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Updated
Waterloo has a limited no-fault auto insurance system. This means that you don't need to sue another driver to get compensation for medical care or physical damage to your car; your insurance company pays for these things.
In most cases, your interaction with the other driver will be limited to exchanging insurance information immediately after the collision.
The no-fault system entitles you to financial compensation for accident benefits, legal expenses, and even repairs to your car (under some circumstances), even if you caused the accident.
Ontario adopted the no-fault system in the '90s to shorten wait times for injured drivers to access money to pay for medical care and repair services. Previously, the province had a tort-based auto insurance system under which drivers had to sue for compensation.
In pure no-fault systems, injured drivers cannot sue the at-fault driver for things not covered by insurance, like damages for pain and suffering. Ontario's no-fault system is defined as ‘limited’ because drivers here have the right to sue for damages. However, the damage must exceed the financial threshold the province sets.
Also, when people first hear the term ‘no-fault,’ they're confused about whether you can be found at fault. The Ontario Insurance Act outlines dozens of collision scenarios to determine which driver was at fault.
Drivers who cause accidents will still face the consequences of their actions. The penalties doled out by insurance companies range from premium increases or outright policy cancellations.
| 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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The average car insurance premium in Waterloo is $1,351 per year, or roughly $113 per month, according to the RATESDOTCA Insuramap.
The average Ontario premium is $1,555 annually, making auto insurance 13% cheaper in Waterloo.
The average premium increased year over year by 5.9%. These figures are based on the quotes a 35-year-old male driver with a clean driving record applying for basic insurance would receive in late 2021.
| Waterloo average 2022 | $1,351 |
| N2J | $1,331 |
| N2K | $1,331 |
| N2L | $1,331 |
| N2T | $1,382 |
| N2V | $1,382 |
Average insurance premium numbers are according to data from RATESDOTCA Insuramap.
Insurance companies use forward sortation areas (geographical areas delineated by the first three letters of your postal code) to group, or pool, customers.
The highest premiums in Waterloo were found in forward sortation areas that contain some of the city’s most desirable real estate. Here, drivers pay about $1,382 per year, or $31 more than the city average and $51 more than drivers in the cheapest Waterloo neighbourhoods.
Many of the forward sortation areas with the lowest premiums are found within, or adjacent to, the downtown core.
Without detailed claims data to draw upon, it’s hard to make concrete conclusions about why these Waterloo neighbourhoods have the premiums they do. However, the conventional wisdom about what drives premiums up or down appears to apply.
For instance, insurance rates tend to be lower for downtown residents (like those in N2J and N2L postal codes) since they’re less dependent on cars. Using your car less will reduce your insurance costs.
As for the N2T and N2V neighbourhoods, higher insurance premiums are usually a sign that insurance companies pay out in claims to policyholders in that area. This could be in part due to affluent families' tendencies to drive cars that cost more to repair or replace. Also, a family could own multiple cars, which increases the cost of insurance.
Waterloo and its twin city, Kitchener, are in the middle of the pack for auto insurance prices in Ontario. According to the RATESDOTCA Insuramap survey, Waterloo ranked 33rd out of 53 spots and is in the 51st percentile for car insurance prices, meaning the price of insurance in 50% of the other cities surveyed is higher, and the price of insurance in the other half is lower.
Auto insurance in Waterloo costs $1,351 per year on average, or about $113 per month. Overall, Waterloo is on par with its neighbours when it comes to auto insurance. Kitchener’s average rate is fractionally lower, and drivers in Guelph and Cambridge only pay about $4 a month more than drivers in Waterloo.
The real difference in savings is revealed when you compare Waterloo to cities within the GTA. Insurance in Vaughan, which has the province’s highest average premium, would cost the same driver $828 more per year or $69 more per month. It would cost them $602 more per year or $50 more monthly in Toronto.
| Rank | City | Average 2021 premium | Difference (%) from Waterloo |
|---|---|---|---|
| 1 | Vaughan | $2,179 | +61% |
| 2 | Ajax | $2,104 | + 61% |
| 3 | Richmond Hill | $2,025 | + 56% |
| 4 | Brampton | $1,976 | + 50% |
| 5 | Mississauga | $1,971 | + 46% |
| 6 | Pickering | $1,959 | + 46% |
| 7 | Toronto | $1,953 | + 45% |
| 8 | Oshawa | $1,833 | + 45% |
| 9 | Whitby | $1,792 | + 36% |
| 10 | Nobleton, Schomberg, Orangeville, King City | $1,766 | + 33% |
| 33 | Waterloo | $1,351 | -- |
| Company name | Company type | Phone number | Address |
|---|---|---|---|
| aha insurance | Direct writer | 1-855-242-2440 | 283 Northfield Dr E #4, Waterloo, ON N2J 4G8 |
| Allstate Insurance: Waterloo Agency | Insurance company | 226-444-5574 | 330 Farmers Market Rd Unit 402, Waterloo, ON N2V 0A5 |
| Cane and Co. Insurance | Insurance Broker | 519-570-1117 | 375 University Ave E Unit 105, Waterloo, ON N2K 3M7 |
| Economical Insurance | Insurance company | 1-800-265-2180 | 111 Westmount Rd S, Waterloo, ON N2L 2L6 |
| Insurance Hotline | Quotes comparison | 1-855-821-7312 | 225 King St W, Suite 1000, Toronto, ON, M5V 3M2 |
| LowestRates.ca | Quotes comparison | 1-855-487-6911 | 1910 Yonge St Suite 401, Toronto, ON M4S 3B2 |
| RATESDOTCA | Quotes comparison | 1-844-726-0907 | 225 King St W, Suite 1000, Toronto, ON, M5V 3M2 |
| Scoop Insurance | Quotes comparison | 1-866-456-6620 | 300 Lincoln St unit 22, Welland, ON L3B 4N4 |
| The Co-operators Insurance | Insurance company | 1-800-265-2662 | 668 Erb St. W Unit B5, Waterloo, ON N2T 2Z7 |
| Zehr Insurance Brokers Ltd | Insurance Broker | 519-746-5900 | 279 Weber St N, Waterloo, ON N2J 3H8 |
Have more questions about Waterloo car insurance? We have answers.
Every insurance company will quote a different price; no insurance company offers flat-rate insurance to all its customers.
Premiums are determined by how much risk an individual within a particular geographic territory represents, no matter where you go.
That means your friends and family might find a cheaper rate with company A, while company B can offer you a better rate.
The best way to find out which insurance company you should use is to compare quotes from multiple providers.
The answer will be different for everyone. Compare car insurance companies to see which one can offer good protection at a low price.
Month-to-month car insurance isn’t available in Ontario.
Insurance companies require a one-year commitment from you in return for coverage. Some insurers offer six-month policy terms, but it’s not especially common.
You could purchase a one-year insurance policy and cancel it before it renews, but you’ll be charged a fee (a percentage of your overall premium).
Another solution is to purchase usage-based insurance. It’s a new insurance product in Canada geared towards low-mileage drivers.
You pay a base rate for every 1,000 km you drive, usually up to 10,000 km or less. A device installed into your car’s control panel monitors your driving.
You can also purchase an endorsement, Suspension of Coverage (OPCF16), that allows you to pause your coverage for cars in storage.
The traditional route for buying insurance is to go to an insurance agent or broker.
Today, however, you can compare multiple insurance and brokers in minutes using a rates comparison site like RATESDOTCA.
New drivers, regardless of age, can expect to be charged higher than average premiums, making shopping around even more critical. Inexperienced drivers may pay the most, but our data shows they stand to find the most significant savings of any group.
Start a quote on RATESDOTCA and see which company or broker offers your lowest rate.
Yes, ride-sharing insurance is available throughout Ontario. The largest rideshare companies offer insurance to drivers. For example, Uber provides drivers rideshare insurance, which is underwritten by Economical insurance. If you're with another insurer, don't worry; ride-sharing insurance won't conflict with your personal policy. Rideshare platforms have partnered with insurers to provide commercial insurance coverage from the moment you turn the app to when you turn it off. When you log off, your personal insurance applies.
The Financial Services Regulatory Authority of Ontario (FSRA) maintains a list of all the recognized rideshare apps and the insurance companies that underwrite their driver policies:
*Shoppers in Waterloo who obtained a quote on RATESDOTCA from January to December 2023 saved an average of $503 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.
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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