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Find Cheap Car Insurance in Newmarket

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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.

Mandatory and optional car insurance in Newmarket

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

Recent auto insurance quotes in Newmarket

Shopper from NEWMARKET, ONTARIO
2014 DODGE/RAM CHALLENGER SXT 2DR November 29, 2022
$ 1,050
Per year
Cheapest Rate
$ 1,956
Per year
Average Rate
$ 906
or
46 %
in savings
Shopper from NEWMARKET, ONTARIO
2016 CHRYSLER 200 C 4DR November 28, 2022
$ 1,326
Per year
Cheapest Rate
$ 2,719
Per year
Average Rate
$ 1,393
or
51 %
in savings

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How much does car insurance cost in Newmarket?

At $1,582 per year, Newmarket premiums almost align with the provincial average of $1,555. 

Newmarket premiums are just 1.7% higher than the Ontario average.

Newmarket's auto insurance prices are in the 36.5% percentile of all cities we pulled quotes for (there was 192 total). 

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.

Rank City Estimated 2021 premium
1. Vaughan $2,179
2. Ajax $2,104
3. Richmond Hill $2,025
4. Brampton $1,976
5. Mississauga $1,971
6. Pickering $1,959
7. Toronto $1,953
8. Oshawa $1,833
9. Whitby $1,792
10. Nobleton, Schomberg, Orangeville, King City $1,766
15. Newmarket $1,582

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.

Company Company type Address Phone number
647 Insurance Life and Auto Insurance Newmarket Agency 17360 Yonge St, Newmarket, ON L3Y 7R6 647-952-6288
AllState Insurance: Newmarket Agency Agency 17725 Yonge St Unit 9, Newmarket, ON L3Y 7C1 289-803-5450
Benson Kearley IFG Brokerage 17705 Leslie St #101, Newmarket, ON L3Y 3E3 905-898-3815
Billyard Insurance Group - Newmarket Brokerage 390 Davis Dr #102, Newmarket, ON L3Y 2N9 1-888-228-0202
BrokerLink Agency 247 Main St S, Newmarket, ON L3Y 3Z4 905-836-7283
Co-operators - Dymott Insurance & Investments Inc Agency 75 Dawson Manor Blvd, Newmarket, ON L3X 2H5 905-895-8674
Greensides & Breen Insurance Brokerage 330 Eagle Street East, Newmarket, ON L3Y 1K1 905-895-4221
ICD Insurance Brokers Ltd. Brokerage 569 Steven Ct Unit 5, Newmarket, ON L3Y 6Z3 905-830-9000
InsuranceHotline.com Comparison site 360 Adelaide St W suite 100, Toronto, ON M5V 1R7 1-855-821-7312
LowestRates.ca Comparison site 1910 Yonge St Suite 401, Toronto, ON M4S 3B2 1-855-487-6911
Quick Save Insurance Brokerage 17705 Leslie St #101, Newmarket, ON L3Y 3E3 1-855-305-7283
RATESDOTCA Comparison site 360 Adelaide St W suite 100, Toronto, ON M5V 1R7 1-844-726-0907
Scoop Insurance Brokerage 300 Lincoln St unit 22, Welland, ON L3B 4N4 1-866-456-6620

What factors affect car insurance premiums in Newmarket?

Your driving record

Your driving history is one of the factors that have the most influence on your car insurance premium. 

First, the longer you've held a licence, the cheaper insurance will be for you. Inexperienced drivers pay the highest rates. Second, your rates will be low if you have a track record of being a safe driver.

Traffic convictions for things like stunt driving, driving without a license, or driving under the influence, will increase your premiums (but don't worry: parking tickets won't affect your insurance). These convictions usually stay on your record for about six years in Ontario.

Your insurance history

Being a long-time policyholder will result in lower premiums. Being older often benefits you, as insurance companies view older adults as safer drivers. Unfortunately, drivers in their teens and twenties are hit with some of the highest rates of all demographics simply because they haven't yet built enough history with an insurer.

Your vehicle

A car with a fancy trim will command higher car insurance premiums than a no-frills model. That's because decked-out vehicles cost more to repair or replace after an accident. 

Your coverage

Purchasing more insurance than what's required by the Ontario government will result in higher premiums. However, this can be a money-saving strategy, especially if you have a car less than three years old. Replacing these cars out of pocket is out of reach for many consumers. 

An insurance professional can help you decide whether enhancing your policy is worth your while. 

Your neighbourhood

Insurance companies use forward sortation areas (FSA), the first three letters of your postal code, to determine boundaries.  Depending on the claims activity by other policyholders within an FSA, premiums can be high or low. More claims result in higher premiums and vice versa.

Your commute

You'll pay higher insurance premiums if you take the car to work every day in Toronto over someone who only uses their vehicle occasionally. Insurance actuaries have figured out that the more time you spend on the road, the greater the likelihood you'll need to file a claim eventually. 

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.

Frequently asked questions about car insurance in Newmarket

Here's everything you may be wondering about Newmarket car insurance.

Which company has the cheapest car insurance in Newmarket?

Buying insurance is not like buying any other type of service or product. Insurance companies tailor the price of coverage to match the risk they believe you present. Every insurer will assess your risk differently.

That's why it's essential to compare car insurance companies before you buy a policy — the rates you're offered can vary quite a bit.

What are the best car insurance companies in Newmarket?

We can't tell you what the best Newmarket car insurance company is for you. Insurance is different from other goods and services. Compare rates to find out which one offers the best rate for the right amount of coverage.

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

Month-to-month insurance coverage isn't available in Newmarket.

However, select insurance companies offer policies that are six months long instead of the usual term of one year.

Because those contracts are relatively hard to find, you may have to purchase a conventional policy and cancel it when you no longer need it.

You will be charged a cancellation fee if you terminate your insurance before your renewal period. The fee is usually a percentage of your annual premium.

You may also want to check out pay-as-you-go insurance, also known as usage-based insurance (UBI). This is a relatively new product in Canada, and it's geared toward low-mileage drivers.

It doesn't mean you pay month-to-month, like a cellphone plan. Instead, you purchase coverage for a base number of annual kilometres (usually 10,000 km or less), and you pay extra for any kilometres you log on top of that. You'll be required to install a monitoring device in your car that allows the insurer to track your driving.

There are also endorsements that allow you to pause your coverage if you plan on storing your car. Talk to your insurance broker about which avenue makes the most sense for you.

How do I get car insurance as a new driver in Newmarket?

The same way an experienced driver would get insurance: you can go to an insurance agent or broker.

One downside of working with an agent is that they can only show you products from the company they work for. An insurance broker can show you products from multiple insurance companies, and you can gauge which offers the best product at the best price.

RATESDOTCA, an insurance aggregator, hosts numerous Canadian brokerages and agencies in our virtual marketplace. We make insurance agencies and brokerages compete for your business. Start a quote on RATESDOTCA and see which company or broker offers your lowest rate.

Is ride-sharing insurance available in Newmarket?

Yes, ride-sharing insurance is available throughout Ontario, including Newmarket.

All legal rideshare companies in the province offer insurance to drivers.

For example, Uber offers drivers ride-sharing insurance through the platform underwritten by Economical insurance. If you're not with Economical Insurance for your personal policy, don't worry. It won't conflict with your personal policy.

The insurer partnered with your preferred ride-sharing platform will provide commercial insurance coverage from the moment you turn on the app. When you're not logged into the app, your personal insurance applies.

The Financial Services Regulatory Authority of Ontario maintains a list of all the recognized rideshare apps and the insurance companies that underwrite their driver policies:

  • Facedrive – Northbridge General Insurance Corporation
  • Lyft – Aviva Insurance Company of Canada
  • RideCo – Northbridge General Insurance Corporation
  • Uber – Economical Mutual Insurance Company
  • Uride – Northbridge General Insurance Corporation
  • NRT OnDemand – Hartford Fire Insurance Company of Canada
  • Zoom Innovations Inc. – Northbridge General Insurance Corporation
  • Y Drive - Northbridge General Insurance Company
  • M Ride Inc. - Northbridge General Insurance Company

*Shoppers in Ontario who obtained a quote on RATESDOTCA and transacted via our contact centre from July to December 2021 saved an average amount of $772. 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.

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