Live Insurance News

Ontario auto insurance customers may have overpaid by billions

April 14, 2015April 11, 2015 H. Cutner

The results of a new study have shown that drivers in the Canadian province may have been charged far too much. A new study conducted by the Schulich School of Business on behalf of the Ontario Trial Lawyers Association has revealed that drivers in Ontario, Canada, may have been paying billions of dollars too much for their auto insurance coverage. The research showed that from 2001 to 2013, drivers across the province paid between $3 and $4 billion too much. The study has pointed to the profit benchmark that was…

Usage based insurance program lets young drivers prove themselves

March 12, 2015March 11, 2015 Julie Campbell

This telematics based system will give new Ontario, Canada motorists the chance to prove their safety habits. A company called Ingenie Canada Inc. has now announced that it will be offering a usage based insurance program in Ontario, Canada, that will use telematics technology in order to allow drivers who are aged 24 years and younger to show that their habits are safer than the demographic as a whole. The company is allowing younger drivers to show their true risk level instead of being lumped in with the group. The…

Auto insurance rates in Ontario to drop by 15%

November 26, 2014November 25, 2014 Marc

New legislation will cut the average cost of auto insurance coverage in Ontario, Canada A new law has been passed in Ontario, Canada, that may be good news for drivers throughout the province. The Ontario Legislature has approved a bill that will cut auto insurance rates by an average of 15%. The legislation is expected to go into effect in August 2015 and lawmakers believe that it will help mitigate insurance fraud, thereby lowering the financial pressure on insurance companies offering coverage in the province. Legislation aims to address issues…

Auto insurance fraud gets more attention in Ontario

June 23, 2014June 20, 2014 Logan B.

Insurance Bureau of Canada wants more action to be taken on the problem of insurance fraud Auto insurance fraud is on the rise in Ontario, Canada, and some insurers believe that relatively little is being done to resolve the issue. The Insurance Bureau of Canada is beginning to urge the provincial government to take action on the issue with the re-introduction of legislation that is meant to specifically combat insurance fraud. The legislation is known as the Fighting Fraud and Reducing Automobile Insurance Rates Act and insurers believe that it…

Usage based auto insurance gains more attention in Ontario

March 12, 2014March 10, 2014 Nordstrom

Usage based insurance plans are starting to see widespread adoption Usage based auto insurance is beginning to pick up momentum in Ontario, Canada, but the Financial Services Commission of Ontario has been slow to grant approval for the technology used for this type of insurance coverage. Insurance companies operating in the province have begun applying for approval to use the technology that is capable of monitoring a person’s driving habits. Insurers suggest that this technology could help lower insurance costs for drivers significantly, depending on how often they actually drive.…

Auto insurance usage based programs could reduce rates by 15 percent

October 11, 2013October 8, 2013 Julie Campbell

Providers in Ontario are eyeing these new telematics plans as the Canadian province seeks to lower premiums. The government of the Canadian Province of Ontario has tasked the auto insurance industry with reducing rates by 15 percent, and they are now looking to usage based programs based on telematics to be able to achieve this goal. That said, this type of plan is not necessarily designed to benefit people who commute every day in rush hour traffic. Auto insurance companies are now seeking to speak with the financial services regulator…

Auto insurance fraud to blame for high costs

September 5, 2013September 2, 2013 Julie Campbell

According to the industry, it is the scammers and thieves that are to blame for consumers having to pay too much. Drivers in Ontario, Canada have been complaining about the high cost of auto insurance, and the industry in that province has now responded by confirming that these consumers are right, consumers are paying too much. However, the reason for these skyrocketing prices is that fraudsters are keeping costs high for the insurers. Massive investigations into the auto insurance rates in Ontario have been underway since the NDP (New Democratic…