Canadian Underwriter

Auto premiums increased in Alberta and Ontario in Q1 2018: LowestRates.ca


May 2, 2018   by Staff


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Photo copyright: 123RF.com/nito500Auto insurance premiums were on the rise in the first quarter of the year in Alberta and Ontario, according to the Q1 2018 Auto Insurance Price Index from LowestRates.ca.

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.