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Cheapest Car Insurance Quotes In Markham

Markam drivers save $675* on average by comparing car insurance quotes with RATESDOTCA.

Compare Markham car insurance quotes from top providers

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Written By Joel Kranc

Contributing writer

Updated

Car insurance in Markham 

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.

Mandatory and optional auto insurance in Markham

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

Recent car insurance quotes in Markham

Recent Auto Insurance Quote from MARKHAM, ONTARIO
Female, Age 35
2009 TOYOTA COROLLA CE 4DR
April 19, 2024
Cheapest Quote
$ 562 / month
$6,742 / year
Average Quote
$ 840 / month
$10,080 / year
Savings
$ 278 / month
$3,338 / year
or
33.12 %
Recent Auto Insurance Quote from MARKHAM, ONTARIO
Male, Age 27
2018 BMW X3 30i 4DR AWD
April 19, 2024
Cheapest Quote
$ 375 / month
$4,499 / year
Average Quote
$ 581 / month
$6,969 / year
Savings
$ 206 / month
$2,470 / year
or
35.44 %
Recent Auto Insurance Quote from MARKHAM, ONTARIO
Female, Age 46
2022 LEXUS RX350 4DR AWD
April 19, 2024
Cheapest Quote
$ 334 / month
$4,003 / year
Average Quote
$ 527 / month
$6,328 / year
Savings
$ 194 / month
$2,325 / year
or
36.74 %
Auto insurance quotes are compared from CAA, Coachman Insurance Company, Echelon Insurance, Economical Insurance, Gore Mutual, Onlia Insurance, Pafco, Pembridge, SGI, Travelers, Zenith Insurance Company

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How much does car insurance cost in Markham?

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’s car insurance premiums by postal code 

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.

Which companies offer car insurance quotes in Markham?

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

Factors that affect your Markham car insurance premium 

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.

How to get the cheapest car insurance in Markham 

  1. Compare quotes

    Using sites like RATESDOTCA can help you save money on your Markham auto insurance premiums. Get up-to-date quotes at the click of a button by entering basic information about you and your car. 

    Not only will you be able to compare the top insurance company rates in the area, but we'll also connect you to an insurance professional. They'll be able to answer any questions you might have and will get you set up with your new policy.
  2. Increase your deductible 

    Changing your deductibles is a great way to save on your Markham auto insurance. The higher the deductible you agree to, the lower your premium will be. While you will save on Markham auto insurance at the front end, beware that repair costs will come more from your pocket. That's the trade-off for the cheaper Markham auto insurance rate.
  3. Adjust your policy as needed 

    Buying Markham auto insurance should not be a set-it-and-forget-it kind of proposition. Check your policy annually to see if it still meets your needs and if any changes in your driving habits would warrant a decrease in coverage.
  4. Bundle home and auto insurance 

    Buying home and auto insurance with the same company is known as bundling. It will reduce your annual insurance costs by up to 15%.
  5. Apply for discounts 

    Many insurance companies offer discounts for specific groups such as seniors, alumni groups or members of associations. Discounts are also available to drivers who:
    • Install winter tires seasonally
    • Use public transportation to commute to work
    • Offer to install a telematic device that monitors your driving habits

Frequently asked questions about Markham car insurance  

Everything you might want to know about Markham car insurance 

How can I get the cheapest 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. 

Which company has the cheapest car insurance in Markham? 

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.

Can I get month-to-month car insurance in Markham? 

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. 

I am a newcomer to Canada. How can I buy car insurance in Markham? 

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.  

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We saved Markham drivers a total of $7,561,930 last year.**

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 ,
Writer

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."

Education
  • Master's of Political Science, University of Toronto
Featured in
  • Benefits Canada
  • Institutional Investor
  • Plan Sponsor Magazine
  • Global Finance Magazine
  • Infrastructure Investor
  • Private Equity Investor
  • The Globe and Mail
  • Fund Directions Newsletter
  • BenefitsPRO
  • HR Professional
  • Advisor's Edge
  • Institutional Investor
  • Employee Benefit Advisor
  • Investing in Infrastructure Magazine (i3)

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