Kitchener Car Insurance

Kitchener Car Insurance – 2020 Review and Prices

Kitchener car insurance rates are flexible, as the different auto insurance providers have competitive prices for their clients. Drivers and commuters in the Kitchener region often enjoy premium rates that are slightly lower than the provincial average. These rates can vary in hundreds and thousands of Canadian dollars.

Ontario ranks second in the most expensive provinces for auto insurance in Canada. Therefore, one of the main concerns of drivers in Kitchener, and of course major Ontario cities, is getting the best and lowest auto insurance rate.

As a matter of importance, the Financial Regulatory Authority of Ontario (FSRA), formerly known as the Financial Services Commission of Ontario (FSCO) the body that approves and regulates the auto insurance rates in Ontario, often advice drivers in the province to shop around and compare car insurance quotes from different car insurance providers. Rates comparison is one sure way of getting the lowest and best car insurance premium rate in Kitchener.

Whether you are a fast-paced regular commuter or an occasional driver, car insurance is mandatory in Kitchener. All drivers in Canada are required and mandated by law to have a car insurance policy on their vehicles. Kitchener drivers are no exception to this. CanadaBuzz provides you with detailed information on Kitchener car insurance premium rates, including tips to get the best value, which will help you to make smart decisions in your choice of auto insurance coverage.

About Kitchener

Kitchener is a Canadian city, located in the southwestern region of Ontario. The lovely city is the regional municipality of Waterloo. The city is regarded as the largest region in Ontario’s Tri-city – made up of Kitchener, Waterloo, and Cambridge.

Kitchener is a fun-filled and culturally rich city with parks, festivals, theatres, art galleries, restaurants, and great exhibitions, especially in the famous THEMUSEUM. The city is also host to the annual Kitchener-Waterloo Oktoberfest celebration. Kitchener is an industrial and economic center, located about 100km west of Toronto.

According to the 2016 census data, Kitchener had a population of 233,222 which had since increased due to the upward growth rate of the city.

Kitchener Car Insurance: How It Works

Kitchener is home to over 230 thousand residents. Its growth rate attracts a lot of people from all walks of life, which makes the roads busier. This implies that traffic situations are expected to increase. Hence, there is a need for drivers to get the best car insurance rate. Kitchener is surrounded by a number of highways and high-density roads and routes.

The city’s downtown streets and roads are often congested, as the city experiences its share of traffic congestions, car collisions, and car thefts.

The strategic location of the city makes it a suitable location for drivers and commuters who take the route to the Greater Toronto Area (GTA) and southwest Ontario. Kitchener is located along Highway 401, Highway 25, Highway 8, Highway 7, and Conestoga Parkway. Like in other Ontario cities, private insurance companies provide car insurance in Kitchener. These auto insurance providers have their rates regulated and approved by the Financial Services Regulatory Authority of Ontario (FSRA), which is preceded by the Financial Service Commission of Ontario (FSCO).

The competitive nature of Kitchener car insurance makes these private auto insurance providers have different rates for their clients. Hence, there is no fixed car insurance rate in Kitchener.

Though Kitchener car insurance premium rates are cheaper than many other Ontario cities, the rate is still high when compared to some other major cities. This is why Kitchener drivers are looking for the best cheapest rate on auto insurance.

Mandatory Auto Insurance Coverage in Kitchener

Kitchener has some mandatory auto insurance coverage that every driver in the province must have in their car insurance policy. These are:

Third Party Liability Coverage

Third party liability protects you against the liability for death benefits, injury, and damage to property or vehicle of another person (third party) in an accident. Although the minimum requirement is $200,000, most drivers increase their third party coverage to $500,000, $1 million, and more.

Accident Benefits Coverage

In an accident, this coverage protects you and the vehicle occupants against body injuries. The coverage includes recovery, rehabilitation, medical bills, funeral expenses, lost income compensation, and more.

Uninsured Motorist Coverage

This coverage protects you against injury or damage caused by an uninsured or a hit and run driver.

Direct Compensation Property Damage (DCPD)

If you are not at fault in a car accident, this coverage covers the repair of your vehicle and the properties in the car.

Additional Coverage Options

Imagine being in a car accident, and eventually discover that your auto insurance does not cover the large repair and compensation cost staring at you, you would wish you had gotten some additional coverage from your insurer. This is why a lot of people opt for extra protection. Although the additional coverage options are not compulsory for Kitchener drivers to have in their auto insurance policy, these optional coverages are suitable for anyone who needs extra protection. This includes:

  1. Collision damage or coverage
  2. All perils
  3. Waiver of depreciation
  4. Comprehensive coverage
  5. Specified perils

Average Car Insurance Rate in Kitchener

The Ontario province has the second highest auto insurance rate in Canada, with an average of $1,528 per annum. The car insurance rate in Kitchener is not fixed, as Kitchener auto insurance providers charge different rates. A lot of factors are considered by insurers to fix the premium rates.

However, Kitchener drivers pay an average of $1,500 premium rates annually, which is close to the provincial average. Meanwhile, many drivers in Kitchener have their rates around $1800 which is above the provincial average. Hence, there is a need to shop and compare different rates to choose the lowest available.

Factors That Determine Car Insurance Rates in Kitchener

A number of factors are taken into consideration to determine your car insurance premium rate. Here are some of them:

Driving Records

Your driving history would determine how much you pay on auto premium rates. Factors such as the number of tickets, accident record, traffic convictions, little driving experience, and previous claims, would either increase or lower your premium rates.

License Level

The driving experience level of a driver will also determine his or her auto insurance rate. New drivers usually have higher premium rates as they are considered as high risk drivers.

Postal Code

Insurers also use your postal code to determine your rates, based on your residential location. If you live in an area or neighborhood with high insurance claims, you may have to pay more than others.

Mileage

If you drive your car regularly to and from work daily, you will pay more on auto insurance than an occasional driver.

Vehicle Type

The type of car you drive is also taken into consideration. The brand, make, year, engine size, safety ratings, repair or replacement cost, and the theft rate will determine the cost of your premium.

How to Get Lowest Car Insurance Rate In Kitchener

The following are some of the tips that can help you to get a discount or lower your car insurance rate in Kitchener.

Shop Around and Compare

The first approach to saving money and get the lowest auto rate is to shop around and compare quotes from different auto insurance providers.

Bundle Policy

You can bundle your home or property and car insurance policies by purchasing both from the same insurance company. This can earn you up to a 15 percent discount.

Increase Your Deductibles

A deductible is the portion of an insurance claim you agree to pay. For instance, when you increase your deductibles from $500 to $1000, you may save up to 10 percent in a discount from your insurer.

Single Policy

You can equally get up to 20 percent discount when you insure all your vehicles in a single auto insurance policy. This is suitable for those who have more than one vehicle.

Membership Discount

If you are a member of a group, alumni, or association, you may be eligible for a discount from your insurance provider. Ask your insurer for available membership discounts

Annual Premium Payment

Paying your auto insurance premium annually can save you hundreds of Canadian dollars which can be used for other purposes. Monthly premium payments attract administrative fees that are charged by auto insurance providers.

Buy and Install Winter Tires

You can get up to a 5 percent discount from your car insurance provider when you buy and install winter tires during its season.

Most Popular Vehicles

The following are the most popular vehicles insured by drivers in Kitchener.

  • Nissan Murano
  • Toyota Corolla
  • Toyota Camry
  • Honda CR-V
  • Hyundai Tuson
  • Hyundai Elantra
  • Chevrolet Cruze
  • Honda Civic
  • Mazda 3
  • Ford

Conclusion

Kitchener car insurance as indicated above is mandatory. However, it is possible to get the lowest car insurance rates and enjoy some amazing discounts from your auto insurance provider. Take advantage of the above tips to get the best available car insurance rate in Kitchener.

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