With an exploding population and an increase in the number of drivers that scramble for top spots on the city roads daily, car insurance is a necessity for drivers and vehicle owners in Oshawa. Oshawa car insurance coverage helps commuters and drivers in the city have rest of mind on the road.
Having car insurance on your vehicle is a legal requirement for all drivers and vehicle owners in Canada, without any exception. As a result, anyone caught by the authority driving without a valid or proper car insurance coverage faces the possibility of losing his or her driver’s license or the vehicle impounded, with payment of fines.
Regardless of how frequent you drive your car – regularly or occasionally – everyone needs car insurance coverage. As an automobile city, Oshawa has a good number of vehicles and drivers on its busy roads and Highways. Each of these drivers has different driving experience; hence, crash or collision is inevitable, especially in relation to the traffic situations in the city.
Without proper auto coverage, the financial burden from an accident or crash situation can be challenging. That is why it is more important to have the right car insurance coverage and be ready for any situation on the road. Therefore, it is important to get, not just any car insurer, but an auto insurance provider that understands your unique auto needs and can offer you the best and lowest rates.
We know that finding the right car insurance coverage and provider can be a challenge, especially when you don’t know how your premiums are calculated. Thus, this page will provide you with all the information you need on Oshawa car insurance. We also provide you with tools and tips to help you find the lowest rates, and how to enjoy a discount from your chosen car insurance provider.
Oshawa is a Canadian city located on the shoreline of Lake Ontario, in the southern part of the Ontario province. Oshawa is the largest municipality in the Durham Region, making it a vibrant urban center, rich in culture, entertainment, and technology. Its close proximity to Durham Toronto makes it a part of the Greater Toronto Area (GTA) and the Golden Horseshoe.
The historic city, known as the automotive capital of Canada (sharing the name with Windsor), boasts of advanced automotive factories. The city is home to the automobile company, General Motors of Canada.
The city on the move is home to about 160 thousand residents (159,458, according to the 2016 census data), attracting visitors and students to its educational, technological, and health institutions.
Oshawa Car Insurance: How It Works
With an increasing population and a flourishing economy, Oshawa’s lack of a proper public transit network makes driving a necessity in the city. As the number of vehicles increases on the road, more collisions occur. Hence, there is a need for drivers in the city to get proper car insurance coverage.
The city has a great network of roads and highways, including Highway 401 and Highway 2. Oshawa also has its share of traffic congestions. The city has many one-way streets which increases the traffic buildups, especially during the rush hour bumper to bumper period.
To insure their vehicles, Oshawa drivers and motorists have to cough out some hundreds and thousands of dollars to insurance providers. Like other Ontario cities, Oshawa car insurance is provided by private insurance companies and agencies. The cost of insuring vehicles wildly varies among these auto insurers.
The rates charged on auto insurance by the private insurance providers are reviewed and approved by the financial services regulatory authority of Ontario (FSRA, formerly FSCO). However, each of these car insurance providers is at liberty to charge different rates based on several factors, including the age, gender, driving experience, and driving record of the driver.
Therefore, when it comes to car insurance in Oshawa, getting the best and lowest available rate is important to the drivers and vehicle owners in the city. The FSRA/FSCO which regulates car insurance companies in Ontario, review and publish new car insurance rates four times in a year. Thus, the body often advises vehicle owners and drivers to shop around and compare rates regularly from different auto insurance companies, to ensure that they are not overpaying for coverage.
Types of Car Insurance Coverage in Oshawa
It is illegal to drive without car insurance in Ontario, and of course, in Oshawa. The provincial government has stipulated and implemented certain mandatory and additional or supplementary coverages for all drivers in the province.
Mandatory coverage is compulsory for all drivers and vehicle owners to have in their car insurance policy. The additional or supplementary coverage option, on the other hand, is for those who require extra protection, and it comes with additional cost in premium.
The following are the car insurance coverages available for drivers in Oshawa.
Mandatory Car Insurance Coverage in Oshawa
- Accident Benefits Coverage
This coverage comes with medical benefits and other support for you if you are involved in an accident, regardless of who is at fault.
- No Fault Coverage
This insurance implies that regardless of who is at fault in an accident, you must first lay claims with your insurance provider. This means that if two drivers are involved in a collision, the car insurance company will only pay for the damage done to the vehicles of their client.
- Uninsured Motorist Coverage
There is about 15 percent of drivers in Ontario without a proper car insurance policy. Hence, this coverage protects you from damage or injuries you may sustain in an accident caused by an uninsured motorist or a hit and run driver.
- Third Party Liability Coverage
This coverage protects you against the cost of damage to another person’s property or bodily injury in an accident caused by you. Though the minimum liability in Ontario is $200 thousand, a lot of drivers in the province have increased their coverage to about $1 million and more.
- Direct Compensation Property Damage (DCPD)
This coverage covers the damage to your vehicle and the properties in the vehicle at the time of a crash, as well as compensation for the loss of use of the vehicle if you are not at fault in an accident.
Additional Oshawa Car Insurance
- Comprehensive Coverage
This coverage protects you against the repair cost of physical damage on your vehicle suffered in a non-collision event. This includes fire, theft, vandalism, floods, etc.
- Collision Coverage
This coverage covers you if your vehicle is damaged in a crash involving another car or object.
- Specified Coverage
This coverage covers your financial loss as a result of damage to your car caused by specific perils listed in your car insurance policy. This includes theft, lightning, wind, earthquake, riot, and more.
- Loss of Use Coverage
This coverage option covers you for the cost of a rental vehicle for the period of the repair of your car.
- Limited Waiver of Depreciation Coverage
In this coverage, if your new car is involved in an accident, you have the choice of getting a brand new vehicle or receive the exact value of the car at the time of purchase.
Average Cost of Car Insurance in Oshawa
Drivers in Oshawa can expect to pay between $1550 and $1900 annually.
The cost of car insurance in Oshawa is higher than the provincial average of $1,528. Although, when compared to other Ontario cities, Oshawa car insurance may seem expensive, it is still considerably less than what vehicle owners and drivers pay in Hamilton, Brampton, and Toronto.
Average car insurance rates can vary by the type of car, coverage options, and the insurance provider. However, drivers in Oshawa can expect to pay between $1550 and $1900.
How Car Insurance Rates Are Calculated
Here are some of the factors considered in determining your car insurance premiums.
- Your driving record, which includes the number of traffic-related charges, speeding tickets, accident records, and collision claims history.
- The type and brand of car you drive will also determine your premiums. Some vehicle brands are prone to theft. The Insurance Bureau of Canada (IBC) publishes a list of the most stolen vehicles in Canada every year. Top of the list are car brands that include Honda, Toyota, Lexus, and Ford.
- Your commute, that is, how often you drive and the distance you cover with the car on a daily basis.
- The type of coverage you choose in your car insurance policy can also determine the cost of your car insurance.
- Another factor considered is your age, gender, and marital status. For instance, female drivers pay lower premiums than their male counterparts.
How You Can Save On Car Insurance Premiums in Oshawa
- The first step to saving money on car insurance in Oshawa is to shop around and compare car insurance rates from different auto insurers. This will equally help you to know if you are enjoying the best deal or overpaying for coverage. Rates are reviewed by the FSRA/FSCO every three months.
- Increase your deductibles to what you can conveniently pay from claims, and you could earn a reduction in your premiums.
- Another method is to ask for available discounts from your insurer and choose the one that suits you.
- Bundle your home and auto insurance policy with the same insurance provider.
- Buy and install winter tires, and you could enjoy up to 5 percent discount.
Popular Vehicles in Oshawa
The following are the most popular vehicles and brands insured by drivers and vehicle owners in Oshawa.
- Honda Civic
- Mazda 3
- Toyota Corolla
- Hyundai Elantra
- Chevrolet Cruze
- Volkswagen Jetta
- Chevrolet Equinox
- Nissan Altima
- Toyota Rav4
- Toyota Camry
- Nissan Sentra
- Honda Accord
- Dodge Grand Caravan
Getting the best and affordable car insurance coverage is possible in Oshawa. With the tips and information in this review, you can get the best and lowest available rate, and drive with confidence, having the assurance of a reliable car insurance coverage.