The New Reality for Car Insurance in Ontario

Did COVID-19 put raise auto insurance premiums?

 

The new reality for auto insurance in Canada includes unreasonably high insurance rates. Some of the lowest premiums can currently be found in Vaughan, Ontario, and even those aren't ideal.

 

Even with COVID-19 relief measures, many drivers found themselves with a large rise in insurance costs.  

 

Need to lower your insurance bill? Unsure where to turn?

 

Auto insurance can be extremely confusing, but at Ken Maynard Insurance Brokers, we are here to help.

 

We are an insurance broker, meaning we have access to multiple insurance companies. Let us help you save money on your auto insurance and make sure you have the coverage you need.

 

Let's take a look at the trends in auto insurance in Vaughan.

 

Trends from the Last Couple of Years

You would think that with fewer people out and about because of the COVID-19 pandemic, that insurance prices would lower... is that the case? Nope.

 

Overall, auto insurance premiums are higher than they were in quarter 1 of 2019 in all of Canada. In Ontario, while rates still increased, they were still lower than all other sections of Canada.

 

Insurance rates in quarter 2 of 2020 in Ontario decreased, while in Alberta, driver's insurance rates rose significantly. 

 

The Financial Services Regulatory Authority (FSRA) is Ontario’s car insurance regulator. They have to approve any changes in insurances before they go into effect. The FSRA approved slight decreases for multiple insurance companies that will take effect in 2021.

 

Unfortunately, insurance rates are still assumed to be higher than normal for the foreseeable future. 

 

Make Sure You Get the Best Rates

All of us here at Ken Maynard Insurance Brokers can assist you in making your coverage more affordable.

 

You can talk to your insurance broker and change your automobile usage details, so you're not paying for any coverage you don't need anymore. If you're working remotely, you can change your plan to reflect the lower mileage you drive. 

 

If you are currently not driving at all, there is an option to purchase only comprehensive coverage. This would still protect you from fire and theft.

 

There are many adjustments we can make to get you optimal discounts to reach your desired price point. We want you to be happy, safe and insured. 

 

Where to Go From Here?

The best auto insurance in Vaughan is right here, at Ken Maynard Insurance Brokers. We also provide additional insurance plans to give you the most personalized experience possible for your entire lifestyle.

 

Some companies will advertise that they can get you the best rates, but are they really making sure you meet the mandatory legal requirements for your auto insurance? Are they really searching for the best deals for you?

 

Since we don't work for just one insurance company, we can take the competition out of it and focus on offering you exactly what you need. 

 

Let us do all the hard work for you. At Ken Maynard Insurance Brokers, we are determined to provide you with the best auto insurance possible. 

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