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
They were from different countries and barely spoke each other's languages. More than 20 years later, they're still happily in love
He decided to spend Christmas somewhere that wouldn't involve snowstorm disasters. She was spending the holidays with family, travelling for the first time outside of her native country of Venezuela. 23 years later, they're still in love.
Man who set himself on fire outside Trump trial dies of injuries, police say
A man who doused himself in an accelerant and set himself on fire outside the courthouse where former U.S. President Donald Trump is on trial has died, police said.
12 students and teacher killed in Columbine school shooting remembered at 25th anniversary vigil
Thirteen victims of the Columbine High School shooting were remembered during a vigil Friday on the eve of the 25th anniversary of the shooting that was the worst the nation had seen at the time.
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Israeli airstrike in southern Gaza city of Rafah kills at least 9 Palestinians, including 6 children
An Israeli airstrike on a house in Gaza's southernmost city killed at least nine people, six of them children, hospital authorities said Saturday, as Israel pursued its nearly seven-month offensive in the besieged Palestinian territory.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
Iraq investigates a blast at a base of Iran-allied militias that killed 1. U.S. denies involvement
Iraqi authorities said Saturday that they were investigating an explosion that struck a base belonging to the Popular Mobilization Forces, a coalition of Iran-allied militias, killing one person and injuring eight.
The House is on the brink of approving aid for Ukraine and Israel after months of struggle
The House is preparing in a rare Saturday session to approve US$95 billion in foreign aid for Ukraine, Israel and other U.S. allies.
'It was joy': Trapped B.C. orca calf eats seal meat, putting rescue on hold
A rescue operation for an orca calf trapped in a remote tidal lagoon off Vancouver Island has been put on hold after it started eating seal meat thrown in the water for what is believed to be the first time.