Insurance Broker in Peterborough

Peterborough is a small but thriving city in the heart of the Kawartha Lakes. There are many job opportunities available. With three bustling shopping centres serving surrounding communities and its proximity to Oshawa, it’s a beautiful community for nature lovers and commuters alike. Everyone should feel secure in their home and properly insure all their possessions.

Personalized insurance for Peterborough residents

As full-service insurance brokers, BrokerLink is here to help you find the insurance policy you need, whether basic or optional. Our insurance specialties include:

Auto insurance

Additionally, we offer car insurance in Peterborough. From young drivers to seniors, we will help you find the coverage you need regardless of your driving record. Our team ensures your policy complies with provincial law because auto insurance is mandatory throughout Ontario. Speak with a team member for a free quote and learn more about Peterborough car insurance. The types of auto insurance required in Peterborough include the following:

Third-party liability coverage

First, all Peterborough drivers will need third-party liability coverage. If you end up in a car accident, your Peterborough car insurance provider will assist you with paying legal fees, medical expenses, vehicle repair bills, and more. Drivers in Ontario need a minimum of $200,000 in third-party liability insurance coverage.

Accident benefits coverage

If someone needs medical attention following a car accident, accident benefits coverage comes into effect regardless of who is at fault. Your Peterborough insurance provider will cover the costs whether you, a pedestrian or another driver, need medical attention. This type of coverage will pay for expenses not covered by health insurance, including rehabilitation or prescription medication.

Direct compensation - property damage coverage

Additionally, Peterborough insurance providers need to ensure you have direct compensation—property damage coverage if you get into an accident that damages your car. However, this type of auto insurance only covers you if you are not the at-fault driver. When claiming this type of auto insurance, you cannot be the one who caused your car damage. If you fulfill these conditions, your insurance company will provide coverage.

Uninsured automobile coverage

Uninsured automobile coverage is mandatory and can assist you if you are involved in an accident with an uninsured or underinsured driver. It can also be useful if you get into a hit-and-run car accident with an unidentified driver. If you stay with the same insurance company, you can maintain a good driving history.

Get an auto insurance quote

Home insurance

Planning a move? Insure your home with Peterborough homeowners insurance. BrokerLink will help you find a home insurance policy that protects your property and its contents from unforeseen circumstances, such as property damage or lawsuits. We will find insurance policies that offer coverage in the event of a fire, water damage, hurricanes, tornados, power outages, and more. If you pay more for your home, consider high-value home insurance.

Additionally, we offer tenant’s insurance to Peterborough renters. We will set you up with the mandatory coverage you need to be successful. However, if you follow our home protection tips, you’ll be fine.

Get a home insurance quote

Tenant and renters insurance

Renting can be difficult, and even when you don’t own the place you call home, you still store your personal belongings there. The three main aspects covered by renters insurance include personal liability, the contents of your unit and coverage for additional living expenses. In this case, personal liability covers if a guest hurts themselves in your unit or a fire or leak damages someone else’s unit. Insurance will cover medical expenses and loss of income.

It also covers furniture, clothing, appliances, sporting equipment, and anything in your apartment except high-value items such as jewellery and fine art, which require a separate policy. Lastly, your tenant’s insurance policy covers you if you can’t stay in your apartment for any reason, including smoke damage or mould cleanup. If you need tips, follow our tenant insurance guide.

Get a tenant insurance quote

Condo insurance

Whether you’re a first-time homebuyer or a retiree looking to downsize, your condo should be protected by a proper insurance policy. Your condo corporation has to insure your condo’s building and common areas. Still, you will need your own policy to cover your possessions, liability and any other improvements you make to your unit.

Condo corporation insurance covers common areas (i.e. lobby, elevator, etc.), items in these areas, maintenance equipment, some electrical and plumbing fixtures and liability for property and bodily damage claims. If damaged or destroyed, condo insurance helps protect your belongings, such as clothes, electronics, and furniture. Additionally, it helps cover repairs to your condo unit and living expenses, such as a hotel, if you cannot live there while repairs are in progress.

Get a condo insurance quote

Vacation property & cottage insurance

Camping in and around Peterborough is super common, so you will want this type of insurance to protect your vacation rental property or personal cottage. Seasonal vacation property insurance costs more because you don’t live there year-round, leaving the property vulnerable to theft, burglary and vandalism. You can get comprehensive coverage to protect your property year-round, including boathouses, sheds, bunkhouses, and belongings, or primary insurance that only covers what’s outlined in your policy. Consider vacation property rental insurance if you rent out your property frequently. It can include rental income protection and replacing lost rent payments if the home becomes temporarily uninhabitable.

Business insurance

Running a Peterborough business comes with a risk, so you should protect it with business insurance. As commercial insurance experts, we understand how to find the right coverage for your business, regardless of its scale or the industry in which you work. Our team will discuss the unique needs of your business and help you find a policy with an affordable but effective insurance premium. Commercial general liability coverage, commercial property coverage, professional liability coverage, cyber liability coverage — if you’ve thought it, we’ve got it! Here are some types of business insurance we offer:

Commercial general liability insurance

Commercial general liability insurance keeps your business safe in the event of legal action. It covers expenses such as legal representation and claims from third parties, including injuries and property damage. There are two types of policies available: occurrence-based and claims-made. An occurrence-based policy comes into effect regardless of when the claim is filed. If an incident happens while the policy is active, the insurance will cover it even after it expires. Claims-made policies only provide coverage when claims occur during the policy period. In other words, the policy has to be active when the incident happens and when the incident happens.

Commercial auto insurance

If you have a company vehicle, consider getting commercial auto insurance. It offers coverage for the vehicles and the liabilities that can come from accidents or incidents involving them when used for commercial purposes. Whether your business uses cars, trucks, vans, or other types of vehicles, this coverage is something you need if you have one or more commercial vehicles.

Professional services insurance

Any service business can be vulnerable to lawsuits, so you want to protect yourself. Professional services insurance can help protect you and your business from costs or damages associated with negligence claims. There are a few types: commercial property, cyber insurance and business interruption insurance. Commercial property insurance will help if your business uses office equipment, furniture and devices to get stolen or damaged. Cybe3r insurance covers your online tools, such as software you use to store client data. It covers the costs of informing your customers and helping them if their personal information is taken. Business interruption replaces income and covers additional expenses during an extended shutdown, such as during a fire or flood.

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Additional insurance offerings

We offer several other types of insurance in Peterborough. Let’s learn more about these types of insurance and how they can help you in your everyday life:

Motorcycle insurance

A motorcycle is another type of vehicle that needs its own insurance. You will notice that this type of insurance is similar to auto insurance. That means third-party liability coverage, accident benefits coverage, direct compensation—property damage coverage, and uninsured automobile coverage are all mandatory as well. Rates will also vary depending on your location, driving record, past claims, and more.

Boat Insurance

If you own a boat, you’ll want to keep it safe and secure. Consider purchasing recreational boat insurance in Peterborough to protect it in the event of an accident. After all, the Kawartha Lakes are a boater’s paradise. It’s important to note that it’s not mandatory. Still, it includes property damage coverage, third-party liability coverage, temporary replacement coverage, agreed value coverage, navigational extension coverage, collision coverage, and comprehensive coverage. The cost of your boat insurance will depend on factors similar to those used to determine auto and motorcycle insurance premiums.

Other insurance coverages

BrokerLink can also help Peterborough residents find the following types of insurance:

• Associations
• ATV and Snowmobile Insurance
• Farm Insurance
• Cyber Insurance
• Storage Unit Insurance
• Employee Benefits
• Life Insurance Broker
• Landlord Insurance
• Musical Instrument Insurance
• Wine Cellar Insurance
• Equine Insurance
• Group Insurance
• Travel and Trip Cancellation Insurance
• Trailer and RV Insurance
• Motorcycle Insurance
• Identify Theft Insurance
• Boat Insurance
• Condo Insurance
• Vacation Property and Cottage Insurance
• Tenant and Renters Insurance

No matter the type of insurance you require, the BrokerLink team in Peterborough is here to help. As brokers, we will work with you to find an insurance provider who will provide you with excellent coverage in the right place. What are you waiting for? We can assist you whether you’re driving a car or owning a home or business in Peterborough. Contact us today to learn more about the policies that suit you and your needs.

Why do I need insurance in Peterborough?

There are many advantages to having insurance in Peterborough, but the biggest one has to be the financial protection it offers. What can insurance do for you? Any type of insurance allows the policyholder to mitigate risk. Whether you’re driving down the sprawling roads of the city, owning a home, or running a business, insurance will keep you safe. For example, purchasing car insurance protects you and your vehicle from the high price of a car accident, including vehicle repairs, medical expenses, lawsuits and more.

By choosing the right home insurance policy, you protect yourself against the cost of property damage resulting from theft, fire, or water damage. If you don’t have insurance, you have to pay for these expenses out of pocket. 

Is insurance mandatory in Peterborough?

Not every type of insurance is mandatory in Peterborough, but some are, and it’s essential to know which ones are. To start with, car insurance is compulsory in the province of Ontario. That means if you’re driving in Peterborough, you need a valid, up-to-date car insurance policy that complies with provincial laws. The policy must feature a minimum of $200,000 in third-party liability coverage, accident benefits coverage, uninsured automobile coverage and direct compensation - property damage coverage. Not purchasing car insurance has serious consequences, including fines of up to $25,000 for the first offence, up to $50,000 for a second offence and the suspension of your driver’s licence.

Car insurance is the only type of government-mandated insurance in Peterborough. However, in some cases, home insurance might also be mandatory in certain situations. For example, you will need it if you take out a mortgage loan because some lenders require borrowers to purchase homeowner’s insurance as a condition of their loan. Insurance is worth the investment; contact BrokerLink to Peterborough to access our insurance services today. Remember that even when insurance isn’t required, purchasing coverage is still helpful. After all, if you’re uninsured, you might not have the money to cover the costs of damages.

Factors used to calculate Peterborough insurance premiums

Insurance companies consider a multitude of factors when calculating insurance premiums. Some of the most common factors that will be considered include:

• Your location
• The size of your home
• The make and model of the car you drive
• Your age
• Your insurance claims history
• Your gender
• The coverages, limits, and deductibles you choose

How to save money on Peterborough insurance

BrokerLink can help you save on Peterborough insurance. Whether you’re looking for car, home, or business insurance, a BrokerLink insurance advisor will be by your side, comparing quotes and unlocking discounts on your behalf to ensure you receive the best rate. We are also happy to provide our expert advice on how to save money on insurance. Check out a few of our top tips below:

Bundle multiple insurance policies

If you plan on purchasing multiple insurance policies, why not bundle them together? Insurance companies in Peterborough are more likely to reward policyholders who buy multiple policies from them. If you need to insure more than one vehicle in your household or need multiple types of insurance (e.g., home insurance and car insurance or pet insurance and car insurance), get everything at once. If you buy from the same provider, you can often save up to 15% on your insurance premiums.

Pay for policies annually instead of monthly.

The following way to save money on your insurance premium is to pay for your policies annually rather than monthly. After your insurance broker helps you find an insurance company, you will have the option to pay for your policy annually or monthly. What you might not know is that monthly payments come with administrative fees that you are charged each time you make a payment. That’s why putting away some money and paying for your insurance once yearly is cheaper than paying for it in twelve monthly instalments.

Drive a hybrid or electric vehicle.

Did you know you can save money by purchasing an eco-friendly vehicle? That’s right — owning a hybrid or electric vehicle can give you a cheaper auto insurance policy. Your insurance company may offer you a discount on your car insurance if you get this type of vehicle. In other words, you can save money and the environment simultaneously.

Increase your policy deductible.

Increasing your insurance deductible is an easy way to lower your insurance rates. Insurance companies are right when they say a higher deductible results in a lower premium. However, before making this decision, you should consult a Peterborough insurance broker, such as BrokerLink. We will educate you about the pros and cons of increasing your insurance deductible.

Install winter tires on your car (for insurance discounts)

Installing winter tires on your car is the most simplistic way to lower your auto insurance costs. Adding snow tires to your car during winter can reduce your car insurance by up to 5%. Insurance companies reward policyholders who try to increase their safety and decrease their chances of an accident. Insurance brokers and companies know that winter tires can make a big difference. If you want a snow tire auto insurance discount, a broker can help you.

Speak with a BrokerLink insurance advisor to learn more about the conditions required to qualify for a discount. For example, some providers require that all four winter tires be the same model or that the tires remain on your vehicle for a specific period.

Work with insurance brokers in Peterborough

Shopping around for insurance can be a lot to take in, especially when you don’t know the risks you need to protect yourself from and what services you require. The difference when you work with brokers is that they do all the work for you. BrokerLink is a full-service brokerage that will help you find comprehensive coverage, whether home or business insurance. We make finding the right insurance for you and your family simple. Here are some of the reasons you should work with a Peterborough insurance broker:

Brokers are independent of insurance companies.

Unlike insurance companies, insurance brokers work for you, the customer. In other words, a BrokerLink insurance advisor puts your needs above everything else. You can always trust your advisor to give you the advice you need to succeed. A visit to our office ensures you have coverage in the event of a car accident or if your property gets damaged.

Brokers know everything about insurance.

Why else should you work with a Peterborough insurance broker? BrokerLink insurance advisors know everything about insurance policies. They understand what bases drivers and homeowners need to cover to be protected while following provincial laws. Speak with one of our insurance advisors to find the services you require to protect you and your family today.

We’re in your community

Getting involved in the community is a big part of who we are. We live and work in your community. We love meeting our neighbours!

Why work with a BrokerLink broker

Since 1991, the BrokerLink team has been dedicated to finding insurance policies that meet our customers’ needs and budgets. We are experts in all things Peterborough insurance and can ensure you receive the most competitive rate on your policy.

Contact us

At Peterborough BrokerLink, we’re here to help you with any insurance needs. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.

You can reach us by phone, email, or in person at any of our locations throughout Ontario. No matter how you contact us, a BrokerLink insurance advisor will gladly assist you. We also encourage you to take advantage of our free online quote tool, which provides a competitive quote in minutes. Our George Street North office is also available for appointments.

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