Insurance rates rising by as much as 12% as traffic return to pre-pandemic levels
During the pandemic many insurance companies cut premiums or offered rebates, but now that traffic is returning to pre-pandemic levels, some insurance companies are raising their rates.
“We have seen a few companies do these increases and I’m sure there will be more to follow," said Tanisha Kishan, insurance expert with Ratesdotca.
According to the website, which allows consumers to shop around for insurance coverage, some companies have increased their rates between one and 12 per cent, approved by the Financial Services Regulatory Authority (FSRA).
Ratesdotca found that Pafco Insurance company increased its rates by 5 per cent, while Zenith Insurance Company increased its rates by 10.37 per cent.
Other companies kept rate increases to one to two per cent, but Kishan said drivers should expect to see some kind of increase moving forward.
“I would say it wouldn't be uncommon for consumers to get their renewal and see they are going to get some kind of mid-single digit increase," said Kishan.
During the pandemic some insurance companies cut their premiums or offered rebates because they were saving so much money, but now accidents are happening at a similar level to before the pandemic.
Kishan said that with inflation vehicles are more expensive to fix, parts are hard to find and there is a waiting list if you need to replace an accident vehicle.
At a collision reporting centre in Scarborough today a tow truck driver who goes by the name Shuggie said that he has noticed a lot more traffic and accidents on the roads recently.
“Ever since the city opened up again, it's been really crazy. There has been a lot more traffic and more accidents too. Everybody seems to be in a rush,” said Shuggie.
Wynton Gregoire said he was at the collision reporting centre because his car had just been written off in an accident.
“I had stopped at a red light, braked in time and everything was ok and then six seconds later someone ran into me at full speed and wrecked my car,” said Gregoire.
William Harten was also there because some had caused a fender bender on his new Mercedes sports car which was only one month old.
“I couldn’t believe it happened. It was a nightmare. I was polite with the driver, but inside I was dying," said Harten as he looked at his banged up car.
Not everyone will see a major increase on their next renewal, but if you find your insurance premiums have gone up substantially it may be time to look around and see if you can find a better deal somewhere else.
CTVNews.ca Top Stories
NEW From yearning for a change to cost of living, why some Canadians have left or may leave the country
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
NEW Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Documents reveal Canada praised Haitian sanctioned over alleged gangland connections
A Canadian diplomat and an RCMP officer heaped praise and gratitude on a sanctioned Haitian businessman that Global Affairs accuses of gangland connections, after he allowed a helicopter airlift of Canadian citizens and police at his luxury golf course last month, emails provided by his lawyers suggest.
Blind Sask. boy heading to international braille competition hopes to increase accessibility for visually impaired
A Saskatchewan boy who qualified for an international braille competition in Los Angeles next month hopes he can inspire change in his home province.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Minister said 'hundreds' of Canadians might use Gaza visa. More than 7,500 applied.
An immigration lawyer in Toronto says new figures from the federal government show just how 'grudging' Ottawa's efforts have been to rescue Canadians' family members from the war in the Gaza Strip.
Canucks claw out 5-4 comeback win over Oilers in Game 1
Dakota Joshua had a goal and two assists and the Vancouver Canucks scored three third-period goals to claw out a 5-4 comeback victory over the Edmonton Oilers in Game 1 of their second-round playoff series Wednesday.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.