April 8, 2011 by Canadian Underwriter
Ontario’s auto insurance reforms seem to have stabilized auto insurance premium increases in the province, according to Kanetix, an online insurance marketplace.
Nevertheless, Kanetix’s quarterly survey of auto insurance rates shows increases in Ontario, Quebec and Alberta.
The review compares average online rates quoted to consumers in the marketplace. It looks at a quarterly year-over-year review of auto insurance rates and trends for 2011 Q1 compared to 2010 Q1.
“Ontario auto insurance was 6.7% higher,” Kanetix notes in a press release. “Following the 9.5% increase in Q4 2010, this result suggests that last year’s reforms are stabilizing prices as intended.”
Kanetix goes on to note Quebec saw a 1.8% increase. “Growth in multiple driver and multiple vehicle policies sought by auto insurance shoppers are two driving factors behind the increase, rising by 3.6% and 2.4% respectively,” Kanetix observes.
In Alberta, auto insurance rates increased 0.4%. “Although relatively stable, the percentage of auto insurance consumers with less than five years driving experience grew by 7.1%, steering rates slightly higher,” Kanetix noted.
Have your say: