DAILY NEWS Apr 13, 2010 4:10 PM - 3 comments

Ontario quoted auto rates soar in 2010 Q1: Kanetix

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Auto rates quoted in Ontario in 2010 Q1 increased by 11.6% over 2009 Q1 quoted rates, according to Kanetix’s quarterly review of auto insurance.
The increase on the quoted rates “suggest that Ontario drivers are feeling the effects of rate increases approved in 2009,” said a Kanetix release.
“Reforms have been announced which, it is anticipated, could slow or possibly even reverse rate increases.”
Quebec drivers obtained quotes that were 4.6% lower this year than last. About 6% opted to see how much could be saved with a two-year policy commitment, and 7% more quotes were obtained by shoppers willing to bundle their home and auto insurance, making them eligible for a multi-line discount.
In Alberta, quoted rates decreased 1.6%. “This result is consistent with the industry-wide reduction of premiums implemented on Nov. 1, 2009 for mandatory basic auto insurance,” a Kanetix release says.
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Reader Comments

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Frederrick Walker

Hi Mr Tsai. This is very interesting news. Are insurance companies allowed to increase premiums across the board to cover thier losses from stolen cars ? if so this is unfare and something should be done about it.

Posted April 26, 2010 09:17 AM

Stanislav Kojokin

The increase in the insurance premium this year is not due to Car theft, its due to increased costs in Accident Benefits. The comprehensive insurance which covers insured for car theft is cheaply priced compared to other mandatory coverages on the insured's policy.

Posted April 25, 2010 07:23 PM

Harry Tsai

The insurance companies increase everyone's insurance premium even if you have a perfect and long driving record. Why!? It's simply because everyone is paying for others' high claim from car theft and accidents. In Manitoba, the province has successfully lowered car theft rate by 75% since the implemention of ULC-S338/98 qualified immobilizers equipped in vehicles. If the Ontario government and insurance companies are paying attention to the solutions which can bring overall car theft rate, so can everyone's car insurance rate.

Posted April 20, 2010 12:38 PM
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