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
![](https://www.ctvnews.ca/polopoly_fs/1.6859737.1713960487!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
New Norad commander calls Canada's defence policy update 'very encouraging'
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Are Canadians getting sick from expired food?
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.