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Updated Aug. 30, 2024
You must have car insurance if you own or drive a car in Markham.
Auto insurance in Markham, just like any other city in Ontario, is regulated by the Financial Services Regulatory Authority of Ontario (FSRA), an arm of the Ministry of Finance. FSRA's mandate is to ensure prices are reasonable for consumers while allowing companies to finance operating costs, create reserves for future claims, and generate profits for shareholders.
If you drive, own or lease a car and do not carry valid auto insurance, you can be subject to hefty fines ranging from $5,000 to $50,000 on the first conviction. For subsequent convictions, police can seize your car and suspend your licence for up to a year.
Driving without valid auto insurance will lead to insurers deeming you a “high-risk” driver. People labelled high-risk pay higher-than-average premiums and have to contend with companies refusing to sell them insurance altogether. If you are injured in an accident while driving or occupying an uninsured vehicle, you may not be entitled to receive income replacement and non-earner benefits, and you may not be able to sue the at-fault driver for compensation.
| 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. Income Replacement Benefits: Basic weekly income replacement of 70% of your gross income up to $400/wk. Medical, Rehabilitation and Attendant Care Benefits: Up to $65,000 for serious injuries, and $1 million for catastrophic injuries. Caregiver Benefits: Up to $250 per week for the first dependent, and $50 per week for each dependent after that. Housekeeping and Home Maintenance Expenses: Maximum payout $100 per week. Death and Funeral Benefits: Up to $25,000 is provided to your spouse, $10,000 for each dependent, and up to $6,000 in funeral costs in the event you are killed in an automobile accident. |
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 |
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Within Ontario, Markham ranks quite high for auto insurance rates compared to the provincial average, according to results from the 2022 Insuramap survey. In Markham, the average insurance rate is $1,743.56, while the average for Ontario stands at $1,555.10.
Markham is a diverse and spread-out city within the Greater Toronto Area. Some parts of Markham are very cosmopolitan and congested, while others are quite rural.
The area with the lowest insurance rate is near Highway 404, the main artery through the city, taking you from downtown Toronto to the northern parts of the GTA. Higher rates are found in more affluent communities such as Unionville, Locust Hill, and Thornhill.
| Markham postal code | Avg. 2021 premium |
|---|---|
| L3P | $1,742.00 |
| L3R | $1,742.00 |
| L3S | $1,742.00 |
| L6B | $1,582.00 |
| L6C | $1,742.00 |
| L6E | $1,582.00 |
| L0H (Locust Hill) | $1,955.00 |
| L3T (Thornhill) | $1,863.00 |
| L6G (Unionville) | $1,742.00 |
Above average insurance premium numbers are according to data from RATESDOTCA Insuramap.
| Insurance Companies | Company Type | Phone | Address |
| Allstate Insurance | Insurance Agency | 289-806-2438 | 4997 Hwy 7 #9, Unionville, ON L3R 1N1 |
| Aviva Canada | Insurance Agency | 1 (800) 387-4518 | 10 Aviva Way Suite 100, Markham, ON L6G 0G1 |
| Billyard Insurance Group | Insurance Broker | 1(888) 508-6118 | 9570 McCowan Rd Unit 4, Markham, ON L3P 8M1 |
| CAA Store | Insurance Agency | 905-305-7644 | 8401 Woodbine Ave, Markham, ON L3R 2P4 |
| Co-operators | Insurance Agency | 905-201-1588 | 9889 ON-48 #204, Markham, ON L6E 0B7 |
| InsuranceHotline.com | Quotes Comparison | 1 (855) 821-7312 | 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7 |
| LowestRates.ca | Quotes Comparison | 1 (855) 487-6911 | 1910 Yonge St. Suite 401, Toronto, ON M4S 3B2 |
| RATESDOTCA | Quotes Comparison | 1(844) 726-0907 | 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7 |
| RBC Insurance | Insurance Company | 905-474-4001 | 5051 Hwy 7 Unit 101A, Unionville, ON L3R 1N3 |
| ThinkInsure | Insurance Agency | 1(855) 550-5515 | 11 Allstate Pkwy unit 206, Markham, ON L3R 9T8 |
Markham borders the city of Toronto, making it not only a great city in its own right but close to the amenities and excitement of its neighbour. The diversity of Markham is also one of its greatest attributes.
On your hunt, remember that certain factors will affect your car insurance premium:
Where you live: Each Markham community has unique characteristics. Some are at higher risk and prone to theft, vandalism, or collisions. Some are at less risk for these kinds of events. Insurance companies will look at the risk factors where you live and charge accordingly.
Driving history: All insurance companies will want to see your driving record to assess your claims history. Drivers looking for Markham auto insurance will pay more if they have a history of at-fault collisions than drivers who do not. Lowering risk is always behind your insurance companies' decisions.
Deductibles: This refers to the amount you agree to pay before you receive your insurance benefits. Raising your deductible means you are willing to pay more. Your car insurance company will lower your premium in return. Reducing your deductible, on the other hand, will also have the opposite effect.
Your policy: Your insurance needs depend on your age, your marital status, and how often you use your car. Adding a secondary driver to your policy will increase your premium, as will buying optional insurance coverages, like collision and comprehensive insurance.
Insurance history: Because insurance companies in Markham assess risk above all else, your insurance history will play an important part in that assessment. Avoid late payments, making claims, and at-fault collisions to stay in your insurance company's good graces.
Everything you might want to know about Markham car insurance
Getting cheap Markham auto insurance starts with comparison shopping. Using RATESDOTCA instantly lets you get quotes from Markham's top insurance companies. Just a few pieces of information about where you live and your driving needs, and you’ll be able to compare the cheapest rates in the area.
It is difficult to determine who offers the cheapest car insurance in Markham. Each driver has different needs and risk factors. Comparison shopping on RATESDOTCA lets you see for yourself the lowest and highest rate insurance companies are willing to offer you.
Month-to-month car insurance coverage is not available in Markham. Most companies require a one-year commitment for insurance policies, or you could purchase a full year's coverage and cancel it later. You'll be charged a fee for cancelling.
Short-term policies also exist if you rent a car or only need insurance for a few days or weeks. Talk to an insurance professional to see what options are available.
First, make sure you have a driver's licence. The Ontario government has a grace period from the time you arrive to change over your license.
Ontario has reciprocal licencing agreements with select countries. If your home country isn't on the list, you may need to pass a driving test to receive a full G licence. Check with DriveTest, which provides driving exams and licencing in Ontario, to understand the requirements.
After you've crossed the licensing hurdle, you can get insurance. Some Canadian insurance companies will count your driving experience from your home country. Unfortunately, not all will. You may need to build your insurance history from square one, making finding an accommodating insurance company all the more critical.
Begin that process by comparing multiple insurance and brokers in minutes using a rates comparison site like RATESDOTCA. Similarly, you can talk to individual brokers to find out which insurance companies offer cheap Markham auto insurance.
Sure, it’s easy to stay with your current insurer and to let your policy renew automatically. But you could be leaving money on the table by not shopping around.
Take three minutes to see if another insurance company can offer you a better rate. 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 Markham drivers who use RATESDOTCA to lower their car insurance bills today.
*Shoppers in Markham who obtained a quote on RATESDOTCA from January to December 2023 saved an average of $675 per year. The average savings represent 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 Markham 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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