For those looking to purchase or renew their auto insurance the Financial Services Regulatory Authority of Ontario (FSRA) is encouraging them to shop around and get at least three quotes. In a recent poll conducted for FSRA, only 30 per cent of respondents indicated that they always look for the lowest rate.
“As a consumer you have a right to ask your insurance company for the lowest rate possible for the coverage that is best for you,” said Tim Bzowey, Executive Vice President, Auto/Insurance Products at FSRA. “Auto insurance is legally required for anyone who drives in Ontario, so we urge everyone to take advantage of any discounts being offered by auto insurers, such as safe driver or home and auto bundling.”
The FSRA poll also found that only 27 per cent of respondents shopped around for auto insurance in the past 12 months, and of those, only one quarter received three quotes. For nearly half of those who received a quote, they indicated their quote came within minutes.
As part of its current “Your auto insurance driven by you” consumer education campaign, FSRA is informing people to shop around for a policy that best suits their needs and their budget. They should also understand how their driving habits and situation impact their rates. Be informed and know what to tell your insurer, for example, how many kilometres you drive each day, where you drive, and the type of vehicle you drive. This is important information that is considered when calculating your auto insurance rate.
The FSRA poll also found that:
- Those aged 25-54 (range from 36% to 40%) are more likely to always seek out the lowest rate than those aged 55 or older (range from 19% to 24%).
- Only nine per cent of respondents indicated that they were very knowledgeable of their auto insurance policy.
- Six per cent of people are very familiar with the way their auto insurance rate is calculated, while 38 per cent said they are somewhat familiar.
- Since the beginning of the Covid-19 pandemic in March 2020, 63 per cent indicated that they decreased the amount they drive. Of those, half said they never informed their insurance company of their change in driving habits.
- 56 per cent of respondents indicated that they were aware of insurance company discounts and rebates during the pandemic, and of those, 80 per cent said they received money back.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
SOURCE Financial Services Regulatory Authority of Ontario