Find Cheap Car Insurance in Newmarket

Car insurance in Newmarket

Newmarket follows Ontario's auto insurance system, a limited no-fault system.

No-fault doesn't mean you can cause an accident and get off scot-free. Instead, it means Newmarket drivers don't have to deal with another person's insurance company. It won't matter if you caused the accident; you file a claim with your insurance company.

The insurance companies will handle the claims resolution. This ensures that drivers access the cash they need to pay for legal and medical expenses or the cost of repairing or replacing a vehicle.

Before no-fault was introduced in Ontario in 1990, you would have to sue the other driver to recover damages, which was costly and inefficient.

A pure no-fault system does not give injured drivers permission to sue another driver. However, you can sue in Ontario – hence why the province has limited no-fault.

Things you can sue for include economic loss (your earnings had you not been injured) and pain and suffering.

For the lawsuit to go forward, you must demonstrate that your injuries/suffering passes an economic threshold (each type of lawsuit has its own threshold).

Ontario regulates car insurance prices to keep premiums affordable.

The body in charge of overseeing the car insurance industry is called the Financial Services Regulatory Authority of Ontario (FSRA). Insurance companies must submit requests to change their rates to FSRA along with a justification for the increase or decrease.

How do Newmarket car insurance rates compare to other Ontario cities?

Here's how Newmarket's car insurance prices stack against other GTA cities, according to our annual ranking of car insurance premiums by Ontario city.

To provide a definitive answer to why Newmarket's average is lower than other GTA cities, we'd have to see the claims activity broken down for Newmarket, which is not information that insurance companies share publicly.

Insurance premiums are dictated by the claim history in the geographic rating area, which in Ontario is demarcated by the forward sortation area (FSA). FSAs are commonly recognized as the first three letters of your postal code.

If a region has lower premiums than a neighbouring FSA, it's likely because policyholders there have made fewer claims.

Which companies offer car insurance quotes to Newmarket drivers?

Here's a selection of companies that can provide car insurance quotes to Newmarket drivers.

Tips on getting cheap car insurance in Newmarket

Here are 10 things you can do to save on car insurance in Newmarket.

1. Compare quotes — Both the Ontario and Canadian governments recommend doing some comparison shopping before you lock into a contract with the first car insurance company that comes to mind. RATESDOTCA makes shopping around easy. We'll bring you the lowest rates from our marketplace of 50+ of the country's leading insurance providers.
   
2. Increase your deductible — A deductible is an amount you agree to pay before the insurance company settles your claim. Offer to cover more of the cost, and your insurance company will reduce your rate in return (you're saving them money, after all).
   
3. Get the appropriate amount of coverage — Work with an insurance professional to ensure you're enhancing coverage in the right areas and not buying extra coverage you don't need. For example, many Ontario drivers are underinsured for liability and medical coverage. You might choose to invest in those areas. But if your car is over three years old, you likely no longer need collision or comprehensive coverage. It also helps to review your coverage every year with a professional.
   
4. Drive less — Tell your insurance company if your workplace has transitioned to remote work and you find you're driving way less. It will likely reduce your premium.
   
5. Bundle home and auto insurance — Bundling home and auto coverage with the same company can reduce your annual insurance costs by up to 15%.
   
6. Try telematics — Many Ontario insurance providers offer telematics programs now. Telematics refers to technology that allows insurers to monitor your driving habits (for example, how hard you brake, average speed, and the number of kilometres you drive). If you demonstrate good habits, you could reduce your insurance bill by up to 25% at renewal. Just be warned, Ontario insurance companies now have the right to penalize you based on telematics data.
   
7. Pay for the year upfront — Insurance companies offer discounts to policyholders who pay their entire insurance bill at renewal.
   
8. Apply for discounts — Companies offer discounts to drivers based on their alumnus status, profession, and even membership in a union. Some even offer discounts to post-secondary students for maintaining a certain grade point average.
   
9. Avoid additional drivers — Adding a second driver to your insurance policy will increase your premium. Suppose a household member uses your car semi-regularly. In that case, it's a good idea for them to be listed as a driver. However, if they only use it on rare occasions, they shouldn't be listed on your policy.
   
10. Buy an endorsement — Endorsements are optional car insurance coverages that amend the terms of your insurance policy.

Some endorsements can lower your premium by reducing your coverage in a specific area. For example, you can waive coverage for glass repair in exchange for a lower premium.

Talk to an insurance professional about whether this tactic suits your needs.

*Shoppers in Newmarket who obtained a quote on RATESDOTCA from January to December 2023 saved an average of $573 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.