How many drivers shopped around for auto insurance in the last year? – Report

How many drivers shopped around for auto insurance in the last year? – Report | Insurance Business Canada

How many drivers shopped around for auto insurance in the last year? – Report

The Financial Services Regulatory Authority of Ontario (FSRA) is encouraging drivers in the province to seek the lowest insurance rates possible, as a new poll from the regulator found that only 27% of drivers have shopped around for auto insurance in the past 12 months.

The poll also found that of those that shopped around for auto insurance in the past year, only a quarter received three quotes. Almost half of those that received a quote said it came within minutes.

"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 FSRA executive vice president Tim Bzowey. "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."

FSRA also noted that only 30% of respondents indicated that they always look for the lowest rates.

Other findings of the poll include:

  • 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 9% of respondents indicated that they were very knowledgeable of their auto insurance policy.
  • 6% of people are very familiar with the way their auto insurance rate is calculated, while 38% said they are somewhat familiar.
  • Since the beginning of the COVID-19 pandemic in March 2020, 63% indicated that they decreased the amount they drive. Of those, half said they never informed their insurance company of this change in driving habits.
  • 56% of respondents indicated that they were aware of insurance company discounts and rebates during the pandemic, and of those, 80% said they received money back.