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
Weather alerts issued for 7 provinces, 1 territory
Warnings of up to 60 millimetres of rain and other alerts have been issued for seven Canadian provinces and one territory ahead of the Easter weekend.
He didn't trust police but sought their help anyway. Two days later, he was dead
Jameek Lowery was among more than 330 Black people who died after police stopped them with tactics that aren’t supposed to be deadly, like physical restraint and use of stun guns, The Associated Press found.
Luxury cruise line selling world cruise suite for US$1.7 million
Luxury operator Regent Seven Seas Cruises is raising their price tag to eye-watering levels, with a suite on an upcoming 140-day world voyage costing US$1.7 million.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
A Filipino villager is nailed to a cross for the 35th time on Good Friday to pray for world peace
A Filipino villager has been nailed to a wooden cross for the 35th time to reenact Jesus Christ’s suffering in a brutal Good Friday tradition he said he would devote to pray for peace in Ukraine, Gaza and the disputed South China Sea.
Ontario homeowner on the hook for $27,000 when contractor severed power line
An Ontario man who built a garage on his property has been locked in a battle with his electricity provider for a year and half over a severed power line.
Fluid in eye cells can 'boil' if you watch the eclipse without protection: expert
Millions of people in parts of Eastern and Atlantic Canada will be able to see the rare solar eclipse happening on April 8. But they should only look up if they have proper eye protection, experts say.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
'Oppenheimer' finally premieres in Japan to mixed reactions and high emotions
'Oppenheimer' finally premiered Friday in the nation where two cities were obliterated 79 years ago by the nuclear weapons invented by the American scientist who was the subject of the Oscar-winning film. Japanese filmgoers' reactions understandably were mixed and highly emotional.