Anticipated :1 Car Insurance Will Increase In Canada This Year
Here’s why it’s anticipated that car insurance will increase in Canada this year:
According to a recent report, auto insurance premiums are expected to increase this year due to supply chain disruptions, inflation, and theft.
According to RATESDOTCA’s analysis, which was made public on Monday, insurance premiums increased by 6% between December 2022 and December 2023.
Canadians should expect to pay more this year due to sticky inflation and projected increases in insurance rates, the report concluded.
“A lot of the same factors that drove up premiums for insurers in 2023 are still driving up premiums as we head into 2024,” licensed insurance broker and RATESDOTCA expert Daniel Ivans stated in a news release on the finders.
“Crisis” of auto theft is described by RATESDOTCA
Auto theft is referred to by RATESDOTCA as a “national crisis” that has resulted in insurance rates for at-risk vehicles rising by up to 50%. If owners don’t install an anti-theft system, they risk a $500 surcharge.
According to the report, supply chain problems are driving up the cost of parts and advanced car technology is making vehicle repair more specialized, which is another reason why auto repairs are becoming more expensive.
Another consideration is insurance rates. Several rate increases for auto insurance have been approved by the Financial Services Regulatory Authority of Canada and will go into effect, depending on the provider, during the first half of this year.
Arriving relief?
Although the report projects a rise in insurance premiums this year, it also identified some positive signs.
First off, most economists anticipate lower inflation this year, which should translate into lower insurance premiums.
The report said that “insurance premiums are affected by the increase in price of goods, services, and labor.”
Furthermore, drivers in Alberta and Ontario may find that auto insurance is more reasonably priced as a result of provincial legislation in those two provinces.
According to the report, Alberta, the province with the highest frequency of insurance claims, has implemented a cap on insurance rates for good drivers of 3.7%.
However, some companies may choose to leave the province as a result of the plan, and Albertans may have to pay for claims out of pocket in order to maintain their status as “good drivers.”
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