Auto Insurance in Oakville

Insurance rates change every few months, the company that was best in Oakville last year may not be today. Shop around for the best current car insurance rate! 

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Oakville Car Insurance Quote

What is required by Law in Oakville?

Mandatory Auto Insurance Coverage

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

Getting the right Coverage

Car Insurance Rates in Oakville

cheapest auto insurance quotes

Focus on coverage, not just price

Finding the best auto insurance isn’t as simple as getting the lowest price. There are many coverage options which could increase the rate slightly but make a big difference should a claim occur. The two most important coverages which will add a lot of value to your policy are: accident forgiveness and comprehensive coverage.

Accident forgiveness

As the name implies, accident forgiveness coverage “forgives” the first at fault accident on a policy. The catch however is that only the insurance company you are currently with forgives the accident. If you were to shop around for a new insurance policy, that accident will be rated on your new policy.

In order to purchase this accident forgiveness coverage, a client must qualify. Each insurance company has different requirements. Majority of insurers such as Aviva or Intact require at least 6 years of insurance history with no at fault losses. Some companies require 8 years to get the coverage and very few require no history at all. This is by far the most important endorsement on an auto insurance policy and it generally costs very little to add. 

Comprehensive Coverage

Comprehensive coverage is one part of a “full coverage” policy. It is the theft and vandalism coverage. The reason I would like to discuss it today is because many clients choose a liability-only insurance policy meaning no collision or comprehensive coverage. Collision coverage is usually expensive but Comprehensive coverage can be purchased at a very good price.

Comprehensive coverage can be added onto your liability only insurance policy to cover your vehicle should it be stolen.  If you just have one way coverage, a stolen or vandalized vehicle has no coverage. 

Collision Coverage

Collision coverage is the more expensive coverage option. It covers your vehicle should the accident be your fault. An example would be if you rear-end the car in front of you, that will be considered an at-fault accident. If your vehicle was damaged, the policy will pay out of the collision coverage.

The deductible is the portion of the damage which the client pays. You will have the option to select your deductible. The most common options are $0, $500 and $1,000 but can go as high as $5,000 if your vehicle has a high value. From the example above, if you rear-ended the car in front of you and the damage to your vehicle was $7,000 and your deductible was $500, your insurance will cover $6,500.

Top Three Reasons

Why Your Current Oakville Auto Insurance Is High

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

01

Address

The address is the biggest factor that will affect your auto insurance. Different parts of Oakville will have different rates. Luckily, Oakville has very competitive 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. 

Save on your Oakville Car Insurance

Oakville 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 Oakville car insurance.

Get the Best Auto Insurance rates in Oakville, ON

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How to reduce your rate

Oakville Auto Insurance Discounts and Tips!

Oakville is a beautiful city to live in. It’s known for its large homes and great lake views. Although the real estate prices can be high, auto insurance is generally on the lower end when compared to the GTA.

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

  1. Drivers training discount
  2. Telematics enrolment discount 
  3. Multi-vehicle discount
  4. Home and car discount
  5. Winter tire discount
  6. Pleasure usage 

Along with all those discounts, here are a few extra tips to help keep you auto insurance premiums as low as possible.

  • Increase your deductible. If you are confident in your driving ability, you should consider increasing your deductible because that will decrease your insurance rate.
  • Your should always bundle your auto insurance with your Oakville home insurance policy. If you do not own a home or condo, you can consider getting tenant insurance to qualify for the home and auto discount.
  • Collision and comprehensive coverage are not mandatory. If you have an older car, consider insuring it just one-way to help save on insurance costs.

Commercial Auto Insurance in Oakville

Can be very affordable!

Is your car used for business?

Oakville Commercial Auto Insurance

Are you an electrician who carries tools in your truck? Do you deliver products to different clients? Are you a contractor  who has machinery attached to his vehicle? If your case is similar to the ones mentioned, you will require a commercial auto insurance policy. Your standard auto insurance policy may not cover you in the event of a claim. If you are ever unsure, speak to an insurance professional.

Commercial Auto Insurance Questions and Answers

Oakville Commercial Auto Questions

Commercial auto insurance
How are commercial auto insurance policies rated?

Commercial auto insurance policies have a lot of similarities to their standard auto insurance sibling. Factors such as age, driving record and address still apply. The main differences are with the vehicles usage. If you are a contractor, your rate may be different from a electrician’s assuming all other factors are the same. 

Can I use my commercial vehicle personally?

You may use your commercial vehicle personally as long as the insurance company is aware and you are rated as a class 36. 

How Many Vehicles are required to Form a Fleet?

In order to qualify for fleet insurance pricing, you must have at least 5 vehicles. 

Examples of Oakville businesses which may require commercial auto insurance

Below you will find several businesses which will require a commercial auto insurance policy:

Janitors

Electricians

General Contractors 

Couriers

Painters

By City

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