Auto

What Ontario’s auto dealer overseer says about GAP insurance

Guarantee asset protection, or GAP insurance, can address the risk of a consumer having negative equity as a result of borrowing money to buy a car, suggests the head of the organization that regulates Ontario’s motor vehicle dealers. GAP is sold by car dealers across Ontario, said John Carmichael, CEO of the Ontario Motor Vehicle […]

By Greg Meckbach | November 26, 2020

2 min read

Auto

Intact has ‘lost hope’ in this market

Intact Insurance could potentially re-enter the British Columbia auto market, but not if it is restricted to offering only optional coverages while competing against a government monopoly, CEO Charles Brindamour said this past Tuesday. During an earnings call, Intact Financial Corp. executives were asked about their decision to exit the B.C. auto market, whether there […]

By Greg Meckbach | November 6, 2020

2 min read

Auto

5th Top Story in 2020: Intact to exit this line of business

Canada’s largest insurer announced late Tuesday that its brands Intact Insurance and belairdirect will no longer offer optional auto coverage in British Columbia. “This decision was taken after careful consideration, given the upcoming regulatory changes in the province that will reduce competition and limit choices for consumers,” Intact Financial Corporation said in a press release. […]

By Jason Contant | October 28, 2020

3 min read

Auto

The good news and bad news about Ontario auto

Ontario auto insurance rates were 3.7% lower in the second quarter of 2020, than in the same period in 2019, but were still higher than in the three months ending March 30, 2020, data released Tuesday by LowestRates.ca suggests. “COVID itself is suspected of driving up prices in Ontario,” LowestRates.ca said Tuesday of a 2% increase, […]

By Greg Meckbach | September 24, 2020

3 min read

What happens in Alberta when auto insurers are not comfortable with their profitability

The Alberta auto insurance industry is still suffering “hangover” from a 5% cap on rate increases that was abolished more than a year ago, with many insurers not looking for new business, suggests the co-founder of LowestRates.ca. Data released Tuesday by LowestRates.ca shows that the average Alberta auto insurance rate was 22.7% higher in the […]

By Greg Meckbach | September 23, 2020

3 min read

How you could save an aging Ontario auto client $14,000

If you are not consistently shopping around for a better deal for your Generation X and Boomer-generation auto clients, they could be paying thousands extra after reaching middle age – unless they happen to find a lower rate from from one of your competitors. When analyzing data from its own quoting engine, LowestRates.ca discovered some […]

3 min read

How many of your low-mileage drivers are shopping around for a better deal?

One impact of the pandemic has been a large spike in customers who are shopping around for a better deal because they are not driving very much, LowestRates.ca reports. “Consumers don’t understand why different insurance companies are reacting differently to the COVID-19 pandemic,” Justin Thouin, CEO of LowestRates.ca, told Canadian Underwriter recently. For example, he […]

2 min read

How long it’s taking now to approve Ontario auto rate filings

The average Ontario auto insurance filing now takes less than two weeks to get approved, the provincial regulator told Canadian Underwriter. The Financial Services Regulatory Authority announced this past October a “file and use” system for private passenger auto. For insurers whose filings meet the “standard” criteria, FSRA aims to respond within 25 days. “The […]

2 min read

Intact predicts two-year hard market in auto

As the number of kilometres driven drops during the pandemic, consumers can expect to get a break on their auto insurance – and expect a hard market to pick up after the pandemic, Intact Financial CEO Charles Brindamour warns. “We expect rate will pick up and the market will be hard for a good 24 […]

2 min read

Manitoba auto insurance rates to drop 10 per cent, pending regulator approval

WINNIPEG – Manitoba drivers could soon be paying less for their vehicle insurance. Manitoba Public Insurance has applied for an average 10.5 per cent cut in overall rates, which it says would save the typical passenger vehicle owner about $130 a year. The Crown corporation says if regulators approve the move, it will be the […]

1 min read