Canadians are expected to pay even more for car insurance this year. Why?
Global News
Canadians could see even higher auto insurance premiums this year amid a growing crisis of car thefts in the country and other industry challenges, according to a new report.
Canadians could see even higher auto insurance premiums this year amid a growing crisis of car thefts in the country and other industry challenges, according to a new report.
In its auto insurance outlook for 2024 released on Jan. 26, Ratesdotca is anticipating another jump in premiums across the country this year.
Between December 2022 and December 2023, there was a nearly six per cent increase in passenger vehicle insurance premiums in Canada, according to Statistics Canada.
“We’re seeing a lot of insurance companies take on significant rate increases as a result of higher and disproportionate losses in 2023,” said Daniel Ivans, an insurance expert at Ratesdotca.
“So, as claims have begun to increase and payouts from insurers have continued to increase, as a result of that, we’re seeing increases in insurance premiums across the board as well,” he told Global News in an interview Monday.
The Ratesdotca report highlighted several factors influencing the auto insurance market.
Among them is vehicle theft, which has become a so-called “epidemic” in Canada.
Nationally, more than 80,000 vehicles were stolen in the past year, according to the Insurance Bureau of Canada. In 2022, auto theft claims amounted to $1.2 billionc, with $700 million in Ontario alone.
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