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Updated
Car insurance is mandatory for drivers throughout Ontario, which includes Hamilton. Driving without car insurance in the province is a serious offense. If you don’t have valid insurance, your vehicle could be towed, and your driver’s license suspended. Fines for failure to carry valid auto insurance can range from $5,000 to $50,000.
Car insurance in Ontario falls under a no-fault insurance system. That means that if you find yourself in a collision, you go through your own insurance, whether the accident was your fault or not. (That being said, if you are involved in a collision with another driver, always be sure to ask them for their insurance information.)
Car insurance in Hamilton and throughout Ontario is privatized. As a result, many different companies offer insurance, allowing you to shop the market and find the best prices and coverages for yourself.
You can consult the following:
As mentioned, car insurance in Hamilton is provincially regulated. The Financial Services Regulatory Authority of Ontario (FSRA), is responsible for controlling the pricing that car insurance companies charge consumers. Insurance companies have to apply to the FSRA whenever they want to raise rates. The FSRA then reviews their financials to ensure that the rate increases are reasonable.
During the pandemic, the FSRA approved a number of rate cuts that were passed on to consumers. Insurance companies cut the rates because they saw claims drop during the pandemic, as government lockdowns in Ontario led to a significant decrease in the number of drivers on the road.
However, more recently, car insurance companies have been raising rates. This is due to inflation increasing costs for insurers, with vehicles becoming more expensive to repair, rental car replacements more difficult to secure and medical expenses in the event of injuries in an accident higher.
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| Insurance type | Mandatory coverage | Optional/Additional coverage |
|---|---|---|
| Third-Party Liability | $200,000 minimum. Provides coverage in the event of a lawsuit resulting from an accident where you are at fault. | Coverage can be increased to $500,000, $1 million, or $2 million, with up to $2 million limit. |
| Direct Compensation-Property Damage (DC-PD) | Covers damage to your car, or loss of use of your vehicle, if someone else is at fault. Must involve another insured vehicle. | For additional vehicle coverage including for when you are at-fault, consider collision coverage. |
| Uninsured Automobile Insurance | Provides up to $200,000 in coverage if you are injured or killed by an uninsured driver, or if your vehicle is damaged as a result of a hit-and-run by an unidentified, uninsured motorist. | Family Protection Coverage is an optional coverage that includes additional coverage of up to $1 million in the case of a hit-and-run by an uninsured motorist. |
| Statutory Accident Benefits | Provides coverage if you are injured in an accident, regardless of who is at fault. Covers medical expenses that aren’t covered by OHIP. | Coverage limits can be increased. |
| Collision Coverage (Also Upset Coverage) | Optional | Covers the costs of repairing or replacing your vehicle following a collision with another vehicle, an object, or property. |
| Comprehensive Coverage | Optional | Covers damages caused by named perils identified under the Specified Perils coverage, as well as losses from other perils like falling or flying objects, theft, fire, hail, windstorms, missiles, and vandalism. |
| Specified Perils Coverage | Optional | Covers damages caused by named perils such as theft, attempted theft, explosions, natural disasters like fire, lightning, windstorm, hail, rising water, earthquakes, and also other perils specified in your policy. Specified perils do not cover damages due to vandalism, breakage of glass, etc. |
| All-Perils Coverage | Optional | Combines collision/upset and comprehensive coverage. Also provides additional protection if a household member or an employee steals your vehicle. |
| OPCF 20: Coverage for Transportation Replacement | Optional | Covers the cost of your transportation replacement and rental car insurance if you were to get into a car accident or if your vehicle is stolen. |
| OPCF 27: Liability for Damage to Non-Owned Automobile(s) | Optional | Covers if you damage a borrowed or rental vehicle. The coverage limit is usually around $25,000 to $50,000. |
| OPCF 39: Accident Waiver/Forgiveness | Optional | Protect your premium from rising when you have your first at-fault accident. |
| OPCF 43: Waiver of Depreciation | Optional | Protects you by removing your insurer's right to deduct depreciation from the value of your vehicle when settling a claim. This coverage is for new vehicles with fewer than 5,000 kilometres. |
| OPCF 44R: Family Protection Coverage | Optional | Protects you if you or a family member is injured, regardless of whether you or your family members are in the car when the accident occurs |
Out of 192 cities and towns listed in RATESDOTCA’s 2023 Auto Insuramap, Hamilton ranks 9th, with a total average annual insurance cost of $1,810. That is more than 33% lower than the highest average annual insurance rate of $2,707, located in Brampton.
The average for the province is $1,744, which is 3.6% below Hamilton’s average. Overall, rates in certain urban areas have been higher this year than in the past. Cities like Toronto, Mississauga, Markham and Hamilton have all moved up in terms of price. This is likely due to more people reverting to on-site employment, and the population getting back into full gear. This means more cars on roads, which in turn means more claims, and thus, higher rates.
| Estimated annual premium in 2023 | % difference compared to Hamilton | |
|---|---|---|
|
$2,707 |
+33.1% |
|
|
$2,325 |
+22.2% |
|
|
$2,311 |
+21.7% |
|
|
$2,188 |
+17.3% |
|
|
$2,158 |
+16.1% |
|
|
$1,985 |
+8.8% |
|
|
$1,870 |
+3.2% |
|
|
$1,839 |
+1.6% |
|
|
Hamilton |
$1,810 |
-- |
|
Ontario’s average car insurance premium |
$1,744 |
-3.6% |
Average insurance premium numbers are according to data from RATESDOTCA Insuramap (gathered in 2023).
Note: The rates above may not apply to you, as they are based on a specific profile. Be sure to learn more about our methodology.
Postal codes that start with L8S have the cheapest average auto insurance in Hamilton with a rate of $1,782 per year. Postal codes that start with L8H, L8L, L8M and several others have much higher rates – as high as $2,007 per year.
Neighbourhoods with higher rates are all in high-traffic areas, including downtown, Highway 8 and very industrial parts of the city. The high-traffic areas are likely to see more accidents and claims, given the higher density of population that travels through the area.
L8S, on the other hand, is outside of the city centre, making it less densely populated, with more green space and likely fewer claims due to the quieter nature of the area.
| Company name | Company type | Phone number | Address |
|---|---|---|---|
|
ALFA Insurance Brokers |
Insurance broker |
905-548-9655 |
1-1109 Main St E, Hamilton, ON L8M 1N7 |
|
Billyard Insurance Group |
Insurance broker |
905-495-5437 |
301-55 Head St, Hamilton, ON L9H 3H8 |
|
Cowan Insurance Group |
Insurance broker |
905-523-8507 |
602-105 Main St E, Hamilton, ON L8N 1G6 |
|
FirstOntario Insurance Brokers |
Insurance broker |
866-956-3642 |
101-2000 Garth St 101, Hamilton, ON L9B 0C1 |
|
Quotes comparison |
1-855-821-7312 |
100-360 Adelaide St W, Toronto, ON M5V 1R7 |
|
|
Quotes comparison |
1-855-487-6911 |
401-1910 Yonge St, Toronto, ON M4S 3B2 |
|
|
Morison Insurance Brokers |
Insurance broker |
905-575-5969 |
1725 Upper James St, Hamilton, ON L9B 1K7 |
|
Quotes comparison |
1-844-726-0907 |
100-360 Adelaide St W, Toronto, ON M5V 1R7 |
|
|
Insurance broker |
1-866-456-6620 |
22-300 Lincoln St, Welland, ON L3B 4N4 |
|
|
Union Power Insurance Brokers |
Insurance broker |
844-872-8722 |
101-2000 Garth St, Hamilton, ON L9B 0C1 |
There are ways to save on the premiums you pay, and it’s no secret. The key here is to know more about how car insurance in Hamilton works. Here are our tips for finding the best rates the RATESDOTCA way:
1) Ask for discounts! Asking your insurance provider for their discounts is a great way to save. Alumni discounts such as for McMaster University are some of the popular professional affiliate discounts we see. You could be eligible for some great discounts, so don’t hesitate to ask.
2) Review your coverage regularly: Whether you are getting married, moving, or getting a new job, use these opportunities to shop around for rates to make sure you get the right coverage for your current status.
3) Consider a usage-based insurance program: By signing up for a usage-based insurance program, you install a device on your car that monitors your driving; like your speed, how hard you step on the brakes, how fast you accelerate, and more. This can help lower your rates and get you savings of up to 25 percent if you are a good driver. This is popular among younger drivers especially as it helps establish your credit as a good driver.
4) Choose your vehicle wisely: Of course, you should be able to buy the car you love, but if you really want to save on your car insurance, go for cars that are less risky. You will pay more if your car is more likely to be stolen, for example, so if you are searching, look for a car that is cheaper to insure.
5) Maintain a good driving record: This doesn’t just give your savings, but also means you value safety on the road. Tickets, accidents and claims will naturally increase your premiums and stay on your record for years.
6) Consider raising your deductible: It’s simple: The higher your deductibles, the lower your premiums. If you raise your deductible to over $500, which is the standard amount, you could be eligible for five to 10 percent savings on your premiums. Always look at your finances before your try this, since a deductible is the part of the expense you cover in the event of a claim.
7) Bundle your auto insurance and home insurance policies: Get your home insurance and your car insurance under one provider and save about five to 15 percent on your combined premiums.
8) Install winter tires: Changing into your winter tires seasonally will earn you a discount of about five percent, while also ensuring that you are safe while driving on icy roads in extreme winter conditions.
9) Pay your premiums annually: If you choose to pay your premiums in a lump sum, instead of monthly payments, you will be paying less for your coverage overall.
10) Shop around: This goes without saying as no two providers will give you the same rate. Comparing car insurance quotes online via sites like RATESDOTCA is one of the easiest ways to save hundreds of dollars on car insurance rates.
Need more information on Hamilton car insurance? We got you covered.
There is no single company that will have the cheapest car insurance for everyone. Every company prices risk differently, which means the only way you can find the cheapest car insurance for yourself is by comparing rates online. While one company may deem you a high risk and offer you a higher rate, another company could feel otherwise, and offer you a great rate.
Month-to-month unfortunately is not available in Hamilton, or Ontario. Most insurance companies require that you pay your premium annually, whether in monthly increments or all up front (often for a discount).
Car insurance is available for new drivers by using a site like RATESDOTCA to be connected with insurance companies and brokers. Our site will help you find the cheapest insurance rates available to you so that you can make a decision on the best coverage for your individual needs.
New drivers, no matter what their age, will pay higher auto insurance rates because of their high-risk factor and lack of experience. However, you can receive discounts and lower your risk by taking certified driving courses. It’s also possible to be insured under someone else’s policy until you have gained a more consistent and safe driving record. Over time, you will see a reduction in rates, so long as you continue on a safe and consistent driving path.
Yes, if you are planning to drive for a ride sharing service such as Uber or Lyft, you can secure the necessary insurance for it in Hamilton. Keep in mind this coverage is different from standard insurance, and you can lose coverage if you are driving for a rise share service on standard insurance. Given that risks are higher driving for ride share, expect to pay more for this coverage.
Paying less for car insurance in Hamilton is easier than you think.
Before you let your insurance policy renew for another year, take three minutes to see if another insurance company can offer you a better rate (spoiler: there usually is).
RATESDOTCA compares more car insurance providers than anyone else, so you can be confident that you’re finding the lowest price on car insurance. As you can see, the savings add up.
Join the thousands of Hamilton drivers who use RATESDOTCA to lower their car insurance bills today.
"*Shoppers in Hamilton who obtained a quote on RATESDOTCA from January to December 2023 saved an average of $650 per year. The average savings represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third-lowest quoted premiums generated by RATESDOTCA.
**Represents the average saved by shoppers who obtained a Hamilton quote on RATESDOTCA and transacted via our contact centre between January and December 2021. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA.
Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.
He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.
He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."
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