Yukon Car Insurance: Rates, Best Plans 2024
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Discover the methodologyCar insurance in Yukon is mandatory and includes basic coverage like liability and accident benefits. But how do you find the best coverage that's also affordable? We've got you covered.
This guide tells you everything you need to know about car insurance in Yukon. Learn how much it costs, the minimum auto insurance coverage necessary, the best plans, and how to get the cheapest car insurance in Yukon.
Car Insurance Yukon, Canada: 5 Key Takeaways
- Car insurance is a must in Yukon; it's the law.
- Insurers set rates, creating competition for premiums.
- Yukon's no-fault system simplifies claims for all parties.
- Minimum coverage includes liability, accident benefits and uninsured motorists.
- Your driving record and choices impact your premiums — $800 yearly (average).
How does car insurance in Yukon work?
In Yukon, unlike some other parts of Canada, auto insurance rates are set by private insurers rather than the government. This means that companies competing in the territory will determine your premium based on their risk assessment.
However, the Yukon Highways and Public Works Department, Motor Vehicles Division does provide some guidelines. Yukon operates under a no-fault auto insurance system. Here's what that means for drivers in Yukon:
- Regardless of fault: After an accident, you file a claim with your own insurance company to recover compensation for your injuries and vehicle damage, up to the limits of your policy.
- Focus on recovery: The no-fault system aims to streamline the claims process and get people the support they need to recover, without the hassle of assigning blame.
- Benefits provided: Your insurance company will typically offer benefits like medical expenses, lost wages and car repairs within certain limits.
Exceptions exist! In some cases, like situations with fraud, intoxication or exceeding speed limits significantly, the no-fault benefits may be reduced or denied. So make sure to choose your policy wisely. Compare multiple options using our comparator before you make a decision.
You can use an online tool like the HelloSafe comparator below to compare car insurance quotes based on your province. You can use our tool below to get free quotes for provinces like Ontario and Quebec.
Compare Canada's best car insurance plans
What is the minimum requirement for Car insurance in Yukon?
The minimum requirement for auto insurance in Yukon is three-fold:
- Third-party liability coverage: This covers injuries, death and property damage caused to others (the "third party") in an accident where you are found to be at fault. The minimum limit for this coverage is $200,000.
- Accident benefits coverage: This protects you and your passengers from medical expenses, lost wages and other costs associated with an accident, regardless of who is at fault. The specific benefits and limits will be outlined in your policy.
- Uninsured motorist coverage: It is typically included within Accident Benefits Coverage in Yukon, helping you recover costs associated with the accident, such as:
- Medical expenses
- Lost wages
- Pain and suffering (depending on policy details)
- Vehicle damage (in some cases)
How can I enhance my Yukon car insurance coverage?
Buy optional coverage! In addition to the mandatory Yukon auto insurance requirements, there are several optional coverages you can choose from to customize your protection. You can get:
- Specified perils coverage: Offers a more specific range of coverage compared to comprehensive. You choose the perils you want to be insured against, such as fire, theft or hail.
- Collision coverage: Reimburses you for repairs to your car if it's damaged in a collision with another object or vehicle, regardless of fault.
- All-perils coverage: This is the most extensive coverage option, combining collision and comprehensive coverage, often with additional protection against things like vandalism or attempted theft.
- Comprehensive coverage: Protects your car against damage from events other than collisions, such as theft, fire, vandalism, hail or weather events.
Additional protection
- Loss of use coverage: Provides compensation for a rental car while your vehicle is being repaired after a covered incident.
- Accident forgiveness: This helps prevent your insurance premium from increasing after your first at-fault accident.
- Roadside assistance: Covers costs associated with roadside emergencies like flat tires, dead batteries or towing.
These are just some of the common optional coverages. Talk to your insurance provider to explore all the options available and determine what best suits your needs and budget.
How much is car insurance in Yukon?
Predicting the exact cost of your car insurance in Yukon is tricky because it depends on several factors. However, here's a general idea:
- Yukon generally has lower rates than the national average in Canada. Recent information suggests it might be around $800 per year, but it could be higher or lower depending on your situation.
- It's like paying for cell phone plans: There are different plans (or coverage options) with varying prices. The more coverage you choose, the more it will cost.
- Insurance companies consider your risk: They look at factors like your driving record, age, location, type of car and how much you drive to determine your price. Safer drivers with less risk tend to pay less.
Here’s how it compares to rates in other provinces:
| Province | Average Yearly Rate |
|---|---|
| British Columbia | $ 1832 |
| Ontario | $ 1505 |
| Alberta | $ 1316 |
| Saskatchewan | $ 1235 |
| Newfoundland & Labrador | $ 1168 |
| Manitoba | $ 1140 |
| Northwest Territories | $ 978 |
| Nunavut | $ 963 |
| Nova Scotia | $ 891 |
| New Brunswick | $ 867 |
| Prince Edward Island | $ 816 |
| Yukon | $ 812 |
| Quebec | $ 717 |
Which factors can affect my Yukon car insurance premiums?
Several factors influence how much you'll pay for car insurance in Yukon, kind of like a recipe with different ingredients.
Insurance companies usually consider factors like:
- Your driving record: This is a big one. Having a clean record with no accidents or tickets for several years will generally lead to a lower rate. The more accidents or tickets you have, the riskier you seem to the insurance company and the more you might pay.
- Your age: Younger drivers, typically under 25, tend to pay more because they statistically have a higher chance of accidents. Rates typically go down as you gain experience behind the wheel.
- Your location: Where you live in Yukon can affect your rate. If you live in a more populated area with higher traffic congestion, there's a greater chance of accidents, which could lead to a higher premium.
- Your car: The type of car you drive matters. Generally, sports cars or high-performance vehicles are more expensive to insure compared to safer, more fuel-efficient models.
- How much you drive: The more kilometres you drive annually, the more wear and tear on your car, and statistically, the higher the chance of an accident. This can lead to a higher premium.
Remember, car insurance is like a choose-your-own-adventure story. The more coverage you pick (like collision for car repairs or roadside assistance), the more it will cost. You can use our free tool below to compare car insurance coverage from the best providers in Canada based on your province.
Compare Canada's best car insurance plans
How to get a driver's license in Yukon?
Getting a Yukon driver's license involves following a graduated licensing program. Here's a breakdown of the steps:
Learner's License (Stage 1)
- Age: Must be at least 15 years old.
- Identification: Provide valid identification documents (proof of age and residency).
- Knowledge test: Pass a written knowledge test on traffic rules and regulations based on the Yukon Driver's Basic Handbook.
- Vision test: Pass a vision test to demonstrate adequate vision for driving.
Novice Stage (Stage 2) License
- Learner stage completion: Must have completed the learner stage and held a learner's license for a minimum period:
- Complete 50 hours of driving in Stage 1
- Must be 16 years old
- Must have had your learner’s license for 5 months
- Pass a road test
- Pay an administrative fee for the road test
Also, there should be no driving-related convictions or suspensions during the learner stage.
Full License (Stage 3)
- Novice stage completion: Must have completed the novice stage and held a novice license for a minimum period — 18 months.
- Clean record: No driving-related convictions or suspensions during the novice stage.
Which companies offer car insurance in Yukon?
There are many options in Yukon! Here are some well-reputed companies and their offerings to help you get started:
1.) <strong>TD car insurance Yukon</strong>
TD Insurance offers a variety of car insurance coverage options in Yukon, including:
- Mandatory coverage (third-party liability and accident benefits)
- Optional coverage like collision, comprehensive, specified perils and all-perils
- Additional protection options like roadside assistance and loan/lease protection
You may also find some usage-based insurance programs (UBI) where premiums are based on your driving habits (good for low-mileage drivers).
2.) <strong>Wawanesa Insurance</strong>
Provides comprehensive car insurance coverage in Yukon, including mandatory and optional coverages similar to TD Insurance. Additional coverage options like accident forgiveness and GAP insurance might be available based on your area.
3.) <strong>The Co-operators</strong>
Offers a variety of car insurance options in Yukon, including standard coverages and optional add-ons similar to the other two companies we just discussed. Co-operators also has specialized coverage options for specific vehicle types (e.g., motorcycles, classics), but the availability varies based on your location.
4.) <strong>Allstate</strong>
Provides a range of car insurance options in Yukon, including standard coverages (mandatory and optional). Allstate offers unique coverage options like disappearing deductibles (deductible lowers with each accident-free year) in many provinces, but its availability in Yukon might vary based on your personal case.
5.) <strong>Aviva Canada</strong>
Offers various car insurance coverage options in Yukon, including standard mandatory and optional coverages similar to other companies. Aviva also offers add-ons like roadside assistance with enhanced features (e.g., towing to a dealership). The company is known for its commitment to sustainability and offering discounts for eco-friendly vehicles. It also has programs for students or multi-vehicle households in many provinces.
The unique features and discounts mentioned are possibilities and may vary depending on location, driving history and other factors.
