The cost of auto insurance in Alberta is on the rise, while figures in Ontario continue to drop.
The statistics, part of a report by Canadian comparison website Lowest Rates, reveal that Albertans are seeing auto insurance prices rise by up to 5.1%. Meanwhile, it’s good news for their counterparts in Ontario who are seeing a downward trend of 4.9% in the last year, with most consumers paying less for auto insurance in 2017 than the previous year.
The report also revealed that in Alberta, consumers aged 45 and over are seeing the greatest impact, paying 5.6% more than they did in 2016, while 18-24 year olds are paying 2.3% more than they did in the final quarter of 2016.
There is, however, a notable gender divide, with men in the province paying 5.9% more for insurance than women, who are only burdened by a 2.9% annual increase.
Hop across the map though, and it's a different story for those in Ontario. The 45 and up age bracket are making savings of 10.8% less than they paid in 2016, and 18 to 24 year olds are making the biggest savings, paying 11.8% less than the year prior. The smallest savings are being made by those Ontarians aged between 25 and 44, who are still managing to save 3.2% in comparison with their previous policy rates.
In contrast with Alberta, it is the men in Ontario who are making the biggest savings- paying 6.9% less than they did in 2016. Women, on the other hand, are actually seeing a price increase of 1.9% .
For the most part, insurers use information derived from the amount of monthly accident claims they file, as well as how much each of these costs, to determine their rates. This information varies company to company, so it is useful to compare different insurers to find the best rate for each individual driver.
"The car insurance industry can be a bit of a mystery to consumers, and that's the main reason we created the Auto Insurance Price Index—to pull back the curtain and give consumers the information they need to make the decisions that work best for them," said Justin Thouin, Co-Founder and CEO of LowestRates.ca. "We hope consumers can use this information to make better decisions. Don't accept rate increases if our index shows prices falling in your province."