May 14, 2018 by Staff
“This poll shows that as auto insurance premiums increase, drivers are not seeing an increase in value,” said Gordon Murray, vice-president of broker distribution for Aviva’s Atlantic region. “We all can—and we must—do much better for the drivers of Newfoundland and Labrador.”
Drivers in the province pay an average of $1,090 per year on auto insurance—the highest rates in Atlantic Canada. Premiums increased by 22.4% from 2008 to 2016, while the rest of Atlantic Canada saw premiums increase by 11% over the same span of time.
Fifty percent of drivers surveyed said they wished there were more competition in the marketplace to drive down premiums. Eighty percent of drivers in the province were not aware that 95% of insured drivers in Newfoundland and Labrador had never made an injury claim.
Two thirds of drivers favoured a cap on pain and suffering claims, while 70% were in favour of an optional tort right to recover damages. Optional tort makes the right to sue for pain and suffering an optional benefit that drivers can purchase.
Aviva commissioned MQO to poll 400 Newfoundland and Labrador residents on auto insurance in April. A full copy of the poll can be found here.
Canadian Insurance Top Broker is now on Facebook (facebook.com/TopBrokerMag), as well as LinkedIn (linkedin.com/company/citopbroker) and Twitter (twitter.com/CITopBroker). Follow us for easy access to the top P&C news you need to know.
This story was originally published by Canadian Insurance Top Broker.