Weekly InsurEye Digest: ON Car Insurance Rates and more

Insurance was a hot topic across several news as social media channels last week, from news about auto insurance rates in Ontario to discussions about drone insurance and reports about flooding and storms. So let’s start…

Ontario has the highest auto insurance rates, with Brampton topping the list

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As Canadian insurance comparison platform Kanetix reported, Ontario still maintains the highest insurance rates across Canada; $1,448/yr on average. In Ontario the three most expensive locations are Brampton, Vaughan and Mississauga, with annual insurance premiums reaching $2,392, $2,018 and $1,930 accordingly. Interestingly, Toronto comes in 4th with rates of $1,886. More details and colourful rate maps can be found here. If you feel that you overpay for your car insurance, don’t hesitate to search for a cheap car insurance quote today. Remember that auto insurance is likely one of the major expenses in your household.

Reduction of car insurance rates in Ontario is still a very far reaching goal, as Ontario Premier Kathleen Wynn has stated. Initially, the Liberals planned to cut the rates by 15 per cent by August 2015, but this has not happened. As per the Financial Services Commission of Ontario, many insurers got approvals for further increases of their car insurance rates (e.g. Allstate Auto Insurance and Aviva Car Insurance), and that means premiums may increase by 5 per cent.

Wildlife collisions reach 11,000 in the last five years in Manitoba

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When people hear about deer collisions or wildlife collisions, many think it is not an issue that is going to impact them, especially if they drive in urban areas. It is interesting, though, to find out that in Manitoba alone, drivers faced about 11,000 wildlife collisions between 2011 and 2015, with deer causing approximately 80 per cent of the collisions. The annual price tag on such collisions is $41M.

Debates on drone insurance continues

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A new insurance discussion emerged around drones – devices that have become quite popular lately in entertainment and commercial applications. Transport Canada suggests that anybody flying a drone heavier than 250 grams – basically any decently sized recreational drone – should have liability coverage. The need for such protection might be there but, unfortunately, there are no insurers offering this type of insurance. Insurers normally rely on historic data to come with pricing, but drone insurance does not have enough historical data points to be assessed.

Court decisions – Alberta drivers have to remain at accident scenes

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This is one of those decisions that some people would assume to be self-explanatory. If there is an accident that you have been involved in or witnessed, you should remain at the scene. This was the decision of a court of appeal in Alberta – drivers who are required to stay at the accident are not detained, but need to stay and help resolve the issue. It is helpful from a fault clarification perspective and for Alberta auto insurance to assess accidents fairly.

New CEO at Peace Hills Insurance

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Ms. Diane Brickner became an interim president and CEO of Peace Hills Insurance, substituting for Gene Paulsen who is retiring from the company. Ms. Brickner will stay in this position until the company appoints a new CEO. Peace Hill Insurance offers insurance in western Canada.

Caribbean, U.S. and Atlantic Canada deal with Hurricane Matthew’s aftermath

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Hurricane Matthew has seriously impacted the whole Atlantic coast, from the Caribbean to Atlantic Canada. According to Canadian Underwriter, losses in the Caribbean can reach $0.6 billion to $2.0 billion, and $2.2 billion to $6.8 billion in the U.S. Canadian areas impacted by the hurricane faced an already familiar problem – lack of overland flooding coverage, basically meaning that insurance policies do not cover this type of loss. It is time that Canadian insurers start offering this type of coverage. How serious is insurance coverage if our houses are not protected from flooding?

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