Waterloo Car Insurance: Get Cheap Auto Insurance Quotes

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Save $706* by comparing car insurance quotes in Waterloo to find the lowest rates.

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Get the best Waterloo auto insurance

It's no secret Waterloo residents are looking for ways to save money on things like car insurance. With rates increasing along with the cost of living, every little bit of savings counts. The great thing about insurance is that you can look for ways to reduce your premiums yearly. ThinkInsure helps you pay less and makes your renewal process quick and easy.

We make comparing quotes and coverage options for Kitchener auto insurance easy. We'll check prices from the top insurance companies in Canada to save you more. Get started by comparing quotes online, or give us a call. Our advisors will ensure you get the coverage you need for the lowest rate.

Top things to know about Waterloo car insurance

Waterloo car insurance rates are higher than the provincial average but similar to other cities in the tri-cities region.
Waterloo South is the area with the cheapest car insurance rates in the city.
Car insurance costs are increasing but you can keep rates down by comparing quotes with a broker.

How to compare car insurance quotes in Waterloo

Compare quotes for free with these easy steps.

1) Start your quote

Enter some basic info.

2) Tell us about your driving and vehicle

Provide your driving and vehicle information.

3) Compare your quotes

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Choose your policy

Choose the best rate. Confirm the details with our experts and get insured.

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How does auto insurance work in Waterloo?

You need car insurance to drive in Waterloo legally. Ontario car insurance rules and regulations apply the same to all cities. What does this mean? Here is what you need to know:

Insurance is mandatory.
All drivers require a minimum of $200,000 in third-party liability.
ou can get additional coverage, but this will cost more.
Policies can be purchased through a private insurance company via an insurance broker.
No-fault insurance applies.
ines start at $5,000 if you drive without insurance.
Policies are in effect for one year. Review and compare quotes to decide whether to renew or switch providers.

What is the mandatory car insurance in Waterloo?

All insurance policies will include the following minimum coverage:

Third party liability: You have liability protection if a claim is made against you after an at-fault accident. Basic plans have $200,000 in coverage. Most drivers increase this to at least $1 million in coverage.
Statuatory accident benefits: You receive medical assistance if you or any passengers are injured in an accident. This includes things like attendant care, rehabilitation, and lost income.
Uninsured motorist: You have protection if an uninsured driver hits your vehicle or injures you. You also have hit-and-run coverage.
Direct compensation property damage: DCPD covers accident damage when you are not at-fault. As of January 1, 2024, DCPD will no longer be mandatory. You can opt out of this coverage using OPCF 49. It will be automatically included until you remove it.

This is the basic amount of insurance in your policy. You can personalize your policy and enhance your plan with optional coverage and endorsements.

What optional car insurance coverage is available in Waterloo?

You have a lot more insurance options than you think. You can add one of these types of coverage to your plan:

Collision insurance: This coverage vehicle damage from collisions. Plans also include damage from objects, such as a fallen tree branch or street signs.
Comprehensive insurance: You have damage protection from non-driving events. For example, someone keys your car or vandalizes it.
All perils insurance: This is a combination of comprehensive and collision coverage.
Specified perils insurance: You have coverage for the perils that are listed in your policy.

Keep in mind that extra protection options will vary based on the insurer. Additional coverage will also increase your premiums. Reach out to our brokers to discuss your policy options.

Recent Waterloo car insurance quotes

2024/08/23

Shopper in WATERLOO, ON
Vehicle: LEXUS ES 300 4DR 1998
CAA Connect	$989
CAA	$1,044
Pembridge	$1,114
Intact	$1,217
Savings from top 4 lowest quotes	$228

2024/08/15

Shopper in WATERLOO, ON
Vehicle: TOYOTA RAV4 LE HYBRID 4DR AWD 2019
CAA My Pace	$1,665
CAA Connect	$1,674
CAA	$1,762
Intact	$1,805
Savings from top 4 lowest quotes	$140

5 star reviews for auto insurance in Waterloo

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Kathleen Matthews

2024-08-13

Denise Phillips was extremely helpful and found us the best insurance option for our situation. She was responsive, knowledgeable, and very friendly! Thank you!!

valerie armstrong

2024-08-08

Denise was absolutely splendid i was having a rough day, she was able to help calm me down and she listened! She found me a better quote then i could ask for!! Denise was amazing!! Ask for her when you call! She’ll go above and beyound for you. So happy and thankful i came across you Denise, your honestly god sent, and a wonderful person. Thank you so much!! :)

Bluemoon

2024-08-08

I was coming to tail end of my auto insurance renewal and wanted to shop around due to the dramatic price hike. I was glad to give ThinkInsure a call and quickly reached Denise Snider Phillips who was amazing and friendly to deal with! I recommend Denise for your insurance needs. She’s a real expert in her field and made my insurance search and renewal a quick and smooth process! Thank you Denise for your amazing service!

Sara Pérez Álvarez

2024-08-08

Pooyan Saeidi has been our Insurance Broker for years taking care about our rental condo insurance and he makes always an amazing job! Nice person and great service! He always reminds you the renewal before it expires looking for the best price and services for you. We highly recommend him and ThinkInsure!!

Ellen Hay

2024-08-06

Today, I had an opportunity to speak to Denise Snyder Phillips. i was unhappy with a part of my policy. She was patient and attentive with me. She was also well informed and helped me to understand my policy. I really appreciated her assistance. I wish her well! Ellen Hay

Creative Village

2024-08-01

I've been with Thinkinsure for about a year now, and I have to say that Betsy Bannon is the main reason I'm still a happy customer. As a grassroots non-profit founder and Executive Director, I didn't know much about insurance when I first started. Betsy was incredibly patient with all of my questions and really took the time to listen to my concerns. She's efficient, and detail-oriented, and has created a trusting environment for me to get my insurance needs sorted out. I always go directly to Betsy when I need insurance for my non-profit organization because of the exceptional service she provides. She's the only broker I've worked with at Thinkinsure, and I really value the great experience she consistently delivers!

Adam Thompson

2024-08-01

We worked with Todd A. to get both our home and auto insurance covered. He was awesome, easy to talk to and prompt with all his responses and help. I will definitely go with ThinkInsure next year and hope Todd is still there when the time comes.

Moll

2024-07-31

Received a quote from Betsy. What a fabulous experience! She is so personable and knowledgeable. I would definitely recommend her! Thanks again Besty 😀

How much does car insurance cost in Waterloo?

Car insurance in Waterloo costs about $2,355 per year, based on 2024 customer data. This is higher than the provincial average but similar to cities nearby, such as Kitchener and Cambridge. Drivers in Ontario pay an average of $1,737 annually.

There are higher rates in Waterloo because of more traffic, collisions, and increased risk of theft in the area.

Waterloo auto insurance premium map

Average Waterloo car insurance rate compared to other Ontario cities info graphic

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How do Waterloo auto insurance rates compare to nearby cities?

Rates in Waterloo are similar to other cities within close distance. Kitchener car insurance premiums are within a few dollars per year. car insurance in Cambridge, however, over $200 more per year, based on ThinkInsure customer data.

City	Avg premium
Kitchener	$2,071
Guelph	$2,053
Waterloo	$2,109
Stratford	$1,819
Brantford	$2,013
Woodstock	$1,779
Cambridge	$2,367

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What areas in Waterloo have the cheapest car insurance?

Where do you live in Waterloo? It can affect how much you pay for insurance. Here’s an overview of average costs based on your location within the city:

Area in Waterloo	Postal Codes	Avg Premium
Waterloo Northwest	N2V	$2,204
Waterloo South	N2L	$2,016
Waterloo Southwest	N2T	$2,412

Waterloo car insurance rates from 2022-2024

Year	Average annual premium
2024	$2,355
2023	$2,109
2022	$1,621
Average rate (2022-24)	$2,028

How do Waterloo auto insurance premiums change by driver type?

Your driving profile (experience, age, driving record) significantly impacts your premiums. You'll likely enjoy lower rates if you’re an experienced driver with a clean record. But, if you’re young or have a ticket or two, you could see higher costs. To examine the impact of these factors on your payments, we analyzed our customer quote data from 2023. Here are our findings:

	Premium	Monthly	Difference
Driver type
All drivers	$2,109	$176	0
Young drivers (25 and under)	$2,475	$206	17.35%
Middle age (25 - 50)	$2,129	$177	0.95%
Mature/senior drivers (50+)	$1,430	$119	- 32.20%
High risk drivers	$5,709	$476	170.70%
Demographics
Male	$2,303	$192	9.20%
Female	$1,761	$147	-16.50%
Married	$1,962	$164	-6.97%
Single	$2,245	$187	6.45%
Driving record
Clean driving record	$2,109	$176	0
1 ticket with past 3 years	$2,640	$220	25.18%
1 accident in 3 years	$2,489	$207	18.02%
1 cancellation in 3 years	$2,195	$183	4.08%
1 suspension in 3 years	$2,627	$219	24.56%

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Waterloo car insurance premiums by vehicle brand

The type of car you drive can make a big difference in your insurance bill. How much? Hundreds and even thousands of dollars. See how rates stack up for different brands:

Vehicle brand	Premium	Monthly payment
Honda	$2,024	$169
Toyota	$1,590	$133
Hyundai	$2,447	$204
Chevrolet	$1,471	$123
RAM	$1,548	$129
Dodge	$1,548	$129
Mazda	$2,108	$176
Nissan	$1,637	$136
Volkswagen	$3,175	$265
Mercedes	$3,271	$273
Tesla	$3,138	$262
Audi	$2,348	$196

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Waterloo car insurance FAQs

How do I get cheap car insurance in Waterloo?

Finding cheaper car insurance starts with using a Waterloo insurance broker. They can help you more efficiently explore your insurance options. But there are a lot of things you can do yourself to keep costs down:

Remain accident and claims-free
Shop around and car insurance quotes annually
Drive an insurance-friendly vehicle
Drive less and sign up for used based insurance
Add extra security features to your vehicle
Bundle home and auto insurance

What are the main factors that affect how much I pay for car insurance in Waterloo?

All drivers are affected by a standard list of factors that will increase or decrease insurance payments. Some you can control, and others you cannot. They include

Age, gender
Driving experience and licence type
Where you live
Vehicle type (new or used, SUV, car, pickup)
Vehicle use (length of commute, business use, kilometres travelled)
Driving record and claims history
Policy type and limits

What are the best Waterloo car insurance companies?

The best insurance provider will depend on your specific situation. There are many top insurance companies to consider. You don't have just to use insurers that are physically in Waterloo. Our brokers can help you compare insurance quotes from all the best companies.

Start saving on Waterloo car insurance today

Cheaper auto insurance in Waterloo is only a click or call away. Tell our brokers about your needs, and we’ll find the best rates from Canada's leading insurance companies. Get quotes online or contact us; we'll help you get insured for a competitive rate.

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Sources

* Based on the difference between the average lowest premium and the overall average premium in Waterloo for estimates completed from January 1 to December 31, 2023, for drivers with a clean driving record.

** Estimated prices are based on data entered by drivers with a clean driving record living in Waterloo on ThinkInsure.ca from 2023.

*** Estimated premiums are based on data entered by individuals on ThinkInsure.ca from January 1 to December 31, 2023.

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2024-09-06

Waterloo Car Insurance

Save $706* by comparing car insurance quotes in Waterloo to find the lowest rates.

Compare Waterloo car insurance quotes from top providers

Get the best Waterloo auto insurance

Top things to know about Waterloo car insurance