Barrie’s car insurance premium rate varies greatly and rests on certain factors chosen by the different auto insurance companies. Auto insurance in Barrie is affordable compared to other major cities in Ontario, as the city’s car insurance rate is below the provincial average.
When compared to the auto insurance rates in other cities in Ontario, drivers in Barrie often enjoy a lower insurance premium. However, the car insurance rate in Barrie is considered expensive by some people when juxtaposed with other Canadian cities. As Barrie is regarded as a driving city, due to the daily influx of commuters in and out of the city, it is vital and imperative for all drivers to obtain car insurance on their vehicles.
About Barrie
Barrie is a Canadian city located in Ontario province. The city is known for its ski resorts, parks, and beaches. Hence, the beautiful city was famously called the ice capital of Canada. Barrie is located about 80km north of Toronto and is home to many people working in the provincial capital.
The city is one of the fastest-growing cities in Canada and, as such, attracts a lot of people. By implication, it is expected that there will be a good number of drivers on the city roads and highways, especially with its closeness to the capital city of the province.
Many residents commute out of the city to their employment destinations in major cities like Toronto. At the same time, a majority of its workforce also commutes into the city to work.
Barrie has a population of over 140 thousand residents, according to the 2016 census data. As part of the Greater Golden Horseshoe, Barrie is a densely populated metropolitan area.
About Barrie Car Insurance: How It Works
The best way to enjoy affordable and cheap auto insurance in Canada is to shop around and compare quotes from different car insurance providers. It is mandatory for all drivers in Ontario, and of course, in Canada, to insure their vehicles with mandatory car insurance coverage. Any driver who requires more safety can get additional auto coverage to his/her policy.
There may be differences in the auto insurance rate between the various car insurance providers to insure the same vehicle and driver. However, car insurance in Barrie is relatively affordable when compared to car insurance rates in other major Ontario cities like Toronto and Brampton. Meanwhile, the average cost of car insurance in Barrie is still more expensive than many municipalities within the Canadian regions.
Average Cost of Car Insurance Premiums in Barrie
The average cost of car insurance premiums in Barrie is about CAD 1400 per year, which is roughly CAD 116 per month. This is lower than the provincial average annual premium of CAD 1,505. It should, however, be noted that the auto insurance rate in Barrie varies between the different car insurance providers. Also, many factors are considered by car insurance companies to determine the insurance rates paid by their clients.
Car Insurance Companies in Barrie
Private companies and agencies operate auto insurance in Barrie, but their rates are regulated and approved by the Financial Services Regulatory Agency (FSRA). Here’s a list of some car insurance companies and providers operating in Barrie.
- CAA Insurance
- Pembridge Insurance
- All state Insurance
- Zenith Insurance
- Dominion of Canada
- Chieftain Insurance
- Economical Mutual
- All Risks Insurance Brokers ltd
- The Co-operators Insurance
- Bevan Insurance
- RBC Insurance
- G Leslie Insurance Agency
- TRV Insurance
- Broker Link Insurance
- State Farm Insurance
- Aim Insurance Brokers
- Sun Life Financial
- Underhill Insurance Brokers
- Huronia Insurance Group
- Insureit Group
- Infinite Financial
- Watton Financial Group
- Buckley Insurance Brokers
Mandatory Auto Insurance in Barrie
Third-Party Liability Coverage
As in other Ontario cities, drivers in Barrie must have at least $200,000 worth of third-party liability insurance on their vehicles. This coverage protects you if you are legally liable for another person’s property damage, death, or injury due to an accident.
Accidents Benefits Coverage
This coverage involves compensation for medical bills, rehabilitation, death or funeral expenses, and more.
Direct Compensation Property Damage (DCPD)
This covers you against damage to your vehicle that another driver causes.
Uninsured Coverage
This coverage type protects you and your vehicle in an accident caused by an uninsured driver.
What Factors Determine Barrie Car Insurance Rates?
A few factors determine the car insurance rate in Barrie, some of which are:
Driving Record and History
Insurance providers use the driving record of each applicant to determine their premiums. This record includes traffic/speeding tickets, collision claims, and driving convictions.
Driver’s Residence
Insurance rates differ among different locations across Canada. Auto insurance providers consider the driver’s location and the neighborhood’s safety to determine the rates.
Type of Vehicle
The safety ratings, cost of repair or replacement, and the sophisticated nature of a vehicle will also determine how expensive or cheap the car insurance premium on the car will be.
Coverage Options
Apart from mandatory auto insurance coverage, some drivers opt for additional protection. This, however, may attract additional costs.
Mileage
Another determinant is how often the vehicle is to be or will be used by the driver, that is, the mileage or distance that will be covered daily.
How to Save On Auto Insurance Rates in Barrie
Compare Quotes
The Financial Services Commission of Ontario (FSCO) often advises drivers to compare auto insurance quotes from different insurance providers and choose the best affordable rate available.
Bundle Your Policy
You can save on premium rates when you use the same insurance provider for your home and auto insurance policies.
Increase Deductibles
If you are prone to incurring higher payments for collision damages, increasing your deductibles is best. The higher your deductibles, the lower your car insurance rate.
Improve Your Records
Your driving records are updated from time to time. For instance, your bad traffic records, like speeding tickets, are removed every three years from your driving history, which can also lower your premiums.
Type of Vehicle
If you can, choose a vehicle that will cost less to repair in case of damage, and your car insurance rate will be cheaper than other drivers with sophisticated cars.
Professional Membership
If you are a member of a professional body, you can find out about discounts offered to members by your car insurance provider.
Conclusion
Barrie has a growing population, with most of its residents having an average of fewer than 40 years of age. As a result, over 80 percent of the residents drive a car to commute in and out of the city. More vehicles on the road imply more insurance claims. To get the best car insurance rate in Barrie, compare different auto insurance rates from the various insurance providers and choose the one that suits your lifestyle.
