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Updated
Oakville is a car-centric city, with drivers hopping on and off the nearby 400-series highways all day. If you live in Oakville, driving is likely a part of your everyday routine, and your household may even have more than one vehicle. Despite so many cars on the road — congestion is a risk factor for high insurance rates — auto insurance in this suburb is cheaper than in many other major GTA cities.
Oakville drivers who want to get the best available deal on their auto insurance premiums can get the best rates by comparing quotes online. All it takes is some basic info and a couple of minutes to get started.
RATESDOTCA makes it easy to compare auto insurance quotes from multiple Oakville insurance companies. Plus, it’s completely free.
All drivers in Ontario must have car insurance for their vehicle to operate it legally. At a minimum, you must hold third-party liability, accident benefits, and direct compensation property damage (DCPD).
Oakville follows Ontario’s auto insurance system, which can be described as a limited no-fault system.
‘No-fault’ means that drivers deal with their insurance company after they've been in an accident and need to file a claim. This means your accident benefits (and sometimes the cost of repairing or replacing your car) will be paid by your insurer — you won't need to sue the other party for compensation.
It’s a 'limited' no-fault system since Ontario drivers have the right to sue for damages (pain and suffering, for example). In a pure no-fault system, drivers don't have the ability to sue.
Another hallmark of no-fault car insurance systems is direct compensation property damage (DCPD). This feature pays for damage to your car. The settlement is proportionate to the final fault assessment. For example, if you were 75% responsible for an accident, your DCPD will cover 25% of the cost of repairing your car. If you’re 100% at fault, you get nothing.
In 2024, Ontario drivers will have the ability to remove DCPD coverage from their insurance policies for a cheaper rate.
Ontario has a private insurance market, meaning drivers purchase insurance from private companies.
This differs from other provinces, where drivers purchase coverage from a public, provincially-run insurance provider.
To ensure that private companies offer fair prices to consumers, the Ontario government regulates car insurance prices. The body in charge of doing this is the Financial Services Regulatory Authority of Ontario (FSRA).
Its mandate is to ensure that premiums remain affordable but are also enough to keep insurance companies solvent. Insurance companies must submit requests to FSRA to change rates along with a justification for the increase or decrease. FSRA publishes approvals soon after.
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| 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 |
Auto insurance premiums in Oakville in 2023 are around $1,683 per year, which is 3.5% lower than the Ontario average of $1,744. Still, Oakville insurance prices rose by 20% over a 15-month period.
Many factors influence insurance costs, but claims activity is a central one. When a premium is below the provincial average, it's likely because there are fewer claims within that geographic area. Oakville car insurance may be cheaper than in neighbouring suburbs, but inflation and a return to pre-pandemic routines pushed up rates for drivers in Oakville and elsewhere.
| City | Car insurance premium 2023 | Difference from Oakville |
|---|---|---|
| Oakville | $1,683 | -- |
| Brampton | $2,707 | +60% |
| Toronto | $2,325 | +38% |
| Mississauga | $2,311 | +37% |
| Hamilton | $1,810 | +7% |
| Milton | $1,612 | -4% |
| Burlington | $1,586 | -6% |
The results from the RATESDOTCA Insuramap survey suggest that the areas where premiums are higher than Oakville’s average may receive more claims from people in this demographic.
Your mileage may vary if you don't belong to the demographic the survey was based on: a 35-year-old male driver with a clear driving record.
For example, women tend to pay lower premiums than men.
The best way to find out what the best rate you can get is to compare rates from multiple insurance companies.
Prices between insurance companies often differ from each other. Just like people, their tolerance for risk varies.
| Company | Company type | Phone number | Address |
|---|---|---|---|
| All-Risks Insurance Brokers Limited | Brokerage | 905-847-0400 | 700 Third Line #83, Oakville, ON L6L 4B1 |
| Allstate Insurance: Oakville Agency (Phone Only) | Company | 289-813-4017 | 203 North Service Rd W C1, Oakville, ON L6M 3R2 |
| Billyard Insurance Group - Oakville | Brokerage | 905-364-4007 | 515 Dundas St W Suite #214, Oakville, ON L6M 1L9 |
| BrokerLink | Brokerage | 905-847-3200 | 2421 Bristol Cir Unit 200-C, Oakville, ON L6H 5S9 |
| 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 |
| Morison Insurance Brokers Inc. | Brokerage | 905-338-6888 | 112 Wilson St Unit B, Oakville, ON L6K 3G6 |
| Oakville Insurance Brokers | Brokerage | 905-845-0391 | 345 Lakeshore Rd E Suite 306, Oakville, ON L6J 1J5 |
| RATESDOTCA | Quotes comparison | 1-844-726-0907 | 360 Adelaide St W suite 100, Toronto, ON M5V 1R7 |
| Scoop Insurance | Brokerage | 1-866-456-6620 | 300 Lincoln St unit 22, Welland, ON L3B 4N4 |
Here are some tactics you can try to lower your Oakville car insurance premium.
Have more questions about auto insurance? We've got answers.
When it comes to calculating rates for drivers in Oakville, insurance companies take several different factors into consideration, including:
The best way to find out is to compare quotes from multiple insurance companies.
Car insurance is a custom product based on your individual driving and insurance history and car. No insurance company will offer you flat-rate coverage.
Plus, insurance companies have different underwriting standards, meaning they have different tolerances for risk and charge drivers accordingly.
Rates can vary by hundreds of dollars — that's why it's essential to compare car insurance companies before you buy a policy.
The vehicle you drive has a big impact on your insurance bill.
Insurance companies look at an individual's risk, but they also factor in the so-called ‘physical risk’, which is purely based on the make and model of the car.
Insurance companies maintain detailed records about the repair costs for every kind of vehicle on the road in Canada.
Cars are then given a rating based on the Canadian Loss Experience Automobile Rating (CLEAR) system. The rating attaches a dollar figure to the physical risk associated with your car.
Vehicles that are rated well for safety, don’t require special parts and labour, and have low theft rates are often more affordable to insure.
Using the RATESDOTCA auto insurance quoter, we’ve determined which of the most popular car models are the cheapest to insure. In order, they are:
To see the average annual premium for these vehicles and to see which lower-cost vehicles are cheapest to insure and which are cheapest to insure by body type, see RATESDOTCA's complete ranking.
Car insurance companies operating in Ontario don’t offer month-to-month insurance. Some do offer six-month contracts, however. The latter aren’t offered by most insurance companies, so you may have to sign up for a standard policy and cancel your insurance when you no longer need it. There is usually a fee for doing so.
Another option is pay-as-you-go insurance, also known as usage-based insurance (UBI). A relatively new product in Ontario, it’s geared toward low-mileage drivers. You purchase coverage for a base number of annual kilometres (typically 10,000 km), and you pay extra for any kilometres you drive on top of that. To get UBI, you have to agree to install a device in your car that monitors the number of kilometres you drive.
Purchasing an endorsement is another way to access short-term insurance. For example, some allow you to pause your coverage. O.E.F. 16 Agreement for Suspension of Coverage Endorsement pauses your insurance when your vehicle is in storage.
Talk to an insurance professional about your options for short-term insurance.
Congrats on earning your driver’s licence. If you’re planning on buying your own car, you’ll need to insure it. You’ll go about buying insurance the same way a more experienced driver would: by going through an insurance agency, brokerage, or quote comparison site like RATESDOTCA.
An insurance agent shows products sold by the company they work for. Brokers can show you policies from multiple insurance companies, but only ones they’ve partnered with.
This is where rate comparison sites come in.
We include insurance companies and brokerages in our digital marketplace, filling the gaps left by the traditional insurance industry.
In less than three minutes, you'll be able to see the rates from 50+ insurance providers, starting with your lowest one.
You can get car insurance from an insurance agency, a brokerage, or a rates comparison site like RATESDOTCA.
One thing to prepare for is that you might be charged a higher premium, even if you are over age 25 because you don’t have an insurance history as long as someone who has been insured since gaining their full licence at age 18.
Yes, ride-share insurance is available in Ontario, including Oakville. Rideshare companies operating in the province provide insurance to drivers.
Here’s how it works: commercial insurance applies from when you turn on the app to when you accept fares. When you’re not logged in, your personal insurance goes into effect again.
The Financial Services Regulatory Authority of Ontario lists all the recognized rideshare platforms and the insurance companies that underwrite commercial insurance for drivers:
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 Oakville drivers who use RATESDOTCA to lower their car insurance bills today.
*Shoppers in Oakville who obtained a quote on RATESDOTCA from January to December 2023 saved an average of $644 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.
**Represents the average saved by Oakville shoppers who obtained a 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
Alexandra Bosanac has been a content manager for RATESDOTCA since 2021, specializing in auto insurance. She began covering auto insurance in 2017. Alexandra has a bachelor's degree in journalism from Toronto Metropolitan University. Before joining the RATESDOTCA editorial team, she reported for the Canadian Business, the Toronto Star, the National Post, and the CBC.
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