A Waterloo Car Insurance Policy
Written with You and Your Car in Mind  

Driving in Waterloo, Ontario - Interesting Things to Know     

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• Settled in the early 1800's by mostly Mennonites from Pennsylvania, Waterloo has since grown to a population of over 104,000 people.

• Often called the "Twin Cities" when referred to with Kitchener, Waterloo is the smallest of the three cities in the Region.

• ​Waterloo's economy is thriving with two universities and large insurance and technology sectors.

• Some of Waterloo's largest employers are Blackberry, Manulife Financial, Sun Life Financial, Wilfrid Laurier University, and the University of Waterloo. 

• St. Jacobs Farmers Market draws around of 1 million of tourists annually offering fresh fruits and vegetables, breads, meats, maple syrup, homemade crafts and clothing and carriage rides. Originally started by eight farmers, St. Jacobs now is comprised of around 150 vendors who offer a unique and unforgettable experience.

• ​Doon Heritage Village depicts life in 1914 and features a blacksmith shop, harness shop, sawmill and many more historic businesses and stores. 

Frequently asked auto insurance questions from Waterloo drivers: 

Is car insurance mandatory in Waterloo Ontario?

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Car insurance is a mandatory coverage in Waterloo, Ontario. The provincial government has established a standard Waterloo car Insurance Policy that all companies must offer. It was designed to give you and your loved ones basic protection for your vehicle insurance, but there are still a lot of options you can add to that basic protection. If you don’t have mandatory auto insurance, you can be fined or may lose your license, and your vehicle can be impounded.

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Where do I find the cheapest auto insurance in Waterloo?

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Every Waterloo Car Insurance company has various classes or types of vehicles that may be cheaper than other Waterloo insurance companies but there is no one company that provides the cheapest auto insurance rates overall. Tradition Mutual Insurance Company aims to balance competitive auto insurance rates with excellent service and auto coverage.

Take a few minutes to get a quote to see if Tradition Mutual Insurance will be your cheapest and best auto insurance option. Get a quote now

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Which auto insurance is best for me as a driver in Waterloo?

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One size doesn’t fit all when it comes to car insurance. When you call 519-393-3246, Kyle Wijnands will ask you all the questions that need to be asked to ensure you are offered the coverage the suits your unique needs.

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Which Waterloo auto insurance company has the best reviews?

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There are many great Ontario insurance companies but we think that Tradition Mutual Insurance stands out for many reasons. We have great client retention rates, reviews and have donated millions of dollars back into Ontario to support the community. These are just a few reasons. Kyle Wijnands at Tradition Mutual Insurance Company has gathered many 5 star reviews from clients over the years but don’t take our word for it. Check them out yourself!

Why is Waterloo car Insurance so expensive?

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Ontario is a province that many are immigrating to because of the diverse communities and economic opportunities. There is one thing that Ontario has that many which it didn’t is some of the highest auto insurance rates in the world. Many ask why this is. It was determined in 2017 by the Special Advisor to the Ministry of Finance that car insurance rates were an average of $1,558 for Ontario drivers. To put this in perspective, this is 55% higher than the average cost of auto insurance rates in other provinces and territories in Canada. Actuarial statistics show us that because Ontario is more densely populated than the other provinces and that leads to higher chances of claims. In 2017, the Ontario Minister of Finance also revealed that auto insurance fraud was higher than any other part of Canada with a whopping $1.6 billion dollars in auto insurance fraud that funnels through the province every year. Unfortunately, insurance fraud is one of the primary reasons why Ontario auto insurance is so expensive.

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How are auto insurance premiums calculated in Waterloo Ontario?

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An auto insurance policy in Ontario has a variety of moving parts that are factored into the rate. The following are the various factors that Waterloo car insurance rates are based upon.

• Age

• Gender

• How long you have been licensed

• How long you have been insured

• In what country you have been insured

• Your past accidents in the last 6 years (including partially at fault accidents)

• Your past convictions in the last 3 years

• Your insurance payment history such as past cancellations by an insure company due to non-payment

• Having driver’s training

• Your location- A densely populated area is prone to higher rates.

• Use of vehicle such as commuting, business or just for simple pleasure use. For example someone who commutes 60 km to work will pay more for insurance then someone who only commutes 3 km.

• Vehicle year and type – Certain vehicles have better safety ratings or higher accident statistics which will get you cheaper rates.

• Chosen deductible- The higher the deductible the cheaper the rates.

• The Chosen coverage- The chosen liability limits, accident benefits coverage and chosen optional auto insurance coverages all affect the rates of an auto insurance policy.  

• The insurance company- each auto insurance provider has different risk appetites compared to their competitor. One company may have a better loss experience with a certain age demographic over a certain period of time and therefore offer cheaper auto insurance rates.

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Are auto insurance quotes free in Waterloo?

Yes, auto insurance quotes are free in Waterloo and anywhere else in Ontario. An auto insurance broker or agent gathers your risk details and then provides an estimate of how much your particular policy will cost you. After you decide to proceed with coverage is when you begin to be charged for your car insurance coverage.