May 2, 2018 by Staff
Alberta saw premiums rise by 2.46%, and current rates are now 6.04% higher than they were at the end of Q1 2017.
Ontario saw premiums increase by 1.08%, which is less than the 2.23% rate increase approved by the Financial Services Commission of Ontario. Rates in the province are still down 6.1% compared to this time last year.
For the first time since its inception, the LowestRates.ca quarterly index also included data on the Atlantic provinces, which saw auto premiums fall by 0.86% in Q1 2018.
Overall, the average quoted price on LowestRates.ca increased by 1.08% in the first quarter of the year, which was less than the amount insurers were approved to raise rates.
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This story was originally published by Canadian Insurance Top Broker.