rental car in case of an accident or breakdown.
- Insurance discounts: Many insurance providers offer discounts for safe driving, multiple cars, and other factors. Be sure to ask about any available discounts when you’re shopping for car insurance in Waterloo.
- Know your insurance provider: Before choosing a car insurance provider, research their reputation and customer reviews to make sure they are reliable and provide good customer service.
- Understand the claims process: In the event of an accident, it’s important to understand the claims process and what steps you need to take to file a claim with your insurance provider. Make sure you have all the necessary information, such as your policy number and the details of the accident, and keep a record of all communications with your insurance provider.
What is the Average Car Insurance Rate in Waterloo
According to data, the average annual car insurance premium in Waterloo is $1,421.
The average car insurance costs range for different driver profiles in Waterloo:
It’s important to keep in mind that these are only estimates, and actual insurance costs may vary depending on various factors such as the insurance company, the specific car model, and the driver’s location and driving history.
| Driver Profile | Monthly Cost (Liability only) (10% decrease) | Monthly Cost (Liability + Collision) (10% decrease) | Monthly Cost (Full coverage) (10% decrease) |
|---|---|---|---|
| G1 Driver | $300 – $450 | $450 – $700 | $500 – $800 |
| G2 Driver | $200 – $300 | $300 – $450 | $350 – $550 |
| G | $130 – $200 | $200 – $300 | $230 – $360 |
| Teenage Driver | $400 – $600 | $600 – $900 | $700 – $1,100 |
| Young Driver | $200 – $300 | $300 – $450 | $350 – $550 |
| High-risk Driver | $500 – $800 | $800 – $1,200 | $1,000 – $1,500 |
| Occasional driver | $100 – $150 | $150 – $220 | $170 – $260 |
| Pleasure | $100 – $150 | $150 – $220 | $170 – $260 |
| Commuting | $150 – $220 | $220 – $320 | $250 – $380 |
| Good driver | $100 – $150 | $150 – $220 | $170 – $260 |
| Bad driver | $500 – $800 | $800 – $1,200 | $1,000 – $1,500 |
| New Driver | $200 – $300 | $300 – $450 | $350 – $550 |
| Secondary Driver | $100 – $150 | $150 – $220 | $170 – $260 |
| 17 Years Old | $400 – $600 | $600 – $900 | $700 – $1,100 |
| Seniors | $100 – $150 | $150 – $220 | $170 – $260 |
| Over 55 Years Old | $100 – $150 | $150 – $220 | $170 – $260 |
| Students | $200 – $300 | $300 – $450 | $350 – $550 |
| International Driver | $300 – $450 | $450 – $700 | $500 – $800 |
| Newcomers | $300 – $450 | $450 – $700 | $500 – $800 |
| Men Driver | $130 – $200 | $200 – $300 | $230 – $360 |
| Women Driver | $120 – $180 | $180 – $270 | $210 – $320 |
| Married Couples | $100 – $150 | $150 – $220 | $170 – $260 |
| Usage-Based | $100 – $150 | $150 – $220 | $170 – $260 |
| Uber/Lyft | $300 – $450 | $450 – $700 | $500 – $800 |
The estimated monthly car insurance costs range for different types of cars in Waterloo:
| Car Type | Monthly Cost (Liability only) (10% decrease) | Monthly Cost (Liability + Collision) (10% decrease) | Monthly Cost (Full coverage) (10% decrease) |
|---|---|---|---|
| Sedan | $100 – $150 | $150 – $220 | $170 – $260 |
| Convertible | $120 – $180 | $180 – $270 | $210 – $320 |
| Hatchback | $90 – $130 | $130 – $190 | $150 – $230 |
| Wagon | $110 – $160 | $160 – $240 | $190 – $290 |
| Coupe | $120 – $180 | $180 – $270 | $210 – $320 |
| SUV | $130 – $190 | $190 – $280 | $220 – $340 |
| Truck | $140 – $200 | $200 – $300 | $230 – $360 |
| Minivan | $120 – $180 | $180 – $270 | $210 – $320 |
| Van | $140 – $200 | $200 – $300 | $230 – $360 |
| Electric Car | $170 – $250 | $250 – $380 | $290 – $450 |
| Hybrid Car | $150 – $220 | $220 – $320 | $260 – $400 |
| Multi Car | $90 – $130 | $130 – $190 | $150 – $230 |
| Exotic Car | $360 – $550 | $550 – $900 | $650 – $1,000 |
| Luxury Car | $270 – $400 | $400 – $650 | $470 – $720 |
| Classic Car | $90 – $130 | $130 – $190 | $150 – $230 |
| Vintage Car | $90 – $130 | $130 – $190 | $150 – $230 |
| Sports Car | $180 – $270 | $270 – $410 | $320 – $490 |
| Leased cars | $120 – $180 | $180 – $270 | $210 – $320 |
| 2 Door | $120 – $180 | $180 – $270 | $210 – $320 |
The average car insurance costs range in Waterloo, Ontario, for a driver profile of age 35, married, based on the driving history:
| Driving History | Monthly Cost (Liability only) (10% decrease) | Monthly Cost (Liability + Collision) (10% decrease) | Monthly Cost (Full coverage) (10% decrease) |
|---|---|---|---|
| Clean Record | $100 – $150 | $150 – $220 | $170 – $260 |
| 1 at-fault accident | $160 – $240 | $240 – $360 | $280 – $440 |
| 2 at-fault accidents | $200 – $300 | $300 – $450 | $350 – $550 |
| 1 non-fault accident | $120 – $180 | $180 – $270 | $210 – $320 |
| DUI conviction | $300 – $450 | $450 – $700 | $500 – $800 |
| 1 Speeding Ticket | $110 – $170 | $170 – $250 | $190 – $290 |
| 2 Speeding Tickets | $130 – $200 | $200 – $300 | $230 – $360 |
How Does Waterloo’s Average Car Insurance Cost Compare to Other Cities?
Here is a list of average car insurance rates in several cities across Ontario:
- Toronto: $2,201
- Ottawa: $1,402
- Brampton: $2,727
- Hamilton: $1,712
- London: $1,323
- Markham: $2,170
- Mississauga: $2,251
- Vaughan: $2,097
- Windsor: $1,405
- Kitchener: $1,503
As you can see, Waterloo’s average car insurance cost of $ 1,421 is below the provincial average of $1,616 and is lower than some of the larger urban areas in Ontario, such as Toronto, Brampton, and Mississauga. However, it is higher than some other cities in Ontario, such as London and Windsor.
Which Cars Have the Cheapest Car Insurance in Waterloo?
Here is a list of some of the cars that tend to have lower car insurance rates in Waterloo, along with their average annual insurance rates:
- Honda Civic: $1,344
- Toyota Camry: $1,363
- Ford Escape: $1,377
- Hyundai Elantra: $1,400
- Mazda3: $1,429
- Honda CR-V: $1,448
- Toyota RAV4: $1,478
- Chevrolet Cruze: $1,484
- Nissan Altima: $1,495
- Subaru Impreza: $1,501
How to Get the Cheapest Car Insurance in Waterloo?
Here are some tips on how to get the cheapest car insurance in Waterloo:
- Shop around: It’s important to shop around and get quotes from multiple insurance providers to find the best rates. Different insurers may offer different rates, so it’s a good idea to compare several options.
- Bundle your policies: Some insurance providers offer discounts if you bundle multiple insurance policies, such as home and auto insurance. Consider bundling your policies with one provider to save money.
- Consider a higher deductible: A higher deductible can lower your insurance premiums, but it also means you’ll pay more out of pocket in the event of an accident. Consider your budget and your driving history when choosing your deductible.
- Drive safely: Maintaining a clean driving record can help you qualify for lower insurance rates. Avoiding accidents and traffic violations can help you save money on your car insurance.
- Choose the right vehicle: The type of vehicle you drive can impact your insurance rates. Consider choosing a vehicle that is reliable, safe, and has a low risk of theft or damage.
- Ask about discounts: Many insurance providers offer discounts for things like safe driving, multiple vehicles, and good credit. Be sure to ask about any available discounts when you’re shopping for car insurance.
- Pay attention to seasonal fluctuations: In Waterloo, car insurance rates can fluctuate seasonally, with winter rates typically being higher due to the increased risk of accidents. Consider adjusting your coverage or driving habits during the winter months to save money on your premiums.
Waterloo Car Insurance Facts
Here are some Waterloo-specific car insurance facts:
- Average car insurance rate: As of 2021, the average car insurance rate in Waterloo is around $1,421 per year, which is lower than the provincial average of $1,616.
- Car insurance providers: There are many car insurance providers in Waterloo, including major companies such as Allstate, Aviva, Belairdirect, Co-operators, Desjardins, Intact, and TD Insurance.
- Winter driving: Waterloo experiences cold and snowy winters, which can make driving more challenging. It’s important to have winter tires, clear snow and ice from your vehicle before driving, and allow for extra time and caution on the roads. Make sure your car insurance policy includes coverage for damage caused by snow and ice, and consider adding coverage for emergency roadside assistance or a rental car in case of an accident or breakdown.
- Minimum insurance requirements: In Ontario, all drivers are required to have a minimum level of insurance coverage, including third-party liability coverage, accident benefits coverage, and uninsured automobile coverage. It’s important to make sure that your car insurance policy meets these minimum requirements.
- Collision reporting centres: In the event of a collision, you can report the accident at one of the two collision reporting centres in Waterloo: the Kitchener Collision Reporting Centre (located at 209 Frederick St.) or the Waterloo Collision Reporting Centre (located at 134 Columbia St. W.). These centres are designed to help drivers report and document accidents in a safe and efficient manner.
- Insurance fraud: Insurance fraud is a serious problem in Ontario, and can drive up insurance rates for all drivers. It’s important to be aware of scams and fraud schemes, and to report any suspicious activity to the appropriate authorities.
Top 10 List of Best Car Insurance Companies in Waterloo
Here is a list of some of the best car insurance companies in Waterloo, along with their descriptions and reviews:
- Allstate Insurance Canada Description: Allstate Insurance Canada is a well-known insurance company that provides a range of insurance products, including car insurance. They offer a variety of coverage options and discounts, and have a reputation for excellent customer service.
Reviews:
- Google Reviews: 4.3 stars (based on 58 reviews)
- Insureye: 4.0 stars (based on 317 reviews)
- The Co-operators Description: The Co-operators is a Canadian-owned insurance company that offers a range of insurance products, including car insurance. They are known for their commitment to sustainability and social responsibility, and offer a variety of coverage options and discounts.
Reviews:
- Google Reviews: 4.5 stars (based on 22 reviews)
- Insureye: 3.8 stars (based on 264 reviews)
- Belairdirect Description: Belairdirect is a direct-to-consumer insurance company that offers a range of insurance products, including car insurance. They are known for their competitive rates and easy-to-use online platform.
Reviews:
- Google Reviews: 3.8 stars (based on 78 reviews)
- Insureye: 2.8 stars (based on 127 reviews)
- Desjardins Insurance Description: Desjardins Insurance is a well-known insurance company that offers a range of insurance products, including car insurance. They offer a variety of coverage options and discounts, and have a reputation for excellent customer service.
Reviews:
- Google Reviews: 4.0 stars (based on 52 reviews)
- Insureye: 3.6 stars (based on 48 reviews)
- TD Insurance Description: TD Insurance is a well-known insurance company that provides a range of insurance products, including car insurance. They offer a variety of coverage options and discounts, and have a reputation for excellent customer service.
Reviews:
- Google Reviews: 3.7 stars (based on 40 reviews)
- Insureye: 2.9 stars (based on 181 reviews)
- Aviva Canada Description: Aviva Canada is a well-known insurance company that offers a range of insurance products, including car insurance. They offer a variety of coverage options and discounts, and have a reputation for excellent customer service.
Reviews:
- Google Reviews: 3.3 stars (based on 3 reviews)
- Insureye: 3.5 stars (based on 59 reviews)
- Johnson Insurance Description: Johnson Insurance is a Canadian-owned insurance company that offers a range of insurance products, including car insurance. They are known for their competitive rates and excellent customer service.
Reviews:
- Google Reviews: 4.1 stars (based on 25 reviews)
- Insureye: 3.7 stars (based on 35 reviews)
- Wawanesa Insurance Description: Wawanesa Insurance is a Canadian-owned insurance company that offers a range of insurance products, including car insurance. They are known for their competitive rates and excellent customer service.
Reviews:
- Google Reviews: 2.9 stars (based on 12 reviews)
- Insureye: 3.6 stars (based on 84 reviews)
- RBC Insurance Description: RBC Insurance is a well-known insurance company that provides a range of insurance products, including car insurance. They offer a variety of coverage options and discounts, and have a reputation for excellent customer service.
Reviews:
- Google Reviews: 3.6 stars (based on 31 reviews)
- Insureye: 2.9 stars (based on 91 reviews)
- State Farm Canada Description: State Farm Canada is a well-known insurance company that offers a range of insurance products, including car insurance. They offer a variety of coverage options and discounts, and have a reputation for excellent customer service.
Reviews:
- Google Reviews: 3.3 stars (based on 14 reviews)
- Insureye: 2.9 stars (based on 33 reviews)
Top 10 List of Best Car Insurance Brokers in Waterloo
Here is a list of the top 10 independent car insurance brokers in Waterloo, along with their descriptions and reviews:
- Erb and Erb Insurance Brokers Ltd. Description: Erb and Erb Insurance Brokers Ltd. is an independent insurance broker that provides a range of insurance products, including car insurance. They offer personalized service and work with multiple insurance providers to find the best coverage and rates for their clients.
Reviews:
- Google Reviews: 4.9 stars (based on 95 reviews)
- Yelp: 4.5 stars (based on 4 reviews)
- Staebler Insurance Description: Staebler Insurance is an independent insurance broker that offers a range of insurance products, including car insurance. They work with multiple insurance providers to find the best coverage and rates for their clients.
Reviews:
- Google Reviews: 4.5 stars (based on 25 reviews)
- Yelp: 5.0 stars (based on 2 reviews)
- Schwegel Insurance Description: Schwegel Insurance is an independent insurance broker that provides a range of insurance products, including car insurance. They offer personalized service and work with multiple insurance providers to find the best coverage and rates for their clients.
Reviews:
- Google Reviews: 4.9 stars (based on 17 reviews)
- Yelp: 4.5 stars (based on 2 reviews)
- Lackner McLennan Insurance Description: Lackner McLennan Insurance is an independent insurance broker that offers a range of insurance products, including car insurance. They work with multiple insurance providers to find the best coverage and rates for their clients.
Reviews:
- Google Reviews: 4.7 stars (based on 6 reviews)
- Yelp: 4.0 stars (based on 1 review)
- Forbes Insurance Description: Forbes Insurance is an independent insurance broker that provides a range of insurance products, including car insurance. They offer personalized service and work with multiple insurance providers to find the best coverage and rates for their clients.
Reviews:
- Google Reviews: 4.7 stars (based on 21 reviews)
- Yelp: 5.0 stars (based on 1 review)
- Staebler Financial Group Description: Staebler Financial Group is an independent insurance broker that offers a range of insurance products, including car insurance. They work with multiple insurance providers to find the best coverage and rates for their clients.
Reviews:
- Google Reviews: 4.2 stars (based on 13 reviews)
- Yelp: 4.5 stars (based on 2 reviews)
- Dan Lawrie Insurance Brokers Description: Dan Lawrie Insurance Brokers is an independent insurance broker that provides a range of insurance products, including car insurance. They work with multiple insurance providers to find the best coverage and rates for their clients.
Reviews:
- Google Reviews: 4.6 stars (based on 33 reviews)
- Yelp: 4.5 stars (based on 2 reviews)
- The Ostic Group Description: The Ostic Group is an independent insurance broker that offers a range of insurance products, including car insurance. They work with multiple insurance providers to find the best coverage and rates for their clients.
Reviews:
- Google Reviews: 4.3 stars (based on 7 reviews)
- Yelp: 5.0 stars (based on 1 review)
- Dalton Timmis Insurance Group Description: Dalton Timmis Insurance Group is an independent insurance broker that provides a range of insurance products, including car insurance. They offer personalized service and work with multiple insurance providers to find the best coverage and rates for their clients.
Reviews:
- Google Reviews: 4.0 stars (based on 40 reviews)
- Yelp: 3.0 stars (based on 3 reviews)
- Orr Insurance & Investment Description: Orr Insurance & Investment is an independent insurance broker that offers a range of insurance products, including car insurance. They work with multiple insurance providers to find the best coverage and rates for their clients, and also offer investment and financial planning services.
Reviews:
- Google Reviews: 4.7 stars (based on 24 reviews)
- Yelp: 5.0 stars (based on 1 review)
Tips for Drivers in Waterloo
Here are some tips for drivers in Waterloo:
- Be mindful of the weather: Waterloo experiences cold and snowy winters, which can make driving more challenging. Make sure your car is equipped with winter tires, and clear snow and ice from your vehicle before driving. Allow extra time and caution on the roads in winter, and adjust your driving habits accordingly.
- Watch out for construction: Like many cities, Waterloo has a lot of road construction happening throughout the year. Be prepared for detours and delays, and pay extra attention to signs and traffic signals.
- Be aware of bike lanes: Waterloo has a number of bike lanes throughout the city, so be mindful of cyclists and give them plenty of space on the road.
- Plan your route: Waterloo can be busy, particularly during rush hour. Plan your route ahead of time to avoid traffic congestion and minimize your travel time.
- Use public transportation: Waterloo has a number of public transportation options, including buses and light rail. Using public transportation can be a cost-effective and environmentally friendly alternative to driving.
- Avoid distracted driving: Distracted driving is a major problem in Waterloo and can lead to accidents and injuries. Avoid using your phone while driving, and make sure you’re focused on the road at all times.
- Be aware of one-way streets: Waterloo has a number of one-way streets throughout the city. Pay attention to signs and traffic signals to avoid going the wrong way on a one-way street.
- Follow the rules of the road: Make sure you’re following all traffic laws and regulations, including speed limits, traffic signals, and stop signs. Keep a safe distance from other vehicles and be aware of pedestrians and cyclists.
What are the Most Dangerous Intersections in Waterloo?
Here are some of the most dangerous intersections in Waterloo based on the number of collisions reported:
- King Street North and Northfield Drive West: 50 collisions reported between 2016 and 2020.
- University Avenue East and Weber Street North: 42 collisions reported between 2016 and 2020.
- King Street North and Columbia Street West: 38 collisions reported between 2016 and 2020.
- King Street North and Erb Street West: 37 collisions reported between 2016 and 2020.
- University Avenue West and Albert Street: 34 collisions reported between 2016 and 2020.
Total Reportable Collisions in Waterloo
Here is a breakdown of the total reportable collisions in Waterloo from 2013 to 2021, based on data from the Waterloo Regional Police Service:
- 2013: 4,624
- 2014: 4,797
- 2015: 4,885
- 2016: 5,132
- 2017: 5,300
- 2018: 5,292
- 2019: 5,355
- 2020: 4,344
- 2021 (Jan-Aug): 3,320
About the Author: Valerie D. Hahn
Valerie is an insurance editor, journalist, and business professional at RateLab. She has more than 15 years of experience in personal financial products. She strives to educate readers and ensure that they are properly protected.
