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Written By Alexandra Bosanac


Car insurance in Oakville

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 insurance in Oakville 

‘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.

Car insurance price regulation in Oakville 

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.

Recent auto insurance quotes in Oakville

Recent Auto Insurance Quote from OAKVILLE, ONTARIO
Male, Age 32
July 23, 2024
Cheapest Quote
$ 468 / month
$5,618 / year
Average Quote
$ 638 / month
$7,654 / year
$ 170 / month
$2,036 / year
26.60 %
Recent Auto Insurance Quote from OAKVILLE, ONTARIO
Male, Age 42
July 23, 2024
Cheapest Quote
$ 362 / month
$4,338 / year
Average Quote
$ 492 / month
$5,909 / year
$ 131 / month
$1,571 / year
26.59 %
Recent Auto Insurance Quote from OAKVILLE, ONTARIO
Male, Age 40
2022 BMW X3 30i 4DR AWD
July 23, 2024
Cheapest Quote
$ 142 / month
$1,701 / year
Average Quote
$ 246 / month
$2,955 / year
$ 105 / month
$1,254 / year
42.44 %
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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Mandatory and optional auto insurance in Oakville

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

How much does car insurance cost in Oakville?

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.

How Oakville car insurance rates compare to other Ontario cities

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.

Which companies offer car insurance quotes in Oakville?

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

Factors that affect your Oakville car insurance premium

Your driving record
A track record free of traffic convictions (minor ones include speeding; major ones are considered driving under the influence, driving without a licence or insurance) ensures you pay the lowest possible rate.

If you’re convicted under the Highway Traffic Act, it will remain on your insurance record for six years (potentially more).

It takes time to reap the benefits of driving safely, but it’s guaranteed to work. If you put in the work and stick to it, you’ll see your premium shrink each time your insurance policy renews.

Your insurance history
Your insurance history also impacts your rate, as the past is a strong indicator of future behaviour, according to insurance actuaries (insurance professionals whose job is to calculate and forecast risk).

Do the following to build a strong relationship with your insurance company — and get a cheaper insurance rate:

  • Pay your premium on time
  • Tell the truth about the car you’re insuring and where you live.
  • Be selective about filing claims – pay out of pocket when you can.
  • Practice defensive driving.

Drivers in their teens and twenties are charged some of the highest rates of any demographic because they haven’t yet acquired a long enough history with any insurer.

However, by doing the above, you're ensuring that you won’t be surcharged for coverage and that by your mid-twenties, your rates will go down.

Your coverage

Buying more insurance than what’s required by the provincial government will increase your premium, but it will also save you thousands of dollars if you ever get into a major accident.

Legal and medical expenses have increased steeply since the mandatory requirements were set.

Insurance professionals often recommend purchasing at least $1 million in third-party liability insurance — four times the legal requirement.

Another scenario where it makes sense to buy more insurance is when you have a newer car, or one that you can’t afford to repair or replace out of pocket. In that case, collision and comprehensive insurance is likely worth having.

An insurance professional can help you decide which coverages you can afford to buy more of and which you can reduce.

Your neighbourhood

Insurance companies pool money from customers within a geographic area to fund settlements. Insurance companies use forward sortation areas (FSA) to draw boundaries, which are more commonly known as the first three characters in your postal code.

Depending on claims activity within an FSA, premiums can be high or low. More claims result in higher premiums and vice versa.

Your commute

The more you drive, the higher your car insurance premium.

That’s because the likelihood of you filing a claim increases when you drive frequently and for long distances. If possible, substituting the car with GO Transit can for your daily commute can help reduce your car insurance costs.

Tips on getting cheap car insurance in Oakville

Here are some tactics you can try to lower your Oakville car insurance premium.

  1. Compare quotes: The consumer protection agencies on the provincial and federal levels recommend comparison shopping before you ink a contract with a car insurance company. RATESDOTCA makes shopping around easy by aggregating quotes from Canadian insurance providers.
  2. Get the appropriate amount of coverage: Having the right amount of insurance coverage is extremely important. We definitely don’t recommend lowering your coverage just to get a cheaper premium. It’s far cheaper to pay a premium than it is to pay for legal and medical expenses out of pocket. 

    However, if you have collision and comprehensive insurance on a car that’s over five years old, you might be able to get away with dropping those coverages. After five years, many cars depreciate to the point where it’s cheaper to pay out of pocket to repair or replace them. Before you remove those coverages, you should speak with an insurance professional. 

    We also recommend increasing the policy limits for accident benefits and third-party liability insurance. For the latter, it’s recommended to buy at least $1 million dollars in coverage, which is four times the legal minimum required.
  3. Bundle home and auto insurance: Bundling home and auto coverage with the same insurance company can reduce your annual insurance costs by 15% or more.
  4. Try telematics or usage-based insurance (UBI): Telematics technology allows insurance companies to monitor your driving habits through sensors and GPS. Some of what it can detect are braking speed, average speed, and distance travelled. Several insurance companies operating in Ontario offer discounts for drivers who install a telematics device into their car’s diagnostic port and who demonstrate good driving behaviour over the course of a year. 

    Joining a telematics program can lower your premium by as much as 25% at renewal. However, in Ontario, insurers can now surcharge you if the data shows you haven’t been a careful driver.

    UBI is a product that relies on telematics technology, but its concern is how many kilometres you drive rather than how you’re driving. You pay for a set number of kilometres up front (about 10,000-12,000 kilometres per year), so you’re rated as a low-mileage driver. Then for every extra 1,000 kilometres you log, you pay extra. UBI essentially helps you control your premium a bit more, so you’re paying for what you use and nothing more.
  5. Drive less: If you think a UBI policy might be too restrictive, you can still lower your insurance costs by cutting back on driving. Actuarial data has long shown that spending more time on the road increases the probability that you’ll need to file an insurance claim — and claims will raise your insurance premium. That’s why insurance companies charge high-mileage drivers more than ones who drive less than 10,000 kilometres per year.
  6. Increase your deductible: A deductible is the amount a policyholder pays for a claim before the insurance company pays a settlement. Sometimes an insurer will lower your premium if you offer to pay a higher deductible because you save the insurance company money if you offer to shoulder more of the risk.
  7. Apply for discounts: Insurance companies offer discounts for union memberships, profession, and alumni status. For younger drivers, some insurers offer discounts for maintaining a certain grade point average. Ask an insurance professional about all the discounts that may apply to you. 
  8. Avoid additional drivers: Adding a second driver will raise your insurance premium, even if the secondary driver has a good driving history. You might want to ask them to chip in on insurance.
  9. Pay for the year upfront: It’s not feasible for every driver, but if you can, paying your entire insurance bill upfront can lower your insurance premium. You’re saving the insurance company money on overhead costs.
  10. Buy an endorsement: Endorsements are optional insurance products that you can add to your policy. They’re different from regular products because they change the terms of your contract (I.e., your insurance policy). Ontario allows you to purchase some endorsements that reduce your coverage for some risks. For example, you can waive coverage for glass repair in exchange for a lower premium. Speak with an insurance professional to see if the pros of such a move outweigh the cons.

Frequently asked questions about car insurance in Oakville

Have more questions about auto insurance? We've got answers.

How do insurance companies calculate rates for drivers in Oakville?

When it comes to calculating rates for drivers in Oakville, insurance companies take several different factors into consideration, including:

  • Driving history. Your driving history will weigh heavily when insurers assess and calculate your risk profile. Having a history of infractions such as speeding tickets or careless driving will result in higher premiums compared to someone with no infractions on their record. Be sure to obey the rules of the road and practice defensive driving any time you hit the road.
  • Your mileage. How much you drive will affect your car insurance rates in Oakville. Someone who drives 30-45 minutes to and from work each day will have higher premiums than someone who only uses their vehicle to run the occasional errand.
  • Your postal code. Where you live in Oakville can have an impact on your insurance rates. Different neighbourhoods can have significantly different rates if one area has a high number of claims.
  • Your age. Like it or not, your age is another factor that can have an impact on your insurance rates in Oakville. Because they lack experience behind the wheel, young drivers are statistically more likely to be involved in traffic collisions. This results in higher premiums. Drivers in their thirties and beyond are often able to obtain the lowest rates.
  • Your policy. The amount of coverage you choose will also affect your premium, with more coverage resulting in increased premiums. In Ontario, you are required to have minimum coverage amounts, including third-party liability, accident benefits, uninsured automobile insurance, and direct compensation property damage (DCPD).
  • Insurance history. Your insurance history is also important when determining your insurance rates in Oakville. Drivers who have filed multiple claims or have a history of missing payments may be given a higher rate. New immigrants are also likely to have higher rates due to their lack of Canadian insurance history.

Which company has the cheapest car insurance in Oakville?

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.

Which cars get the cheapest car insurance premiums in Oakville?

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:

  • GMC Sierra 1500 (2WD) 
  • Chevrolet Silverado 1500 (2WD)
  • Ford F-150 XL (2WD) 
  • Ram Pickup 1500 (2WD)
  • Hyundai Kona Essential 
  • Honda CR-V LX
  • Nissan Rogue S 
  • Toyota RAV4 LE
  • Toyota Corolla L
  • Honda Civic LX

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

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

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.

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

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.

How do I get car insurance as a new driver who’s not in their teens?

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.

Is ridesharing insurance available in Oakville?

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:

  • 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
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We saved Oakville drivers a total of $4,903,374.**

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 ,
Content Manager

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.

  • Car Insurance
  • Bachelor of Journalism, Toronto Metropolitan University
Featured in
  • Investigative researcher at CBC
  • Breaking news reporter at Toronto Star
  • General assignment reporter at National Post
  • Business and general assignment reporter at The Canadian Press
  • Writer at Canadian Business

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