October 30, 2017 by Staff
An auto insurance index published by LowestRates.ca finds that Ontario’s auto insurance rates are 44% higher than those in other provinces and territories but that number could be decreasing.
The average annual premium in Ontario for the third quarter (Q3) of 2017 is $1,458 per year, which is 44% higher than the Canadian average of $930. However, the data finds that Ontario’s premiums are falling. The current rate is 5.8% lower than the average premium in the Q2 2017 and 11% lower from this time last year, according to the report, which is based on LowestRates.ca’s proprietary database of auto insurance premiums.
The company also analyzed auto premiums in Alberta and found that the annual average rate of $1,179 is 23.6% higher than the Canadian average. In Alberta’s case, its premiums seem to be climbing compared to previous quarters, with Albertans paying 1.7% more in Q3 2017 than Q2 2017 and 3.9% more than Q3 2016.
The data produced in the company’s index is a reminder to drivers to compare auto insurance rates as premiums can often change, said Justin Thouin, co-founder and CEO of LowestRates.ca, in a statement.
LowestRates.ca studied Alberta and Ontario specifically because the company has the highest amount of data for the two provinces but plans to study other regions in future editions of the report.
This story was originally published by Canadian Insurance Top Broker.