We have all experienced or heard about high insurance premiums in the Ontario auto insurance system. Why does this occur? The insurance industry wants us (and the politicians at Queen’s Park) to believe that premiums are high solely because too much money is being paid out in claims. Is this really the case?
http://oatleyvigmond.com/more-reductions-in-auto-insurance-coverage/#.U4jBMXY9ldg
A majority of Canadians are optimistic about usage-based auto insurance if it could lower their rates, but awareness of telematics programs remains quite low, according to a new survey from Kanetix.
Half of the respondents to a poll marking the one-year anniversary of Desjardins General Insurance Group’s (DGIG) launch of its usage-based insurance (UBI) programs said they are safer drivers and almost seven in 10 said they now pay more attention to acceleration and braking
A survey conducted by the research company, Leger, for KANETIX.ca shows only 18 percent of consumers across Canada are actually familiar with usage-based insurance.
Insurers and brokers are debating data and sifting solutions at the two-day Insurance Telematics Canada conference in Toronto… with consumer worries and the regulatory framework uppermost in their mind.
http://www.citopbroker.com/news/telematics-conference-in-toronto-steers-for-answers-6762
An increase to Ontario’s minimum wage won’t be the only change coming June 1, as the Financial Services Commission of Ontario is revising the hourly rate guideline for attendant care benefits in the province’s standard auto insurance policy.
http://www.insurancebusiness.ca/news/fsco-introducing-guideline-changes-next-week-177987.aspx
Several insurers in Ontario have opted to use telematics to provide auto policyholders in the province with discounts. But some insurance professionals contend that only by also adding surcharges for risky behaviour will drivers be on their best behaviour and carriers be able to take full advantage of the technology.
Ontario auto insurance is in need of a major overhaul. Tinkering with the already poor system can only serve to make matters worse, and once again, miss an opportunity to make the significant changes required to return the system to efficiency and fairness.