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Updated
Niagara Falls: the honeymoon capital of the world. This tourist town of 421,000 can see upwards of 12 million visitors annually. It is also a border town connected to the U.S. by the Rainbow Bridge and home to the world-famous Horseshoe Falls.
Insurance in Niagara Falls works much like the rest of Ontario. It is mandatory, and drivers are subject to fines if they are caught driving without it.
| 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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According to RATESDOTCA’s Insuramap data, in 2021, the average rate for auto insurance in Niagara Falls was $1,327 per year – up from $1,247 in 2020.
In the same year, the average auto insurance premium in Ontario was $1,555.
Car insurance costs in Niagara Falls mirror those of many other mid-size Ontario towns. Of 53 for most expensive auto premiums in Ontario surveyed by RATESDOTCA in 2021, Niagara Falls ranks 37th.
Vaughan ranked the most expensive with average annual premiums of $2,179. Experts reflect that premiums in that GTA city are increasing because of an increasing volume of claims and overall increasing density of traffic.
While Niagara Falls auto insurance rates are in-line with other mid-size Ontario cities, its premiums are considerably lower than larger ones, according to 2021 RATESDOTCA’s Auto Insuramap.
In general, drivers pay more in cities with more traffic. While Niagara Falls is a very popular tourist destination, its traffic density is not as significant as that of Vaughan, Ajax and Richmond Hill – the three most expensive locales in Ontario for car insurance premiums.
| Rank | City | Estimated 2021 premium | % Difference from average Niagara Falls premium |
|---|---|---|---|
| Niagara Falls | $1,327 | ||
| 1. | Vaughan | $2,179 | 64% |
| 2. | Ajax | $2,104 | 58% |
| 3. | Richmond Hill | $2,025 | 53% |
| 4. | Brampton | $1,976 | 49% |
| 5. | Mississauga | $1,971 | 49% |
| 6. | Pickering | $1,959 | 48% |
| 7. | Toronto | $1,953 | 47% |
| 8. | Oshawa | $1,833 | 38% |
| 9. | Whitby | $1,792 | 35% |
| 10. | Nobleton, Schomberg, Orangeville, King City | $1,766 | 33% |
| Insurance Companies | Company Type | Phone | Address |
|---|---|---|---|
| All Risks Insurance Brokers | Insurance brokers | (289) 932-1222 | 7-8279 Lundy's Ln., Niagara Falls, ON L2H 1H5 |
| Allstate Insurance | Insurance brokers | (289) 302-0119 | 3969 Montrose Rd #2, Niagara Falls, ON L2H 3A1 |
| Co-operators | Insurance brokers | (905) 357-6500 | 7925 McLeod Rd. F3, Niagara Falls, ON L2H 0G5 |
| Doug Mate Desjardins Insurance Agent | Insurance agent | (905) 354-5696 | 6251 O'Neil St. #4, Niagara Falls, ON L2J 1M6 |
| Insurance Hotline | Quotes comparison | 1 (855) 821-7312 | 225 King St W, Suite 1000, Toronto, ON, M5V 3M2 |
| LowestRates.ca | Quotes comparison | (604) 829-3714 | 730 Alexander St. Unit #1, Vancouver, BC V6A 1E3 |
| RATESDOTCA | Quotes comparison | 1 (844) 726-0907 | 225 King St W, Suite 1000, Toronto, ON, M5V 3M2 |
| Scoop Insurance | Insurance brokers | 1 (866) 456-6620 | 300 Lincoln St. Unit 22, Welland, ON L3B 4N4 |
Here's everything you may be wondering about Niagara Falls car insurance.
It’s hard to determine who has the cheapest rates on your own. Comparison sites like RATESDOTCA will ensure you are seeing quotes from the least expensive sources to help you make an informed decision.
There are many additional ways to bring down your rate. Some of the easiest tactics include bundling insurance, increasing the deductible, installing winter tires and agreeing to use telematics which will result in savings if you're deemed to have safe driving habits.
Choosing the right car insurance company for you is a personal choice. Comparison shop using RATESDOTCA and talk to brokers or agents to see who can offer the best policies and customer service you need.
Month-to-month car insurance in Niagara Falls is essentially non-existent. Some insurance companies offer six-month policies, but typically a policy lasts one year.
New drivers typically pay more for insurance than experienced drivers, mainly due to the risk factor. If you have the option to do so, try persuading a parent, partner or very good friend to add you as a named driver to their insurance policy.
Ride sharing insurance is linked more to companies than cities. For example, FSRA has approved auto insurance products for the following ride-sharing companies only:
*Shoppers in Niagara Falls who obtained a quote on RATESDOTCA from January to December 2023 saved an average of $530 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.
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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