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Car insurance in Markham, Ontario.
The average Markham driver pays double the provincial average for car insurance — not an insignificant chunk of change.
Automobile insurance in Markham, Ont., is regulated by the Financial Services Regulatory Authority of Ontario, just like any other city in the province. FSRA regulates the proposed rates by auto insurance companies in Ontario to make sure it is fair and not excessive. The regulatory body also makes sure the insurance companies charge enough to cover their operating cost, future claims from consumers and their own profit while offering a reasonable rate to the consumers.
Automobile owners or drivers who do not carry valid insurance can be subject to a hefty fine ranging from $5,000 to $50,000 on the first instance. If you are found driving without valid auto insurance a second time or on subsequent instance, you can have your driver's licence suspended and your vehicle seized.
The Compulsory Automobile Insurance Act requires every car owner or lessee to insure that vehicle if it is being operated on a public road. The Financial Services Commission of Ontario (FSCO), along with the Ministry of Transportation and local police services, enforce that Act by prosecuting offences in court and by imposing fines for contraventions.
Your auto insurance company will consider you a “high-risk” driver if you are convicted of driving without valid insurance and charge you higher premiums.
Mandatory & optional insurance coverages in Markham
| 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. | 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 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. |
Factors that determine your car insurance rates in Markham.
No two auto insurance providers in Markham will ever offer you the same rate and there are several factors which determine your car insurance rate. Some drivers are aware of the factors while others are not, so here’s a list of factors at play to determine what your insurance rate would look like:
Neighbourhood: Car insurance premium is greatly influenced by your postal code. Insurance providers are risk assessors, so if drivers in your neighbourhood are more likely to file claims, your rates will rise as well. Differences in the rate of claims from one postal code to the next can be linked to driving pattern and history, congestion in the area, crime rates, and other geographic differences.
Vehicle: The type of vehicle you drive also plays a big role in increasing or reducing your premium. Driving a car decked out with aftermarket accessories, customized specifications, or luxury trim will raise your insurance rates. These cars cost significantly more to repair or replace after an accident.
Annual mileage: Insurance companies are interested in your daily commute distance in order to determine your premium rate. The more time you spend on the road, the more likely you are to get in an accident. Therefore, commuters tend to pay more for car insurance. From an auto insurance perspective, commuting by transit, walking, or cycling is a much better choice.
Driving history: Your personal driving record has an outsized impact in determining your car insurance premiums. If you have any convictions or accidents on your record, you’ll pay more for insurance until enough time has passed (usually six years). Those pesky speeding tickets can raise a red flag if you have a pattern of accumulating them. While parking tickets will not increase your insurance rates, if your driver’s licence gets suspended because of too many unpaid parking tickets, this can cause your insurance provider to increase your rates.
Insurance coverage: Like all cities in Ontario, Markham has mandatory and optional auto insurance coverage. If you select coverage beyond the minimum requirement, you will pay more for that enhanced protection.
Discount eligibility: Your age, occupation, and alumni are all potential sources of discounts. You can always ask your insurance provider about the discounts you're eligible for to ensure you get the best rate.
Additional drivers: A policy that includes secondary drivers will expand your vehicle's coverage, but it also means you'll pay more.
Bundle your insurance: Your insurance provider might also ask you to bundle your insurance policies, such as home and auto, as an easy way to reduce your premium from 5-15%.
Car insurance rates for Markham seniors.
For car owners and drivers between the ages of 50 to 65, insurance premium is usually the lowest because this age group tends to have a long insurance and driving history, long loyalty to their insurance provider, and long-term bundle packages. Insurance providers prefer customers in this age group because of all these characteristics and often are offered the lowest possible rates.
Older seniors, mostly within the age group of 70 to 80- years- old may see their car insurance prices rise because insurance providers consider them to have a higher risk of accidents. It may also take older people longer to recover if they are injured in an accident, making claims more expensive.
As a senior, if you have seen your auto insurance premium increase with age, comparing rates with different companies may yield savings. Use LowestRates.ca's online quote tool above to get started.
Car insurance rates for students in Markham
Insurance companies usually charge younger drivers high premiums. This is because a less experienced driver is more likely to get involved in an auto accident that leads to higher claim for insurance provider. If you have been covered for auto insurance since age 16, your insurance premium rates should begin going down in your mid-20s and will continue to decline with age.
A few tips to consider reducing your premiums are:
- Use your parents' car and ask to be added as a secondary driver on their insurance policy, instead of buying a new vehicle.
- Take certified driving lessons and ask your insurance provider what courses qualify for a discount and what proof you will need to provide for that.
- Some insurance providers offer good student discounts. Ask your insurance provider what requirements will help you get better rates.
Car insurance for new immigrants in Markham
New immigrants can trade in their international driver’s licence to get an Ontario driver's license and car insurance within 60 days of arriving in Ontario. The Government of Ontario honours drivers' licenses from certain countries as equivalent to an Ontario license, making it easier to trade in your old license for a new one.
Here are the countries Ontario recognizes for its driver's license exchange program: Australia, Austria, Belgium, France, Germany, Great Britain, the Isle of Man, Japan, South Korea, New Zealand, Northern Ireland, Republic of Ireland, Switzerland, Taiwan, United States.
If you moved to Ontario from a country besides those listed above, you will need to follow the steps of Ontario's graduated licensing system to obtain your driver's license. However, you might be able to avoid this if you have a letter from their home country’s regional transport department that attests to your good driving record. You can request your previous car insurance provider to give a reference to your new Ontario insurance company. Sharing information about your insurance and driving history can help lower your rate.
Car insurance for high-risk drivers in Markham
High-risk drivers are likely to file for more claims and hence have higher premiums. A high-risk driver is someone who has been convicted of a driving offence or being caught driving without insurance coverage. High-risk drivers still need auto insurance in order to drive, so there are providers that will offer you coverage. LowestRates.ca partners with the best high-risk car insurance providers to ensure you can obtain the coverage you need at the lowest rate available.
What can I do to get the cheapest car insurance in Markham, Ontario.
The average Markham driver pays double the provincial average for car insurance — not an insignificant chunk of change.
We’ve saved Markham drivers hundreds of dollars by lowering their auto insurance bill and we can help you find a better rate, too. Luckily, there are lots of auto insurance companies serving Markham. The best way to find out which car insurance company is right for you is to compare the market. At LowestRates.ca, you can find the cheapest car insurance prices from Markham car insurance brokers or agents — just like that.
Just enter your postal code and hit the pink button.
We’ll compare policies from multiple car insurance companies serving Markham and connect you with the broker or agent offering the cheapest quote.
Not ready to compare quotes yet? Keep reading for tips on shopping for a cheaper car insurance policy in Markham.
Facts and myths about Markham auto insurance.
Often, ill-informed car owners and drivers fall for myths and rumors doing the rounds when it comes to automobile insurance. Let us help you sift through fact from fiction:
- Myth: Every speeding ticket will increase your premiums.
- Fact: While tickets from automated speed cameras will not impact your insurance, as it goes to vehicle owner and not the driver. However, unpaid fines will eventually show on your driving history and impact your insurance premium and license renewal. Practicing safe driving habits is an important way to safeguard your insurance rates and the safety of everyone using the roads.
- Myth: Women pay more than men for car insurance.
- Fact: Men under the age of 25 tend to pay higher auto insurance premiums as they are statistically more likely to get into accidents compared with women. However, as men age and build a positive driving record the gender gap diminishes.
- Myth: If a tree limb falls on your car, your insurance will always cover the damage.
- Fact: Your car insurance policy will only protect you from damage caused by falling tree limbs, vandalism, fire and certain other causes if you have purchased comprehensive coverage that includes these risks. Carefully understand your options when selecting an auto insurance policy so you know what’s covered and what’s not.
- Myth: A long relationship with one auto insurance provider will earn you the best price.
- Fact: While insurance providers shower long-time customers with loyalty incentives, it’s still a smart move to shop around. The auto insurance provider who initially offered you a fabulous rate may no longer have the best deal for your coverage needs. It’s a good habit to compare the market every year or so to understand whether you’re still getting the best price from your Markham insurance provider.
- Myth: You cannot change your current car insurance policy until your contract expires.
- Fact: If you can find a better deal on auto insurance you can change your insurance provider any time. You don’t have to wait until your policy expires.
There are several permutations and combinations you must apply while customizing the lowest car insurance for your needs. Several factors are considered, and it can often lead to misperceptions, rumors and myths about how auto insurance works. At LowestRates.ca, we help you demystify the market and identify the right insurance provider offering the lowest price, whatever your coverage needs.
Use our free online quotes tool to get your customized quote for the most competitive rate on your coverage in just a few minutes.
Frequently asked questions about car insurance in Markham.
How much is car insurance in Markham?
Car insurance rates in Markham depend on several factors which vary from driver to driver. Some factors that affect your insurance premium are personal driving history, postal code, type of vehicle, hours spent on the road, among others. To get the lowest rate, you must shop around and ask different insurance providers about possible discounts and lowest rates available for your coverage needs.
Which Markham postal code has the highest average premiums?
Each postal code has a unique rate for drivers, and it is sometimes possible that your neighbour might have a lower rate of premium than you. It is always best to check with your insurance provider before locking in a final rate.
The Markham postal code with the highest average premium is the L0H area. This postal code encompasses the Locust Hill neighbourhood.
Which Markham postal code has the lowest average premiums?
The Markham postal code with the lowest average premium is L6B0A1. The neighbourhoods under this postal code are Ladywood Court, The Barley Lea Street and St. Johnathans Lane.
How do Markham car insurance rates compare to other cities in Ontario?
Markham ranks 15th among Ontario cities with the highest car insurance premium. The top five Ontario cities with highest premium are: Vaughan, Ajax, Richmond Hill, Brampton, and Mississauga.
Where do I get the cheapest car insurance quotes in Markham?
To find the cheapest car insurance quote in Markham, it is recommended you shop around and speak with different insurance providers in your area. No two insurance providers will give you the same rate. Use the tools available on LowestRates.ca to help you find the best possible rate for you.
What are some tips for driving in Markham?
Hwy. 7 is a bit hectic. It’s a six-lane highway with planters in the median and a boulevard bicycle path on the south side. Plus, the city added sidewalks to attract more pedestrian traffic. Some sections of Hwy. 7 also have dedicated bus lanes. As a driver in Markham, expect to share the road with many different types of traffic.
Consider a Hwy 407 ETR transponder. While travelling on the 407 ETR is anything but cheap, for Markham commuters going east and west, this toll road can be indispensable.
Cracking down on bad drivers is a community effort. Dangerous driving is an issue in Markham. Police laid more than 1,700 charges for impaired driving in 2019. In response, the YRP has instituted the Road Watch program, which encourages citizens to report aggressive or unlawful driving behaviour to police. Police encourage people to file a report if they witness speeding, unsafe lane changes, as well as instances of drivers disobeying traffic lights and running stop signs.
LowestRates.ca Staff
About the Author
The LowestRates.ca writing team focuses on telling original stories and bringing you the latest news in the world of personal finance.
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*Represents the average saved by shoppers who obtained a Markham quote on LowestRates.ca and transacted via our contact centre between January and December 2023. 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 LowestRates.ca.
