You are here

Car insurance premiums in Quebec remain the lowest


Justine Montminy

July 19, 2018 13:30

Photo : Freepik

Quebec remains the province where the premiums in automobile insurance are the least expensive, with an average premium of $ 661, according to statistics collected by thegeneral insurance statistical Agency (GISA). It is in British Columbia where we find the bonus, the highest average, of 1 680 $ per year in 2017.

In British Columbia, auto insurance is entirely public. The monopoly of the market is held by theInsurance Corporation of British Columbia (ICBC), which explains the high premiums.

Open the market to competition

A little earlier this year, the insurance Bureau of Canada (IBC) had asked the province to open the market to private insurers. The TRAY maintains its position.

“The competition in automobile insurance in British Columbia would allow drivers to save $ 325 per year. The competition is a strong incentive for any company to offer the best service at the best price. Auto insurance is no exception to this rule and the private insurers canadians are eager to better serve the market of British Columbia, ” explains the vice-president for the pacific region of the TRAY, Aaron Sutherland.

High premiums in Ontario

For Ontario, the province records the second award, the highest average in the country with 1 445 $ per year, according to GISA.

In Ontario, the insurer establishes the liability and indemnify the insured in part, but the latter may also sue another driver in order to have extra compensations. The law in ontario, the minimum coverage liability is $200,000.

Related posts

Leave a Comment