By CRM Staff
Toronto, Ontario -- March 20, 2018 -- A new insurance report from LowestRates.ca shows the latest trends coming out of 2017, in its Auto Insurance Price Index.
“The car insurance industry can be a bit of a mystery to consumers, and that's the main reason we created the Auto Insurance Price Index – to pull back the curtain and give consumers the information they need to make the decisions that work best for them," said Justin Thouin, co-founder and chief executive officer, LowestRates.ca. "We hope consumers can use this information to make better decisions. Don't accept rate increases if our index shows prices falling in your province."
The report shows that since Q4 of 2016, the price of auto insurance in Alberta has been trending upward, increasing by 5.1 percent in the last year, which means that the average consumer in Alberta paid more for car insurance in 2017 than they did in 2016. In comparison, prices in Ontario over the past year have been trending downward, decreasing by 4.9 percent in the last year. This means that, on average, consumers in Ontario paid less for auto insurance in 2017 than in 2016 (though there was a slight increase in the last quarter of the year).
• 18- to 24-year-olds are paying 2.3 percent more compared to Q4 2016.
• 25- to 44-year-olds are paying 0.84 percent more than they did in 2016.
• 45-year-olds and up are paying 5.6 percent more than they did in 2016.
• Men are paying 5.9 percent more than in 2016.
• Women are paying 2.9 percent more than in 2016.
• 18- to 24-year-olds are paying 11.8 percent less than 2016.
• 25- to 44-year-olds are paying 3.2 percent less than 2016.
• 45-year-olds and up are paying 10.8 percent less than 2016.
• Men are paying 6.9 percent less than in 2016.
• Women are paying 1.9 percent more than in 2016.
Other notable trends include:
• The average premium in Ontario is $1,458, based on data from the Ontario Ministry of Finance. In comparison, the average for all other provinces and territories in Canada is $930. That makes Ontario's average price 44 percent higher than the rest of Canada.
• In Ontario, car insurance rates have been trending higher in the most recent quarter, with the average premium rising 3.2 percent in the fourth quarter compared with the third quarter of 2017. But rates have dropped 4.9 percent year-over-year.
• The average premium in Alberta is $1,179. That makes Alberta, on average, 23.6 percent more expensive for car insurance than the Canadian average.
• In Alberta, auto insurance rates are up 5.1 percent compared to last year. In the fourth quarter, the average rate for car insurance rose 1 percent from the third quarter of 2017.
For more information, read the full report here: lowestrates.ca/blog/auto/auto-insurance-price-index-q4-2017.