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British Columbia named Canada’s most expensive auto insurance market as IBC calls for competition

By: , Published on , Last Update on July 18, 2018 02:48 PM


When thinking of the most expensive auto insurance markets in Canada, Ontario usually tops the list. However, there has been a change over the last year and new data shows British Columbia (BC) has the highest average auto insurance rates in the country.

Ontario regions like the Greater Toronto Area (GTA) may have the individual unwanted title in terms of average auto insurance costs, but BC is the overall unfortunate champ amongst provinces. The General Insurance Statistical Agency (GISA), the agency overseeing the country’s insurance regulators, released data today showing average car insurance costs across Canada.

 

British

Columbia

Alberta

Saskatchewan

Manitoba

Ontario

Quebec

Newfoundland

and Labrador

Nova

Scotia

New

Brunswick

Prince

Edward

Island

2017 Average Premium

$1,680

$1,251

$936*

$1,080

$1,445

$661*

$1,132

$842

$819

$796

 

The data follows a 2017 EY report that showed the Insurance Corporation of British Columbia (ICBC) is financially burdened amid rising collisions, claims, and repair costs. As reforms to save the crown-owned public insurance provider slowly start, many still call for private insurance for basic auto coverage to be introduced in the province.

“Under ICBC’s monopoly, British Columbians pay the highest auto insurance prices in Canada, with premiums averaging $1,680 annually,” said Aaron Sutherland, Vice-President, Pacific, Insurance Bureau of Canada (IBC). “With further rate increases on the horizon, it is critical that ICBC is opened to competition and choice to improve affordability for drivers.”

“Opening BC’s auto insurance marketplace to competition would save drivers up to $325 annually,” added Sutherland. Competition provides a powerful incentive for any company to deliver the best service at the best price. Auto insurance is no exception to this rule Canadian private insurers are eager to better serve the BC marketplace.”

Category: News    Tags: News, news, insurance, car, canada

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