A lot of people have profited from Ontario’s auto insurance system over the past 25 years. Few insurance companies have exited the Ontario market in that period of time so profits must be good. In addition, there is no shortage of lawyers working in the system both on the accident benefits side and in tort. There are rehabilitation clinics dying for more referrals. Tow trucks drive around our highways ready to pounce on someone after a collision. Yet everyone complains. Drivers in this province continue to pay high premiums. They are the true victims in the system.
Author Archives: Admin2
Study claiming Ontarians overpay for auto insurance excludes carriers with negative return on equity
Study claiming Ontarians overpay for auto insurance excludes carriers with negative return on equity
A recent study that concludes Ontario consumers “may have overpaid” $3 to $4 billion for auto insurance between 2001 and 2013 actually excluded the carriers with negative return on equity in Ontario auto, the Insurance Bureau of Canada and the Insurance Brokers Association of Ontario (IBAO) suggest.
Ontario Drivers Pay Excessive Auto Insurance Rates while Company Profits Soar
TORONTO, April 10, 2015 /CNW/ – A major study released today shows the need for immediate reductions in Ontariomotorists’ high auto insurance premiums, the Ontario Trial Lawyers Association says.
IBC Fact Check: Trial lawyers’ 40% fees gut victims’ benefits
TORONTO, April 10, 2015 /CNW/ – 40%: That’s the share that some personal injury lawyers in Ontario take from accident victims in contingency fees. While many lawyers take less – a quarter or a third – insurers and drivers all agree: lawyers’ fees are simply too high and have a significant impact on the cost of auto insurance.
Ontario drivers overpaid $840M for auto insurance a year, study says
Ontario consumers may have overpaid for auto insurance by $3 billion to $4 billion between 2001 and 2013, according to a study done for the Ontario Trial Lawyers Association.
In 2013 alone, they may have paid $840 million more than they should have to insure their vehicles, according to the study by Fred Lazar and Eli Prisman, professors at the York University Schulich School of Business.
Ontario drivers overcharged $3 billion on insurance, study says
The average family should have paid $100 to $120 less for auto insurance in 2013
Average Car Insurance Rates On The Rise Across Alberta
Insurance industry representatives, with support from the IBC are doing their best to combat car insurance fraud across the country. The IBC is also negotiating a joint resolution shared among private insurers and provincial governments. If enough governments sign on, the industry may seek a national plan to combat car insurance fraud from the federal government in Ottawa.
http://www.lowestrates.ca/news/average-car-insurance-rates-rise-across-alberta-1655
Is telematics a double-edged sword for insurance agents?
Roughly 18 to 20 insurance carriers currently offer telematics, or usage-based insurance capabilities, to their policyholders. The devices record driving behavior, which in theory can be used to better predict individual auto insurance premiums.
Brokers hope telematics innovation can overcome stigma
The telematics race took another step forward with a new app that brokers are already suggesting may overcome lingering customer apprehension.