August 27, 2012
TORONTO, ON /CNW/ – Cars are safer. Roads are better. Accidents are less severe. So, why are auto insurance premiums in Ontario so high?
Insurance Bureau of Canada provides the answer in THE PRICE IS WRONG, an informative 30-minute television special that will air on OMNI TV this Sunday, September 2nd at 12 noon.
“We wanted to find out what Ontarians were thinking about the high cost of auto insurance,” explains IBC Ontario vice President Ralph Palumbo, “so we hit the road over the summer to listen to their concerns and encourage discussion about how to bring these costs down. Not surprisingly, Ontarians had a lot to say!”"
Palumbo says the public’s opinions and questions form the basis of THE PRICE IS WRONG, created to help Ontarians understand how their insurance policies work, and to shed a spotlight on why they are paying far too much for auto insurance.
Hosted by Canadian broadcaster and writer, Peter Feniak, THE PRICE IS WRONG answers the most common questions that Ontarians have about auto insurance and explains how Ontario drivers are all victims of the growing abuse of the insurance system through fraud.
For example, the program features an explanation of how a minor fender bender ended up costing the system $129,000, and examines how organized criminal fraud rings stage collisions and drive up everyone’s premiums.
“What we pay for insurance is based on the cost of claims and in many cases the costs are ‘through the roof’ as a result of fraud and abuse in the system,” says Steve Kee, Director of Media Relations, IBC. “Until we can get costs under control, we will continue to have premiums that we all agree are too high.”
In conjunction with this television program, IBC is visiting markets across Ontario, listening closely to consumers and collecting their feedback and ideas about how everyone can work together for a better insurance system.