February 7, 2003
Survey shows Ontario car insurance rates vary widely
Toronto, Ontario – An insurance rate review released yesterday by The Consumer’s Guide to
Insurance reveals a spread of up to 400 per cent in auto insurance rates across Ontario.
The Consumer’s Guide regularly checks various driving profiles to compare rates with insurance companies that write over 80 per cent of Ontario’s auto insurance.
“Consumers with good driving records are being shoved into higher-rated markets,” said Lee Romanov, President of The Consumer’s Guide to Insurance.
Using The Consumer’s Guide, Lee Romanov compared the rates of a 41-year-old married female driving a 2002 Honda Accord and a 41-year-old married male driving a 1998 Dodge Caravan, both with pristine driving records.
The lowest rate for the couple kicked in at $1,880, with the highest at $7,515. That’s a whopping difference of $5,695, or 400 per cent. “It’s typical of what’s going on in today’s insurance market,” says Lee Romanov. “If this married couple told you they were paying $7,515 for insurance, you would assume they’re the worst drivers ever, but the reality is they’re
great drivers who didn’t shop around.”
The Consumer’s Guide to Insurance is a free service that tells consumers which companies have the lowest car insurance rates. The service can be accessed at www.insurancehotline.com http://www.insurancehotline.com or by touch-tone telephone, at 416-686-0531.