Questionable Bargain: OPCF 49 Agreement offers premium discounts for drivers who forfeit claim compensation
Toronto, Ontario — A new option in Ontario car insurance tempts drivers with car insurance premium discounts, in exchange for waiving insurer responsibility from repairing damaged vehicles–regardless of who is at-fault. According to the Financial Services Regulatory Authority of Ontario, this agreement is officially titled OPCF 49: agreement not to recover for loss or damage […]
Holding Steady: ICBC files to freeze basic insurance rates for next two years
Vancouver, British Columbia — The Insurance Corporation of British Columbia has filed an application with the British Columbia Utilities Commission (BCUC) for no increase to basic insurance rates for the next two years. “Holding firm on ICBC’s basic insurance rate for two more years will help millions of drivers with their monthly bills amid global […]
Divide and Prosper: Credit score discrimination by auto insurers growing in N.B. despite opposition
Saint John, New Brunswick — The New Brunswick Insurance Board continues to approve insurer requests allowing credit scores to determine driver insurance rates, despite criticism that the practice carries discriminatory implications. Notably, the independent Office of the Attorney General has criticized the practice as unfair, given that the province has the most drivers per capita […]
Frugal Finances: NDP calls out high Saskatchewan auto insurance rates
Saskatoon, Saskatchewan – A New Democratic Party (NDP) critic has called out Saskatchewan Government Insurance (SGI) for failing to reduce insurance rates, despite a healthy financial year. After “a record-setting catastrophic storm and issues arising from the COVID-19 pandemic,” a recent press release said that SGI remains financially stable. This comes after the provincial legislature reviewed […]
Rebate Renewal: ICBC issues second COVID-19 rebate
Victoria, British Columbia — ICBC is issuing a second COVID-19 rebate in recognition of lower claims costs due to fewer crashes during the COVID-19 pandemic. ICBC will start distributing rebates averaging $120 per policy in mid-July, returning approximately $350 million in additional rebates to 2.94 million customers. This builds on the first COVID-19 rebate of […]
