Cyclical Savings: Tesla insurance lowering repair costs for customers, top execs say on earnings call
Toronto, Ontario — Tesla’s proprietary insurance platform has made its way into several U.S. states since its 2019 California launch, and now, top executives in a recent company Q4 earnings call claim that their model is actively lowering repair costs for customers. First reported by Drive Tesla Canada, Tesla CFO Zach Kirkhorn and CEO Elon […]
Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’
Edmonton, Alberta — If there are two things the insurance industry and the “Real Housewives” series have in common, it is a stupefying propensity for drama and scandal, as has unfolded Thursday when the Alberta government announced an immediate cap on auto insurance rates through to the end of the year. Announced in a joint […]
Rate Daze: Auto insurance rating systems becoming complex beyond understanding, lawyer says
Toronto, Ontario — The current Canadian auto insurance rating system is so complex, a lawyer who recently spoke at a recent insurance industry event said that “There are concerns that these systems will be so complex over time that we don’t understand them.” Carole Piovesan, co-founder of data law and consulting firms INQ Law and […]
Fee Freeze: ICBC approved for two-year rate freeze, utilities commission review to follow
Vancouver, British Columbia — Ask and you shall receive—if you happen to be ICBC, that is—as British Columbia’s crown insurer has been approved for a two-year freeze in auto insurance rates, amid rising inflation among drivers. The British Columbia Utilities Corporation (BCUC) confirmed last Tuesday that ICBC and its basic policyholders will see their insurance […]
Scale Models: MPI directed to adopt primary driver rate adjustment model following court appeal
Winnipeg, Manitoba — Good drivers will no longer subsidize bad drivers, according to a Manitoba lawyer following the recent court decision to adjust MPI insurance rates based on a primary driver model, rather than a registered owner model. “It will never account for the people who are actually driving the vehicle, and the people who […]
Manitoba Falling: MPI proposes insurance rate decreases for fourth year in a row
Winnipeg, Manitoba – Manitoba Drivers may see a 0.9 percent decrease in their insurance rates, Manitoba Public Insurance (MPI) announced on Monday. While most drivers can expect this decrease in their rates, it does not apply to all vehicle classes. Rates may increase, or decrease further dependent on the type of vehicle. Vehicles that will […]
No More 90210: Doug Ford promises Ont. insurance reform, calls for end to postal code pricing
Toronto, Ontario – During a press conference Thursday, June 30th, Ontario Premier Doug Ford suggested that insurance premiums predicated on postal codes may be coming to an end. The insurance industry’s practice of pricing based on location represents unfair gouging of consumers, according to Ford. “I know we’re working on a plan for insurance companies, […]
Picking Pockets: N.L. Immigration Minister asks auto insurers to ‘not exploit’ Ukrainian refugees
St. John’s, Newfoundland — From one hardship to another, reports have begun circulating that Ukrainian refugees arriving in Newfoundland are being charged exorbitantly high auto insurance rates, well over the average paid by most Canadians. The Canadian Press got a hold of two auto insurance quotes from a pair of Ukrainian refugees in St. John’s—one […]
Digital Doubts: Customers unsatisfied with digital insurance options, J.D. Power says
Toronto, Ontario — A new study from J.D. Power has found that despite the large amounts of money being poured into customer-facing websites and mobile apps by insurance companies, customer satisfaction with digital shopping is on the decline. The 2022 U.S. Insurance Digital Experience Study found that customer satisfaction fell 16 points from last year, […]
A Key that Fits: Where Ontario’s party leaders stand on auto insurance rates
Toronto, Ontario — Ontarians will be off to the polls in less than a month to elect their new premier and the cost of auto insurance has quickly become a hot button issue for many voters, as each party has laid out a different approach to addressing this bipartisan issue. According to data from the […]
