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While driving in Cambridge may be easier compared to bigger cities, finding affordable car insurance in Cambridge can still be tough.

Make sure your trips around Cambridge are protected with the proper car insurance. LowestRates.ca can not only help you find out how much car insurance is in Cambridge but the auto insurance rates best suited for your lifestyle.

Seeing as it’s the second-largest community in the Waterloo region, there are more than a few auto insurance companies available ready to serve you. Taking 3 minutes to look a bit deeper for your best auto insurance quote in Cambridge can save you hundreds of dollars a year. Best of all, it's 100% free to use LowestRates.ca and your data is always secure. 

Car insurance in Cambridge, Ontario

Car insurance in Cambridge (and the entire province of Ontario) is regulated by the Financial Services Regulatory Authority of Ontario (FSRA). Its job is to ensure that, when insurance companies propose rate changes, they're fair for consumers and the insurance providers themselves. FSRA's rules require that agents and businesses selling auto insurance be licensed and follow all relevant legislative guidelines. FSRA also oversees the adjusters and firms investigating auto insurance claims.

Car insurance in Cambridge is mandatory, just like anywhere else in Ontario. Vehicle owners, lessees and drivers who do not carry valid auto insurance can be fined anywhere from $5,000 to $50,000. Your driver's licence can be suspended and your car impounded if you drive without valid auto insurance.

Mandatory & optional insurance coverages in Cambridge

Mandatory coverage, something all drivers must get if they want to legally drive a vehicle in Ontario, must include:

• Third-party liability: Mandatory third-party liability coverage protects an insured Ontario driver if someone is killed, injured, or suffers property damage because of driver negligence. For a minor injury, no-fault medical payments are limited to $3,500. You must hold at least $200,000 in third-party liability coverage.

• Statutory accident benefits coverage: Helps pay for medical expenses if you are injured in an automobile accident, regardless of who caused the accident. This includes supplementary medical, rehabilitation and attendant care, caregiver, non-earner and income replacement benefits.

• Uninsured automobile coverage: Uninsured automobile coverage protects you and your family if you are injured or killed by a hit-and-run or uninsured driver.

• Direct compensation – property damage (DCPD): Under DCPD, if you get into an automobile accident, your own insurer pays for the portion of your vehicle's damage for which you are not at fault.

According to FSRA, the five most common policy endorsements for optional coverage are:

• Rented or leased vehicles (OPCF 5): If you drive a leased vehicle, you may need to add an endorsement to your auto insurance. This endorsement is for long-term leases rather than short-term car rentals.

• Transportation replacement (OPCF 20): This optional insurance type covers a rental car while your vehicle is repaired or replaced due to a covered accident or other insured damage. OPCF 20 adds loss of use coverage to your policy.

• Liability for damage to non-owned automobile(s) and other coverages (OPCF 27): This provides physical damage coverage to cars you use but don’t own, such as a rented or borrowed car.

• Removing depreciation deduction (OPCF 43): This coverage takes away any opportunity for your insurer to depreciate the value of the car when settling a claim for loss or damage caused by a peril for which you are insured.

• Family protection coverage (OPCF 44R): This protects you and eligible family members if you are involved in a car accident and the other driver doesn't have adequate insurance. It raises the uninsured driver's policy limits to match your own. 

Factors that determine your car insurance rates in Cambridge

There are a number of factors that determine your car insurance rates in Cambridge. Here are some to consider:

• Your mileage

• Your postal code

• Your driving record

• Your age

• Your policy type

If you are an occasional driver, your low mileage status will lower your Cambridge car insurance premium. The opposite is true if you commute long distances or are in your car more often. Cambridge insurance companies will consider the higher risks of drivers who are in their cars more often and increase rates accordingly.

Your postal code can also influence your Cambridge car insurance rates. Some areas have lower crime rates and urban density, and people who live in those areas may find their Cambridge car insurance rates are cheaper than those living in higher-crime areas with more congestion.

As is the case everywhere in Canada, cheap auto insurance for young drivers is hard to come by in Cambridge due to their short driving and insurance histories. Taking driving training courses can help with that, but younger drivers, especially males, will find their rates to stay higher until they have some miles behind them.

In addition, having previous incidents on your driving record certainly won’t do anything to help your automobile insurance in Cambridge.

You can use LowestRates.ca’s car insurance calculator to figure out Cambridge's best option for car insurance for you.

Car insurance rates for Cambridge seniors

Experience counts for a lot in life. If you're in your sixties with a clean driving record, you can get better rates for your Cambridge car insurance.

This age group is considered very safe, with years of driving experience. At the same time, they've generally kept loyal to their insurance companies and likely have multiple products with the same company. All of these factors serve them well regarding rates and discounts.

Once you get past the 70-year mark, some Cambridge insurance companies may consider you a higher risk and your rates might increase slightly.

Comparing rates with different companies may yield savings if you are a senior who has seen your auto insurance premium increase with age. Use LowestRates.ca's online quote tool to get started.

Car insurance rates for students in Cambridge

Cheap auto insurance for students in Cambridge is hard to come by since most students are relatively new drivers in their early twenties (i.e., one of the riskiest demographics to insure, according to insurance providers). Your insurance rate will begin decreasing starting at age 25 if you keep a clean record, choose an inexpensive car, and take a driving course. In the meantime, you can still garner savings by comparing rates. Students who compare rates find some of the most significant discounts: when your rates are sky-high in the first place, there's more room for them to come down.

Car insurance for new immigrants in Cambridge

If you’ve recently immigrated to Cambridge from overseas or elsewhere, ask your old insurance company to provide a reference to your new Cambridge auto insurance company. You’ll have a better chance at securing a lower car insurance rate because you have proof of your insurance and driving history.

You must trade in your licence from the country you’ve emigrated from within 60 days for an Ontario driver’s license. The provincial government recognizes licences from several countries as equivalent to an Ontario license, which will make your transition smoother and prevent you from going through Ontario’s graduated licencing system.

If you’re immigrating from a country other than the ones listed below, you will have to go through Ontario’s graduated licencing system, which means you’ll be considered a new driver.

Here are the countries with which Ontario has a licence exchange agreement:

• The U.S.

• Australia

• Austria

• Belgium

• France

• Germany

• Great Britain

• Isle of Man

• Japan

• South Korea

• New Zealand

• Northern Ireland

• Republic of Ireland

• Switzerland

• Taiwan

Car insurance for high-risk drivers in Cambridge

Cheap auto insurance in Cambridge for high-risk drivers is difficult to come by, as is the case anywhere. The more dents you have on your record, the likelier it is that your Cambridge car insurance costs will take a chunk out of your budget. However, some insurance companies specialize in insuring high-risk drivers; these providers are more likely to offer your lowest rate. Comparing rates is especially important for high-risk drivers since insurers in Ontario must provide a quote to all eligible customers, even if they don't specialize in covering drivers with your history. That means you could overpay for coverage if you don't shop around. Find out which insurance company favours you by getting quotes insurance quotes before you lock in with the best offer.