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Drivers are encouraged to shop around when purchasing or renewing auto insurance

Recent poll finds less than a third of respondents are always looking for the lowest rate

TORONTO, February 17, 2022 /CNW/ – For those looking to purchase or renew auto insurance, the Financial Services Regulatory Authority of Ontario (ARSF) encourages them to shop around and get at least three quotes. In a recent survey conducted for FSRA, only 30% of respondents indicated that they always seek the lowest rate.

FSRA logo (CNW Group/Financial Services Regulatory Authority of Ontario)

“As a consumer, you have the right to ask your insurance company for the lowest possible rate for the coverage that’s right for you,” said Tim Bzowey, Executive Vice President, Auto Insurance Products at FSRA. “Car insurance is legally required for anyone who drives in Ontariowe therefore urge everyone to take advantage of any discounts offered by auto insurers, such as the safe driver or the home and auto bundle. »

The FSRA survey also found that only 27% of respondents have shopped for auto insurance in the past 12 months, and of those, only a quarter have received three quotes. For nearly half of those who received a quote, they indicated that their quote came within minutes.

As part of its current “Your Auto Insurance Driven” consumer education campaign, FSRA is advising people to shop around for a policy that best suits their needs and budget. They also need to understand the impact of their driving habits and circumstances on their rates. Be informed and know what to tell your insurer, such as how many miles you drive each day, where you drive and what type of vehicle you drive. This is important information that is taken into account when calculating your auto insurance rate.

The FSRA survey also revealed that:

  • Those aged 25 to 54 (range 36% to 40%) are more likely to always seek the lowest rate than those aged 55 or older (range 19% to 24%).

  • Only nine percent of respondents indicated that they were very familiar with their auto insurance policy.

  • Six percent of people know very well how their car insurance premium is calculated, while 38% say they know it quite a bit.

  • Since the start of the Covid-19 pandemic in March 2020, 63 percent said they had reduced the number of miles they drove. Of these, half said they had never informed their insurance company of their change in driving habits.

  • 56% of respondents said they were aware of discounts and rebates from insurance companies during the pandemic, and of these, 80% said they had received cash.

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial security, fairness and choice for all. Learn more at www.fsrao.ca.

About the survey
FSRA commissioned Forum Research to conduct an online survey of 1,271 Ontarians aged 18 and older. This survey was conducted between 17 and 22 November 2021.

SOURCE Financial Services Regulatory Authority of Ontario

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