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Insurance Bureau of Canada (IBC) has revealed the results of its latest survey, which found that an overwhelming number of British Columbians – 78% – want more choice and more competition when it came to the province’s auto insurance industry.
The survey, conducted by Maple Leaf Strategies, polled 1,000 BC residents between September 25 and October 01.
Almost all of the respondents (89%) said that competition will allow them to shop around and possibly save more money on coverage.
“Competition provides a powerful incentive for any company to keep prices down, to deliver the best service, and to understand and meet the needs of its customers. Auto insurance is no exception to this rule,” commented IBC Pacific vice-president Aaron Sutherland.
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“These polling results show that British Columbians overwhelmingly want the ability to choose the auto insurance provider that is best for them. Canada’s private insurers are eager to better serve BC drivers so that they can take advantage of the benefits of competition and choice in auto insurance.”
Other findings of the survey include:
- Almost a third of BC drivers say that they have a very unfavorable view of the current auto insurance marketplace – four times as many as those who said they have a favorable view.
- Seventy-four per cent (74%) of drivers said that increased competition will be better for the province’s economy overall.
- Eighty-five per cent (85%) say that competition provides a powerful incentive for insurers to keep their prices down and to deliver the best service possible.
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