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Car insurance : premiums vary according to the provinces

by

Charles Mathieu

15 August 2019 11:30

Photo : Freepik

The insured of British Columbia are paying more for their automobile insurance. This is affirmed by thegeneral insurance statistical Agency (GISA), led by canadian regulators in respect of insurance.

Premiums of the province were on average 1 $ 832 2018. Its closest competitor is Ontario, with an average $ 1,505.

Quebec is found on its side with the lowest average of all ten canadian provinces, with an average premium of 717 $. It is to be noted that the province administers the insurance for the injuries they have suffered after a road accident.

A monopoly that hurts

According to the insurance Bureau of Canada (IBC), the british columbians continue to pay more than the other provinces because of the monopoly of the Insurance Corporation of British Columbia (ICBC).

“While many changes are to come in British Columbia, nobody expects a reduction in the prices paid by drivers. Now, more than ever, there must be an opening of the market to leave room for the competition to reduce the price of automobile insurance, ” said Aaron Sutherland, vice-president, Pacific, of the TRAY.

The TRAY says that a recent survey shows that 82 % of drivers in British Columbia wish to have more choices in terms of automobile insurance.

And other provinces?

Two other canadian provinces offer a public automobile insurance plan.

The Manitoba supply by means of the public insurance Corporation of Manitoba. In 2017, the average insurance premium in the province was 1 080 $, a difference of 752 $ compared to the average of the British Columbia 2018.

In Saskatchewan, auto insurance is offered by the Saskatchewan Government Insurance (SGI). However, private companies can add options that are not necessarily offered by the public system of the province.

Motorists in other canadian provinces, excluding Quebec, are only covered by a private plan of automobile insurance.

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