REPORT: Comparison Of Auto Insurance In BC And Alberta

1y ago
906.25 KB
21 Pages
Last View : 20d ago
Last Download : 1m ago
Upload by : Helen France

REPORT: Comparison of Auto Insurance inBC and AlbertaMarch 18, 2019Prepared for IBC by

Auto Insurance in Canada2

Auto insurance premiums across CanadaAverageSeriesPremium1 Cost 1.800 1,680 1,445 1,500 1,251 1,200 1,132 900 842 793 819NSPEINB 600 300 0ICBCABONNLSource: IBC with data from GISA and ICBC 20173

A comparison of auto insurancein BC and AlbertaIBC commissioned MNP to:1.Compare the BC and Alberta autoinsurance systems2.Better understand the premiumsdrivers are paying in each province.4

Auto insurance systems in BC and AlbertaKey Findings:1As of April 1, 2019, BC’s auto insurance system will besubstantially the same as Alberta’sSIMILARITIES tort-based system with cap on minor injury pain & suffering damages restrictions on the use of experts and expert reports average injury claim size2Drivers in BC pay significantly higher premiums than inAlbertaDIFFERENCEICBC monopoly vs. Alberta’s competitive market5

Determining the price impactof ICBC’s monopoly vs. competitionMNP obtained pricing quotes for the same drivers, using the same vehicles,in similar locations in both provinces.Prices also reflect identical coverage in each province, including: 1 million third-party liability Collision coverage ( 500 deductible) Comprehensive coverage ( 250 deductible) Uninsured motorist protection6

Small-business owner in SurreyBILL, AGE 46Price of Auto InsuranceSurrey 2,058DIFFERENCECalgary 659 1,399No at-fault accidentsDrives a 2014 Ford F-150Business use7

Young couple living in CoquitlamMATTHEW & LISA, AGE 35Price of Auto InsuranceCoquitlam 1,693DIFFERENCENo at-fault accidentsDrive a 2014 Honda CivicCalgaryCommute to work* 1,125 568*less than 15 km one-way8

Young couple living in SquamishJEFF & NATALIE, AGE 35Price of Auto InsuranceSquamish 1,479DIFFERENCENo at-fault accidentsDrive a 2014 Honda CivicAirdrieCommute to work* 1,125 354*less than 15 km one-way9

Young man living in Prince GeorgeSCOTT, AGE 24Price of Auto InsurancePrince George 1,608DIFFERENCEFort McMurray 263 1,345No at-fault accidentsDrives a 2010 Ford F-150Commutes to work**less than 15 km one-way10

Young man living in VancouverDANIEL, AGE 24Price of Auto InsuranceVancouver 2,897DIFFERENCECalgary 688 2,209One at-fault accidentDrives a 2010 Ford F-150Commutes to work**less than 15 km one-way11

Young woman living in BurnabyCAITLIN, AGE 26Price of Auto InsuranceBurnaby 2,369DIFFERENCECalgary 695 1,674No at-fault accidentsDrives a 2014 Honda CivicCommutes to work**less than 15 km one-way12

Young woman living in BurnabyHANNAH, AGE 26Price of Auto InsuranceBurnaby 2,285DIFFERENCECalgary 727 1,558No at-fault accidentsDrives a 2014 Honda CivicPleasure13

Woman living in VancouverJENNIFER, AGE 55Price of Auto InsuranceVancouver 2,129DIFFERENCECalgary 730 1,399One at-fault accidentDrives a 2016 Toyota CamryCommutes to work**greater than 15 km one-way14

Woman living in KamloopsSUSAN, AGE 55Price of Auto InsuranceKamloops 1,573DIFFERENCEMedicine Hat 448 1,125One at-fault accidentDrives a 2016 Toyota CamryCommutes to work**greater than 15 km one-way15

Senior couple living in North VancouverRICHARD & DEBBIE, AGE 68Price of Auto InsuranceNorth Vancouver 1,457DIFFERENCENo at-fault accidentsDrive a 2014 Buick LaCrosseCalgaryPleasure 1,295 16216

Senior couple living in KelownaTOM & JOAN, AGE 68Price of Auto InsuranceKelowna 1,120DIFFERENCENo at-fault accidentsDrive a 2014 Buick LaCrosseRed DeerPleasure 1,125 517

Family with learner living in LangleyFRANK & DONNA, AGE 45Price of Auto InsuranceLangley 2,232DIFFERENCENo at-fault accidentsDrive a 2012 Honda AccordEdmontonCommute to work* 1,395 837*greater than 15 km one-wayOther driver(s)Jane, age 16No at-fault accidents18

Family with learner living in KelownaKEN & LAURA, AGE 45Price of Auto InsuranceKelowna 1,688DIFFERENCENo at-fault accidentsDrive a 2012 Honda AccordRed DeerCommute to work* 1,125 563*greater than 15 km one-wayOther driver(s)James, age 16No at-fault accidents19

Recreational DriversFRED, AGE 50STEVE, AGE 46No at-fault accidentsNo at-fault accidentsDrives a 2010 Class CMotorhomeDrives a 2010 HarleyDavidsonPleasurePleasurePrice of Auto InsurancePrice of Auto InsuranceVictoriaFraser Valley 1,118 2,190DIFFERENCEEdmonton 347 771DIFFERENCESt. Albert 487 1,70320

Competition can help improve affordabilityin BC auto insuranceConclusion: Similarity between the BC and Alberta auto insurancesystems is further evidence of the benefits of competition Introducing competition and choice would save driversup to 325 annually in BC, through improved efficiency,innovation and claims handling Canada’s private insurers stand ready to better servedrivers in British Columbia21

Compare the BC and Alberta auto insurance systems 2. Better understand the premiums drivers are paying in each province. 5 Auto insurance systems in BC and Alberta As of April 1, 2019, BC's auto insurance system will be substantially the same as Alberta's SIMILARITIES

Related Documents:

consumer guide to auto insurance contents introduction to auto insurance 1 understanding your auto insurance policy 2 required auto insurance 3 optional types of auto insurance 4-5 getting the right coverage 6 accidents and violations 7 how to shop for auto insurance 8 shopping tips 9 frequently asked questions 10-11 insurance complaints/when you have a problem 12

Hampshire Insurance Department does not mandate or set Auto Insurance Rates. Auto Insurance Rates will vary by insurance company. This guide is intended to give New Hampshire consumers basic information on auto insurance. It suggests ways to: Lower the cost of your auto insurance, shop for Auto insurance and, file an auto insurance claim.

auto auto auto. frozen drinks smoothies puree med high pulse low / dough. auto auto auto. frozen drinks smoothies puree med high pulse low / dough. auto auto auto. frozen drinks smoothies puree med high pulse low / dough. auto auto auto. please keep these important safeguards in mind when using the . appliance: mportant: make sure that the .

Auto insurance doesn't cover paying off your loan if your car is damaged and its market value is less than what you owe. Auto dealers and lenders may offer guaranteed auto protection (GAP) insurance for this purpose. Your auto insurance will cover you if you drive into Canada. To drive into Mexico, however, you'll need to buy Mexican auto .

Whether you are buying auto insurance for the first time, or shopping to be sure you are getting the best deal, you already know how important auto insurance is. By law in most states, if you own a car, you must have some auto insurance. Remember, there is no such thing as a "full coverage" auto insurance policy. Policies are made up of

AUTO INSURANCE Comparison shopping is the key to getting the most for your insurance dollar . Consumers think nothing of price shopping for televisions, computer tablets or appliances to save 20 or 30, but forget to shop around for auto insurance where hundreds of dollars can be saved . There are more than 150 auto insurers (or

The king's insurance options 5 Things you need to know 7 The stuff you need to do 14 How to claim 16 Our commitment to you 20 Car insurance 22 Car warranty 37 Shortfall cover 45 Scratch and dent 46 Tyre and rim 48 Motorbike insurance 53 Trailer and caravan insurance 64 Watercraft insurance 68 Home contents insurance 77 Buildings insurance 89

Agile Development and Scrum Scrum is, as the reader supposedly knows, an agile method. The agile family of development methods evolved from the old and well- known iterative and incremental life-cycle approaches. They were born out of a belief that an approach more grounded in human reality – and the product development reality of learning, innovation, and change – would yield better .