Provincial winners and losers in Q1 auto insurance pricing

Provincial winners and losers in Q1 auto insurance pricing | Insurance Business

Provincial winners and losers in Q1 auto insurance pricing

LowestRates.ca has released the results of its Q1 2018 Auto Insurance Price Index, revealing the quarter’s winners and losers in terms of auto insurance prices.

The online rate comparison site utilizes proprietary data to come up with its quarterly report.

For the first time since the index launched in October 2017, data from the Atlantic provinces – New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador – was included in the report. As LowestRates.ca continues to operate in the Atlantic region, further data will be collected.

The report found that auto insurance rates in Ontario and Alberta have been trending upward this quarter – 1.08% and 2.46%, respectively. On the other hand, insurance rates in the Atlantic have fallen, decreasing by 0.86%.

Although insurance prices in Ontario increased during Q1 2018, it represents a decrease of 6.1% compared to the results for the same period last year. Alberta is not as fortunate, as the province’s current rates represent a 6.04% increase versus its Q1 2017 rates.

"We created the Auto Insurance Price Index to equip Canadians with the information they need in order to make smarter financial decisions," commented LowestRates.ca co-founder and CEO Justin Thouin. "We've expanded the report this quarter to include Atlantic Canada, allowing drivers on the East Coast to better understand rate changes in their area and how these changes affect them. We plan to continue to expand the index to eventually compare prices and trends across the country."

The report also provided a breakdown of how much men are paying for auto insurance versus women:

  • Ontario
    • Men are paying 6.65% less than in Q1 2017
    • Women are paying 4.75% less than in Q1 2017
  • Alberta
    • Men are paying 6.67% more than in Q1 2017
    • Women are paying 4.99% more than in Q1 2017
  • Atlantic Canada
    • Men are paying 0.88% less than in Q4 2017
    • Women are paying 0.28% less than in Q4 2017

 

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