TORONTO —
On the peak of the pandemic, insurance coverage firms promised $1 billion in aid to drivers however new statistics present that charges nonetheless went up.
In accordance with Ratesdot.ca, the common Ontario auto insurance coverage premium in December 2018 was $1,473. In December 2020, it rose to $1,616. That’s a rise in two years of 9.7 per cent.
“The price of automobile insurance coverage within the Larger Toronto Space stays the best within the province,” Liam Lahey with Ratesdot.ca advised CTV Information Toronto.
The most costly metropolis to personal a automobile stays Brampton, the place the common premium is $2,698. The 4 costliest cities after that so as are Mississauga, Vaughan, Richmond Hill and Markham.
The most affordable place to personal a automobile in Ontario is in Kingston, Nappanee, Port Hope, Cobourg and Brockville, which all have common annual premiums of $1,103.
Whereas Brampton stays the costliest metropolis in Ontario to personal a automobile, the 4 costliest postal codes to personal a automobile are in Scarborough, the place the common premium is $3,000 a 12 months.
The charges quoted within the statistics are for a 35 12 months previous, with driving file proudly owning a 2017 Honda Civic.
The Ontario Trial Attorneys Affiliation, which represents accident victims, mentioned the insurance coverage system must be extra clear so it is clear simply how a lot revenue is being made.
“We all know that because of COVID collisions are down, visitors is down and but charges proceed to climb,” Kris Bonn, president elect for the Ontario Path Attorneys Affiliation, mentioned.
“It is one other instance of insurance coverage firms making the most of the system to extend the charges of normal drivers whereas additionally lowering the payout for harmless injured accident victims,” Bonn mentioned.
Auto theft, fraud and the excessive value to switch and restore autos are additionally driving up prices.
Lahey with Ratesdot.ca mentioned in case you really feel you are paying an excessive amount of for insurance coverage it is smart to buy round.
“Whether or not your auto coverage is up quickly or you do not just like the charges your paying checking ratesdot.ca and examine. You might be able to discover a decrease price,” Lahey mentioned.
The charges quoted within the statistics are the common premiums for driver, so anybody who has had an accident or tickets could possibly be paying a whole lot and even hundreds of {dollars} extra.
