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ar insurance is mandatory for drivers throughout Ontario and this includes Hamilton. Driving without insurance in the province is a serious offence. If you don’t have valid insurance, your vehicle could be towed and your driver’s licence suspended. Fines can range from $5,000 to $50,000 for failure to carry valid auto insurance.
Car insurance in Ontario — this means all cities, including Hamilton — fall under a no-fault insurance system. That means that if you find yourself in a collision, you go through your own insurance, whether the accident was your fault or not. (That being said, if you are involved in a collision with another driver, always be sure to ask them for their insurance information.)
Car insurance in Hamilton and throughout Ontario is privatized. This means that many different companies offer insurance, allowing you to shop the market and find the best prices and coverages for yourself. You can find insurance from insurance companies directly, use a broker to help you shop the market, or save time by using a site like RATESDOTCA to quickly compare rates from a variety of insurance companies and brokers.
Hamilton car insurance rates and regulations
As mentioned, car insurance in Hamilton is provincially regulated. The Financial Services Regulatory Authority of Ontario (FSRA), is responsible for controlling the pricing that car insurance companies charge consumers. Insurance companies have to apply to FSRA whenever they want to raise rates, and FSRA reviews the financials of insurance companies to ensure that the rate increases that are being passed on are reasonable.
During the pandemic, FSRA approved a number of rate cuts that were passed on to consumers from insurance companies. Insurance companies cut rates because they saw claims drop during the pandemic, as government lockdowns in Ontario led to a significant decrease in the number of drivers on the road.
However, more recently, car insurance companies have been raising rates. This is due to inflation increasing costs for insurers, with vehicles becoming more expensive to repair, rental car replacements more difficult to secure and the rising cost of medical services in the event of injuries in an accident.
| Postal Code | Location | Average Premium |
|---|---|---|
| L8H 0A1 | Burland Crescent | $1900 |
| L8K 0A1 | Rolling Lane | $1723 |
| L8L 0A2 | Cannon Street East | $1900 |
| L8M 0A1 | Cumberland Avenue | $1900 |
| L8N 0A3 | Po Box 2040 Stn Lcd 1 | $1900 |
| L8P 0A1 | Longwood Road South | $1900 |
| L8R 0A1 | King William Street | $1900 |
| L8S 0A1 | Main Street West | $1512 |
| L8T 0A1 | Po Box 99900 Rpo Fennel | $1723 |
| L8V 0A3 | Jeremiah Court | $1900 |
| L8W 0A1 | Jonathon Court | $1731 |
| L9A 0A1 | Colin Crescent | $1900 |
| L9B 0A1 | West 5th Street | $1723 |
| L9C 0A1 | Chester Avenue | $1900 |
| L9G 0A1 | Silver Maple Drive | $1512 |
| L9K 0A1 | Carmichael Trail | $1723 |
| L9H 0A1 | Hatt Street | $1192 |
| L8E 0A2 | Seabreeze Crescent | $1723 |
| L8G 0A2 | Greenbrook Drive | $1723 |
| L8J 0A1 | Cornerstone Drive | $1723 |
Above average insurance premium numbers are according to data from RATESDOTCA Insuramap.
The average cost of car insurance in Hamilton clocks in at $1,542, based on current RATESDOTCA Insuramap data. That clocks in at nearly the exact average of $1,555 in Ontario. It’s also cheaper than the average in Toronto, which clocks in at $1,953.
That being said, there are cheaper municipalities than Hamilton for car insurance. There are many reasons for this. For starters, it’s not uncommon for Hamilton drivers to commute to Toronto for work. As well, the 403 highway, one of Canada’s busiest, passes through the city. All of this leads to busier roads and the potential for collisions.
There are ways to save on the premiums you pay, and it’s no secret. The key here is to know more about how car insurance in Hamilton works. Here are our tips for finding the best rates the RATESDOTCA way:
1) Ask for discounts! Asking your insurance provider for their discounts is a great way to save. Alumni discounts such as for McMaster University are some of the popular professional affiliate discounts we see. You could be eligible for some great discounts, so don’t hesitate to ask.
2) Review your coverage regularly: Whether you are getting married, moving, or getting a new job, use these opportunities to shop around for rates to make sure you get the right coverage for your current status.
3) Consider a usage-based insurance program: By signing up for a usage-based insurance program, you install a device on your car that monitors your driving; like your speed, how hard you step on the brakes, how fast you accelerate, and more. This can help lower your rates and get you savings of up to 25 percent if you are a good driver. This is popular among younger drivers especially as it helps establish your credit as a good driver.
4) Choose your vehicle wisely: Of course, you should be able to buy the car you love, but if you really want to save on your car insurance, go for cars that are less risky. You will pay more if your car is more likely to be stolen, for example, so if you are searching, look for a car that is cheaper to insure.
5) Maintain a good driving record: This doesn’t just give your savings, but also means you value safety on the road. Tickets, accidents and claims will naturally increase your premiums and stay on your record for years.
6) Consider raising your deductible: It’s simple: The higher your deductibles, the lower your premiums. If you raise your deductible to over $500, which is the standard amount, you could be eligible for five to 10 percent savings on your premiums. Always look at your finances before your try this, since a deductible is the part of the expense you cover in the event of a claim.
7) Bundle your auto insurance and home insurance policies: Get your home insurance and your car insurance under one provider and save about five to 15 percent on your combined premiums.
8) Install winter tires: Changing into your winter tires seasonally will earn you a discount of about five percent, while also ensuring that you are safe while driving on icy roads in extreme winter conditions.
9) Pay your premiums annually: If you choose to pay your premiums in a lump sum, instead of monthly payments, you will be paying less for your coverage overall.
10) Shop around: This goes without saying as no two providers will give you the same rate. Comparing car insurance quotes online is one of the easiest ways to save on your car insurance rates. Imagine being able to save hundreds of dollars on your premiums just by comparing for a better price online. It’s easy with RATESDOTCA!
There is no single company that will have the cheapest car insurance for everyone. Every company prices risk differently, which means the only way you can find the cheapest car insurance for yourself is by comparing rates online. While one company may deem you a high risk and offer you a higher rate, another company could feel otherwise, and offer you a great rate.
Best is subjective. The best company for you is one that is willing to offer you the coverage you need for the best price. This can even change annually, so getting too attached to a company can be counter-productive to getting the best price.
Month-to-month unfortunately is not available in Hamilton, or Ontario. Most insurance companies require that you pay your premium annually, whether in monthly increments or all up front (often for a discount).
Car insurance is available for new drivers by using a site like RATESDOTCA to be connected with insurance companies and brokers. Our site will help you find the cheapest insurance rates available to you so that you can make a decision on the best coverage for your individual needs.
Yes, if you are planning to drive for a ride sharing service such as Uber or Lyft, you can secure the necessary insurance for it in Hamilton. Keep in mind this coverage is different from standard insurance, and you can lose coverage if you are driving for a rise share service on standard insurance. Given that risks are higher driving for ride share, expect to pay more for this coverage.
*Shoppers in Ontario who obtained a quote on RATESDOTCA and transacted via our contact centre from August to December 2020 saved an average amount of $676. 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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