Auto Insurance in Cambridge

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Cambridge Car Insurance Quote

What is required by Law in Cambridge?

Mandatory Auto Insurance Coverage

In Cambridge, you must have an auto insurance policy in force to drive. Fines for not having valid insurance in Cambridge can be up to $5,000. The following coverages are mandatory at all times:

How do rates compare to other cities?

Car Insurance Rates in Cambridge

cheapest auto insurance quotes
Living without a car in Cambridge is tough

Like the other cities in the Waterloo Region, owning a car (or multiple) is essential to truly enjoy everything Cambridge has to offer. Many people who are relocating to Cambridge or it’s neighbours from other parts of the world such as the United States hear horror stories of expensive auto insurance rates. Luckily, Cambridge still has great car insurance premiums and on average has even lower rates than Kitchener(which are already great). 

What Makes Cambridge rates so Good?

The density. Cambridge has not experienced as much of a population increase as other cities in the Greater Toronto Areas although that is changing slowly. Because there are less cars on the road, there are also less collisions. Less accidents result in good insurance rates

Best Way to get the lowest insurance rate in cambridge

There is only one “best” way to do that: Comparison shop. In Ontario, each insurance company will have different insurance rates for each postal code. They get their rates based on claims ratios for that given code. This means, your neighbor across the street can be with the same company as you and practically the same driving record, and still have a much different premium because his/her postal code had a worse loss ratio than yours. 

By shopping all the Cambridge insurance companies, you will know exactly which company offers the best rates for your unique record, vehicle and postal code while getting the correct coverages for your car. Each company will have company unique coverages which can greatly benefit you

How To Get An Auto Insurance Quote

Getting an auto insurance quote can be done very quickly and smoothly. The entire quoting process as well as the finalization of the policy can be done right from your home.

  1. The customer is asked for his basic information such as name, vehicle, address and drivers license number.
  2. If its a non-standard auto insurance quote, the customer will be asked a few follow-up questions to better access the situation.
  3. Once all the required information is received, the info is put through the insurance company software for estimates. 
  4. Once a quote is generated, the coverage is discussed and the client can decide to proceed with an application. Insurance applications are simple and can be done in the same say!
Finalizing an Insurance Policy

Once you receive an auto insurance quote that you are happy with, you move onto the application process. Most of the work is done by the insurance professional. This can take as little as one hour. 

Once applications are completed, they are sent over to the client for review and signing. The client signed the applications and sends it back to the agent or broker along with a vehicle ownership and a payment method (credit card or bank account).

The insurance professional then sends the clip a pink slip also known as a binder. At this point the customer is legally insured and can drive the vehicle. 

The policy is then uploaded to the insurance company and paperwork is sent out to the clients home.

One-way Vs. Full Coverage

When searching for auto insurance in Cambridge, one of the questions you may be asked is weather you would like full coverage or just one-way insurance. What does this mean?

One-way insurance means that you would like to opt out of both collision and comprehensive insurance. This is a significant reduction of coverage and should only be chosen if it makes sense. If your vehicle is older and worth very little, it may be wise to save on premiums and removing collision and comprehensive coverage. 

Full coverage generally means you would like to include collision and comprehensive coverage. This covers your vehicle in the event that event that you are at fault or in several other events where your vehicle is damaged. 

Tip To Save Money On Auto Insurance

The best way to save money on your auto insurance is to bundle. You should always add your Cambridge home insurance to your auto policy. But what if you don’t currently own property? No problem, even if you rent, we can create a small tenant policy which will qualify you for the multi-policy discount!

Top Three Reasons

Why Your Cambridge Auto Insurance Is So High

Many different factors affect your auto insurance rate in Cambridge, but these three have the most weight.

01

Address

The address is the biggest factor that will affect your auto insurance. Different parts of Cambridge will have different rates.

02

Claims

If you have an at-fault accident on your record, expect your insurance rate to be high. At-fault claims are rated for six years. 

03

Vehicle

Your vehicle will have an impact on your car insurance price. New, expensive vehicles will cost more to repair and can increase insurance rates. 

Best Ways to Save on Cambridge Car Insurance

Cambridge auto insurance rates are rising every year. Now more than ever is a great time to shop around! 

Below you will find three more ways on how you can save some money on your Cambridge car insurance.

Compare the Best Cambridge Auto Insurance rates

There is no better time to shop around than now! Insurance rates change every few months, the company that was best in Cambridge last year may not be today. Shop around for the best current car insurance price! 

How to reduce your rate

Cambridge Auto Insurance Discounts

Cambridge is home to many young families. Life is already expensive enough without auto insurance. 

Here are a few discounts to help reduce your auto insurance rates even more:

  1. Pleasure usage
  2. Drivers Training Discount
  3. Emergency Breaking Systems Discount 
  4. Multi-vehicle discount
  5. Drivers training discount
  6. Winter tire discount
  7. Telematics enrolment discount 
  8. Home and auto discount

Commercial Auto Insurance in Cambridge

Can be very affordable!

Is your car used for business?

Cambridge Commercial Auto Insurance

If you are an independent contractor who uses a vehicle to carry tools or go to new jobsites regularly, you will require a commercial auto insurance policy. In a case like this, your standard auto insurance policy may not cover you in the event of a claim. Be sure to speak to an insurance professional if you are unsure of your vehicle usage.

Commercial Auto Insurance Questions and Answers

Cambridge Commercial Auto Questions

Commercial auto insurance
How expensive are commercial auto insurance policies?

When comparing a commercial auto insurance policy with a standard auto policy, you may be surprised to learn that in many cases, the commercial policy may be cheaper. The reason behind this is that commercial auto insurance uses different rating factors such as business usage and weight of the vehicle. They are more tolerable of accidents or tickets.

Can I use my commercial vehicle personally in Cambridge?

If you get a commercial auto insurance policy and want to also use it personally, you will be rated as a class 36. This may be a little more expensive because you will be using it a lot more. If you are not a class 36, you will not be able to use it personally.

What is Fleet Insurance?

A fleet is formed once you have at least 5 vehicles under a policy. You then qualify for fleet insurance. By forming a fleet, you reduce you paperwork and qualify for slightly better pricing.

Examples of businesses in Cambridge which may require commercial auto insurance

If you are ever unsure weather you require a commercial auto insurance policy, speak to an insurance professional. Insurance companies are becoming more strict every year which makes it more important to have the correct policy type. Below are a few examples of businesses which will require a commercial auto insurance policy:

Janitors

Electricians

General Contractors 

Couriers

Painters

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