The city of Waterloo is located in the province of Ontario. Waterloo is on the small side in terms of population – as of 2009, there are only around 121,700 people in the city. This number includes the more than 20,000 temporary residents of Waterloo that are attending either the University of Waterloo or Wilfrid Laurier University.
Auto Insurance Requirements in the Province of Ontario
In Waterloo, Ontario, auto insurance is required by law by the province. In order to drive a car, you must have a minimum amount of insurance. The standard insurance package in Ontario is quite generous, according to the Ontario government. In terms of medical and rehabilitation benefit limits, Ontario’s insurance goes up to $50,000 for non catastrophic accidents and up to $1,000,000 for catastrophic accidents. Compared to other provinces like Nova Scotia ($25,000), Yukon Territory ($10,000) and Prince Edward Island ($25,000), these amounts are rather high indeed.
Drive Safe & Save Money
The most effective way to keep your insurance premiums down in Ontario is to drive safely and stay out of accidents so your company won’t be motivated to raise your premium. If you’ve just been involved in your first accident or have had an accident after not having any accidents at all for six or more years, don’t automatically assume that your premium will go up. If your company has not determined you to be at fault, your premiums should either stay the same or only rise a bit.
On the other hand, if you are at fault, your premiums will probably go up. Some companies are really nice and won’t raise your premiums if this is your first at fault accident. If you have another at fault accident though within a few years of the first one, no one is going to be nice at all – your premiums are probably going to rise dramatically.
Be Careful When You Lend Your Car Out
Your premiums can go up even if you were not involved in an accident – but your car was. If you lend your car to a friend, you are also lending your insurance to that friend. If your friend gets into an at fault accident, it goes on your record.
Some other ways to save money on your car insurance in Ontario include increasing your deductible, dropping some forms of coverage on older cars, getting discounts on your car insurance by buying other types of insurance from the same company as well, adding an approved theft deterrent system to your car and buying a car with lower cost insurance ratings.