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
BREAKING King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
'Unacceptable': Trudeau reacts after AFN chief says headdress taken from plane cabin
After the Assembly of First Nations' national chief said her headdress was taken from an airplane cabin this week, Prime Minister Justin Trudeau called the incident 'unacceptable' and a 'mistake' on the part of Air Canada.
Regina police officer injured after being accidentally shot by fellow officer's gun
An investigation is underway after a Regina police officer was accidentally shot by a fellow officer’s gun during the search of a house early Friday morning.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
From faulty kids' cribs to flammable kids' bathrobes, here are the recalls of the week
Health Canada issued recalls for various items this week, including kids’ bathrobes, cribs and henna cones.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.