Why do car insurance rates are so much higher in Ontario?
Posted May 08, 2018 08:29:13 Insurance companies are charging far more for Ontario car insurance than other provinces, according to new research.
Insurance companies charge about 60 per cent more in Ontario than other Canadian provinces for the same coverage, according the Insurance Information Institute of Canada’s Insurance Cost Report 2018.
The average rate charged by the Ontario Department of Transportation and Infrastructure was $2,895 in 2017, compared to the $2.16 in Manitoba, $1,897 in Saskatchewan and $1.96 in Alberta.
Insurance rates are also up by an average of 17 per cent in Manitoba and 12 per cent across the board in Ontario.
“This is a really important thing to note,” said Insurance Institute of British Columbia executive director of research Michael Kavanagh.
“You have to be a little bit vigilant. “
You’re not going to get that sort of deal.” “
You have to be a little bit vigilant.
You’re not going to get that sort of deal.”
Insurance companies also charge higher premiums in Ontario for other types of car insurance.
For example, the average rate for auto insurance in Ontario is $3,904, but the average premium in Manitoba was $3.15.
The Institute of Manitoba, however, found that for most types of auto insurance, premiums were between $500 and $2-million higher in Manitoba than in Ontario, according for the latest available data.
“When you look at the cost of car accident coverage, Manitoba is not even in the top three in the country,” said Kavanah.
“The cost of that coverage is actually the most expensive in the province.”
The institute found that the average insurance premium in British Columbia was $1-million more than in the other provinces.
Insurance Companies charge higher rates in Ontario The Institute for Policy Analysis said the insurance industry is not only charging more in some areas, but they are also charging higher premiums and rates in some locations.
The institute’s report noted that some of the provinces with the highest premiums and premium rates are the areas of the province with the least insurance coverage.
“One of the things that is really important to note is that the province that has the lowest premium rates is Ontario,” said Chris Anderson, senior vice president of research at the Institute for the Study of Public Policy.
“We have the highest cost of insurance, the highest percentage of uninsured and the highest number of people who are not covered by the public policy.”
The report also pointed to the fact insurers in Ontario are required to provide information to their customers about their car insurance options.
In other words, insurers are required by law to tell their customers how much coverage they offer, including rates and exclusions.
However, Kavanag said insurers in Alberta, Manitoba and Saskatchewan were not required to report that information to the Insurance Institute.
Insurance costs are also higher in Saskatchewan Insurance prices in Saskatchewan are up 15 per cent since 2015, but rates have not budged in the past year.
Rates for new and used cars have increased in Manitoba Since January, prices have increased by an estimated 20 per cent for new vehicles and up to 40 per cent each for used cars, according.
The price increase was driven largely by higher costs for newer models, as well as increased claims costs, according, to the Institute of Transportation Engineers.
According to the institute, the increase in claims costs was partially offset by the addition of more driver-assistance programs, which provide discounts for people who have been injured on the road.
The report found the average annual premium for Ontario drivers was $6,622, while the average in Manitoba for new or used vehicles was $4,636.
Insurance prices also rose in Alberta in 2016.
The Insurance Institute for British Columbia reported that the provincial average annual premiums increased by 20 per 100,000 people in Alberta from 2015 to 2016, while claims costs increased by 28 per cent.
Kavanagar said the province’s overall insurance costs are increasing faster than those in other provinces and the increase is expected to continue over the next decade.
Insurance is an important expense for Ontario’s population The average annual cost of Ontario’s personal auto insurance has increased over the past two years, from $1 in 2016 to $2 in 2017.
The province’s personal insurance rate is also up 15 to 20 per,cent over the same period.
Kavagh said that despite the increase, the provincial rate remains relatively stable compared to other provinces because of a large number of high-profile car accidents.
“There’s a lot that people who buy the new cars have to do to make it work and that’s a big factor,” said Kevin Martin, president of the Canadian Automobile Association.
“In Ontario, the vast majority of the people who bought the new vehicles in Ontario actually got their cars repaired.”
The Institute said that, based on