February 10, 2012 by Canadian Underwriter
The price tag for a sketchy driving record – two violations in three years – could be an insurance premium increase of between 20% and 25%, according to research by InsureEye.
The research was conducted using the data from InsurEye Peer Comparison, an interactive online service that compares consumers’ insurance costs with their peers.
“To illustrate the potential increase in rates, let’s assume a driver is spending $150 monthly on auto insurance premiums,” InsureEye notes in a press release. “If the driver falls into the two-violation category, add 25%, and they will pay up to an extra $37 each month, adding up to $450 annually.”
The InsureEye survey, which looked at 1,000 data points, notes drivers in B.C. and Ontario are “comparatively safe.”
The percentage of B.C. drivers who claimed to have no violations (excluding parking tickets) in the past six years is 87%. In Ontario, 84% of drivers reported having no violations within the past six years.