Car insurance costs on the rise in Ontario and Alberta
The cost of car insurance in Ontario and Alberta is on the rise once again, however is falling in the Atlantic provinces.
The report, by Lowest Rates, discovered that auto insurance has been steadily trending upwards in Ontario and Alberta, climbing 1.08% and 2.46%, respectively.
It’s not all bad news for Ontarians, despite insurance prices seeing a little boost during the first quarter of 2018, they are still down 6.1%when compared with the same time last year. While female drivers in the province are saving 4.75%, men are paying 6.65% less for their insurance policies.
Unfortunately, the same cannot be said for their Albertan counterparts. Rates in the western province have climbed 6.04% since the end of Q1 2017, with women paying 4.99% more and men having to hand over an extra 6.67% more.
Contrastingly, customers buying auto insurance in New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador have seen the cost decline by 0.86%. This is despite the fact that the Insurance Bureau of Canada (IBC) and Royal Newfoundland Constabulary (RNC) found that Newfoundland and Labrador was home to the highest amount of uninsured driver claims per capita among the 10 Canadian provinces in 2017.
Auto insurance rates are determined nationally based on personal details including a drivers’ history and the type of car they drive, as well as the number of claims issued to a company in that area. The more claims that are made, the more expensive insurance tend to be overall.
However, the report also revealed that customers in all of the provinces studied were able tosave on the cost of their policy by using an app or website to compare different insurance providers.