Replacement : 2024 Will See An Increase In Auto Insurance Rates
2024 will see an increase in auto insurance rates due to record thefts and rising auto part replacement costs.
In 2024, insurance rates may rise more for drivers due to a combination of factors including record-high auto theft, ongoing inflation, and the rising expense of replacing tech-heavy auto parts.
The Financial Services Regulatory Authority (FSRA) of Ontario has already authorized insurers to raise their rates by up to 25% in certain circumstances for the first quarter of 2024, according to Daniel Ivans, an insurance specialist at Ratesdotca.
Compared to 2023, when the FSRA authorized rate increases of up to 15%, this increase is more pronounced.
According to the most recent FSRA data, the average Ontario premium in October 2023 was already $1,796 as opposed to the annual average of $1,633.
After years of the province dictating that insurers could not raise rates, drivers in Alberta may also see significant increases, according to Vice-President of Insurance at Ratehub.ca Matt Hands.
According to experts, there doesn’t seem to be any end in sight to the higher average annual increases in auto insurance premiums.
Record levels of auto theft and the rising cost of replacing parts that were once much cheaper are the main causes of rising rates, according to Mr. Hands, even though overall inflation is beginning to decline after reaching all-time highs.
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It might be far more difficult to control those factors.
Mr. Hands remarked, “It feels like we’re in an unprecedented time, at least from my experience.”
“In the past, replacing a windshield only cost about $300, but now that they have heads-up displays and other advanced technology, the cost can rise to over $2,000,” he said.
Mr. Ivans did point out that Canadian consumers are comparatively fortunate in comparison to those in Britain and certain US states, where rates have in certain instances increased by 50% to 70%.
In addition to pointing out that not all customers will see rate increases equally and that some may still see a drop in their rates over time, Mr. Ivans stated, “What we’re seeing in Canada is that it’s catching up to rate increases globally.”
Customers in other jurisdictions, like British Columbia, won’t be subject to rate increases in the brief. The sole provider of auto insurance in British Columbia is Insurance Corporation of British Columbia, a Crown corporation.
In the meantime, Mr. Hands stated that new government legislation in Alberta will only permit inflationary increases to insurance rates for drivers with a clean record—a phrase he pointed out was a little unclear.)
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The FSRA announced that it intends to change the way it controls underwriting and rates for auto insurance in Ontario. In the upcoming months, new guidelines will be released.
According to Mr. Ivans, customers can take proactive measures to reduce their insurance costs. For example, they can install applications that track driving data to find out if they drive safely and qualify for discounts.
Insurers have already begun to impose surcharges of up to $500 on drivers whose high-risk vehicles lack TAG systems.
While most drivers anticipate that if they keep up a spotless record, their insurance rates will eventually go down, Mr. Hands stated that this might not always be the case.
Even if a customer is just renewing their annual policy with their current provider, he said it’s more crucial for them to shop around to make sure they get the best deal.
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