Does your client think overland flood coverage is standard?
April 28, 2022 by Jason ContantBrokers have another golden opportunity to educate clients on the importance of overland flood coverage. A recent survey of Canadian homeowners conducted by rate aggregator LowestRates.ca found that 30% of 544 respondents were unaware that coverages like overland flood are…
By how much UBI use increased during the pandemic
April 20, 2022 by Jason ContantCanadian drivers appear to be gravitating toward usage-based insurance (UBI) as the COVID-19 pandemic stretches past its second year. Since 2019, there has been a 40% increase in the number of drivers opting into UBI when filing out a car…
How auto insurance rates are trending in Alberta, Ontario and Atlantic Canada
October 8, 2021 by Jason ContantAuto insurance rates plunged in Alberta and Ontario this spring, while rates stayed flat in Atlantic Canada, according to Q2 2021 results from LowestRates.ca’s latest Auto Insurance Price Index Report. In Alberta, rates decreased 11% quarter-over-quarter after a steep incline…
For how long will condo insurance rates continue to climb?
September 20, 2021 by Jason ContantRising condo insurance premiums will continue at least through the first two quarters of 2022, according to LowestRates.ca’s latest Home Insurance Price Index. Condo insurance premiums are continuing to rise in Canada, sustaining a years-long increase, the rate comparison site…
RATESDOTCA acquires LowestRates.ca
September 14, 2021 by Jason ContantEditor’s Note: This story has been updated to include information from RATESDOTCA. Rate comparison site RATESDOTCA has acquired fellow aggregator LowestRates.ca. LowestRates.ca will continue to operate as a separate site and independent source of financial services information and rates,…
Home insurance rates dropping but no reprieve for condo owners
July 28, 2021 by Jason ContantPersonal property premiums were a mixed bag in the first quarter of 2021, with insurance for condo owners continuing to rise, but home insurance rates trending down, according to a new report from LowestRates.ca released Tuesday. Year-over-year, home insurance premiums…
Why your clients could expect price reductions in home insurance
May 25, 2021 by Greg MeckbachIf insurers can achieve combined ratios of less than 80% in personal property, homeowners should expect to see lower prices and possibly even rebates, the CEO of LowestRates.ca suggests. “For consumers, if insurance companies are making money, then it means…
How rising interest in electric vehicles affects auto insurers
May 18, 2021 by Jason ContantThe number of customers looking to insure an electric vehicle (EV) is rising, which is having a ripple effect on auto carriers due to the increased cost to insure these vehicles, according to a recent report from LowestRates.ca. Year-over-year, there…
Why more auto insurers may opt for UBI
March 30, 2021 by Greg MeckbachOntario motorists can expect to see more insurers offering telematics now that the province is allowing carriers to impose surcharges on risky drivers. “The bottom line is that insurance companies always want to find the right price for a risk…
Why auto rates are increasing despite fewer drivers on the road
March 6, 2021 by Jason ContantAverage auto insurance rates rose in Canada during the second half of 2020 despite the COVID-19 pandemic and lockdowns that led to fewer drivers on the road, a new report from LowestRates.ca found. The average auto insurance premium climbed by…
What industry experts think of pandemic auto rebates
October 30, 2020 by Adam MalikInsurance companies responded well and appropriately to the COVID-19 pandemic in terms of assisting customers by way of premium relief and other measures, according to industry experts. Canadian Underwriter recently checked in with insurers on the current status of relief…
Why opening up B.C. auto to competition could help even if it doesn’t lower prices
October 8, 2020 by Greg MeckbachBritish Columbia motorists would probably benefit from more choice in auto insurance if it means they can start doing more things by phone and online, suggests the co-founder of an online price comparison site. With the provincial election scheduled Oct.…