Cheap Car Insurance Markham

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Markham

How much does car insurance cost in Markham?

A driver in Markham will pay higher premiums than the average driver in Ontario. This is significant as Ontario drivers already pay more in car insurance than the average Canadian driver. This means there is more room for savings on car insurance in Markham.  

If you have a clean driving record and live in Markham, you can expect to pay close to $2000 in car insurance annually. If you’ve been involved in an accident or have traffic convictions on your record, your annual rates may be up to $3000. This is double the provincial average

While these costs may seem excessive, remember that drivers in surrounding suburbs such as Brampton, Scarborough, Etobicoke, Mississauga, and Toronto will pay even more. Drivers in these neighboring suburbs will pay an average of $3,298 a year.

  1. Brampton: 43% higher than Markham
  2. Scarborough: 25% high than Markham
  3. Etobicoke: 14% higher than Markham
  4. Mississauga: 4% higher than Markham
  5. Toronto: 6% lower than Markham

**Keep in mind these are averages and your car insurance premium will vary based on your individual risk factors as well**

About Markham

Markham is a blossoming city in the municipality of York in Southern Ontario. Located just 30 kilometers northeast of Toronto, Markham is the largest city in the York Region and the fourth largest city in the GTA. Markham has been on the rise over the last several years and has been providing ample job and living opportunities for individuals and families alike. The population of Markham is sitting just under half a million and there are no signs of slowing.

Although Markham is trying to get more people to use public transportation, there are still a fair number of drivers on the road. As per Ontario government policy, auto insurance is mandatory for all drivers. If you are caught driving without insurance, you may be fined anywhere from $5,000 to $50,000. In addition, the government may suspend your driver’s licence and impound your vehicle. The penalties don’t stop there – if, after being convicted of driving without auto insurance, you finally decide to actually get auto insurance, insurance companies may charge you high premiums or refuse to insure you altogether due to your history.

If you get injured in a car accident in an uninsured vehicle, it is entirely possible that you will be denied income replacement and non-earner benefits. Even if you are not at-fault in the accident, you may be denied the right to sue the other driver for compensation. If you are declared at-fault in an accident, you may be found personally liable for medical costs and other expenses of the injured party.

In short, not having auto insurance is a big deal in Ontario. If you have come to that conclusion on your own and are now looking to rectify your auto insurance situation, you have three options when it comes to buying auto insurance. You can buy it from an insurance broker, an insurance agent or a direct writer. An insurance broker can get your auto insurance from any number of companies – they don’t work for one particular company. An insurance agent, on the other hand, works for a specific insurance company. A direct writer is an insurance company that does not use third parties to sell their insurance products – they sell them directly to the consumers. There isn’t really an advantage to buying from one source or another; these are just three different ways of doing business.

No matter whom you choose to go with, remember this: Anyone selling insurance must be licenced to do so in Ontario. Being licenced to sell insurance in another province is meaningless as every province has different rules and regulations; what applies in one province may not apply in another. At the very least, in Ontario you are required to purchase a policy that provides third-party liability coverage, statutory accident benefits coverage, direct compensation – property damage coverage and uninsured automobile coverage. If you choose, you can add additional coverage to your policy and lower your deductibles.

What type of car insurance is required in Markham?

Following Ontario’s car insurance requirements, it is mandatory for Markham drivers to have the following coverage:

It is mandatory for Markham drivers to have a minimum of $200,000 in third-party liability insurance. This will protect you in the event that you’re sued for damages or injuries that you’re responsible for.

If you are a driver in Markham, it is required that you have a minimum of $50,000 in accident benefits. This will cover costs that exceed Ontario health care should you be injured in a collision.

Coverage for personal injury or property damage caused by an uninsured driver or a hit-and-run.

Financial protection if the other driver causes a collision and damages your car.

Optional insurance coverage

Covers the cost of replacing or repairing your car if it’s involved in a collision. As this is optional, collision coverage will add an additional amount to your premium.

Choosing to include comprehensive insurance to your base policy will make sure you're protected should your car be damaged by anything other than a collision. This can be anything from fire, theft, vandalism, to falling objects and more.

Protection against insurable perils that you choose to include in your policy.

A combination of comprehensive and collision insurance.

Why is car insurance in Markham so expensive?

When it comes to auto insurance, Ontario is one of the more expensive provinces to begin with. Markham is the largest city in the York region and the fourth largest city in the GTA.  In the last several years, Markham has been growing steadily due to the easy commute residents have to downtown Toronto. Situated minutes away from the 401, Don Valley Parkway, 407, highway 7, and highway 404, Markham is a great location for individuals and families who wish to live in a community outside of the hustle and bustle of Toronto. 

Unfortunately, insurance brokers in Markham consider these drivers to be of high risk due to the heavy traffic and road congestion, which creates a higher potential for accidents to occur. With so many commuters on the roads and highways, insurance rates in Markham are some of the highest in Ontario. And believe it or not, these premiums are still on the rise.

As the city continues to grow, the potential for car insurance claims increases as well. With more cars on the road comes more accidents, and more opportunities for theft and fraud. 

The increasing level of congestion on the roads in Markham translates directly to increase insurance rates. This is not a new issue in this city. Another common struggle amongst Markham drivers is unsafe driving. According to York Region Police, the frequency of accidents resulting from drunk drivers has been steadily increasing.

With such high rates in this area there is all the more reason to compare car insurance quotes to get the most for your money. 

What factors impact car insurance in Markham?

Age: Generally speaking, younger drivers will pay more for insurance than an older driver with years of experience. Whether you have a clean record or not, the younger you are, the higher your premium will be. Insurance companies consider younger drivers to be of higher risk as they are still learning the rules of the road.

Driving Record: There are several benefits to keeping a clean driving record. Not only will you keep yourself, your passengers, and your vehicle safe, you will also save money on insurance. A clean record means you are a responsible driver and insurance companies will reward you with cheap insurance for this. If you have received several traffic convictions or have been involved in an at-fault accident, you can expect your insurance to be more expensive. 

Type of Car: Insurance providers will consider the type of car you drive before offering you a quote. The quote you receive will depend on your vehicle’s theft rates, safety ratings, cost of repair/replacement, and more. If you want to save money on insurance, it is recommended to drive a vehicle that has affordable repair costs, low theft rates, and a high safety rating. 

Mileage: The more you drive, the more you will have to pay for insurance. This is because the more time you spend on the road, the higher your chances are of being in an accident. A driver who spends several hours commuting per week can expect to have higher insurance rates than a driving who only uses their car for local errands. 

Postal Codes: While car insurance varies based on province and city, it also varies based on postal code. This is because certain areas are known to have higher claim and theft rates, high-risk intersections, and other insurable risks.

What is the most expensive area for auto insurance in Markham?

In Markham, the postal code with the most expensive premiums on average is the L3S region in southeast Markham. This lies between Highway 407, Steeles Avenue, Rouge River, and Brimley Road. If you live in this area, you can expect to pay an average of $3890 per year for auto insurance. This is a shocking 17% more than the Markham average.

On the other hand, the postal code with the lowest average premium is the L6C region in northwest Markham. This area sits between Major Mackenzie Drive East, 16th Avenue, McCowan Road, and Highway 404. Drivers that live in this area can expect to pay an average  of $2,943 a year for car insurance. This is around 10% less than the overall Markham average.

How can I get the cheapest car insurance Markham?

Shop when you’re up for renewal: Before renewing your policy and locking yourself in for another term, always browse and compare quotes to see if you can come across a better deal. 

Discounts: A large majority of auto insurance companies will offer a variety discounts to drivers. Whether you belong to a college or university, work for a qualifying corporation, lower your risk by installing winter tires or an anti-theft device, etc., there are many simple ways to save on insurance. If the discounts aren’t clearly stated, be sure to ask!

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