Canadian Underwriter

More than half of polled Canadians keep their auto insurer for five years or longer

November 24, 2021   by Philip Porado

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A whopping 84% of Canadians have stayed with their auto insurer for two or more years and 58% have remained with the same company for more than five years, according to a Ratehub survey.

What’s more 23% said they’ve stayed with the same insurance company as their parents.

The survey, which polled more than 1,300 Canadians with auto insurance, found 64% let their car insurance renew automatically, and 26% said they don’t review their car insurance policy every year.

It also found a large percentage (42%) don’t tell their insurance company if they’ve changed their driving habits and are either driving more or driving less.

Plus, consumers tend not to shop around – 60% said they don’t comparison shop for rates every year, and 51% said the reason they don’t is because it’s time consuming and/or they don’t believe they’ll find a better deal.

A full 65% said they’re happy with their current rate, while 31% aren’t.

And, while 76% said they felt confident about having the right insurance coverage in place (neither over insured nor under-insured), 14% don’t feel confident, and 9% don’t know.


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