How does car insurance in Newmarket work?
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Car insurance in Newmarket is not set at the local level. The government oversees auto insurance in the province. Coverage is mandatory, and all drivers must have at least $200,000 in third party liability. This is the basic plan, but most people have higher policy limits.
Mandatory auto insurance
- Third-party liability: This will provide coverage to you in case of a lawsuit resulting from an accident in which you are found at fault.
- Statutory accident benefits: Covers you if you are injured in a collision. This is for medical expenses not covered by OHIP.
- Uninsured automobile: Protection if you’re injured or killed by an uninsured driver. You’re also protected if your car is damaged in a hit-and-run.
As of January 1, 2024, Direct compensation property damage will no longer be legally required. You can opt out of this coverage using OPCF 49. This coverage will be included in your policy unless you choose to remove it. Speak with our brokers about your options.
Optional auto insurance
- Collision insurance: This covers the cost of damage caused to your own vehicle in case of an accident or collision with a stationary object.
- Comprehensive insurance: This covers damages to your car if you have an accident or hit a stationary object.
- All perils: This covers the cost of damage to your car if you hit another car or object, or if your car is hit by someone else.
- Specified perils: You are protected against the threats in your policy.
Learn more about Ontario car insurance and how it works.
How much does car insurance in Newmarket cost?
The cost of car insurance in Newmarket is average compared to other cities in the province. Newmarket falls in the middle when it comes to the most affordable cities. The average cost is about $1,250 per year. Most drivers with clean driving records in the city pay between $1,100 and $1,500 annually. Whereas car insurance in Toronto can be hundreds or even a thousand dollars more per year depending on where you live.
Tips to get cheap car insurance in Newmarket
Newmarket drivers with the lowest auto insurance rates have several things in common. They maintain a clean driving record, drive an insurance-friendly vehicle, and they work with an advisor to get quotes at least once a year.
Checking car insurance quotes often and each time your policy is up for renewal is an opportunity to save even more. When was the last time you got a quote or considered switching companies??
When you compare rates it is easy to check out multiple insurers at once for those who like to shop online. Or if you prefer to talk speak with an insurance professional directly, call 1-855-550-5515 and we'll be happy to help you save.
