October 2003 – Toronto ON — The price you pay for insurance is dynamic. Rates vary significantly between insurance companies for the same specific risk situation. Rates differ among provinces because each has its own set of rules and regulations around auto insurance coverages and auto insurance claims. Rates vary among different places where you live and work depending on local conditions such as the quality of the road network, traffic conditions, quantity of crime, amount of bad driving weather and many other factors. Rates also vary significantly within the same company over time as they respond to changing conditions and claims experience. The rate you get today from a certain company may not be the same rate you get tomorrow for the very same coverage.
Governments across Canada focus on political realities, one of which is mandatory auto insurance. In many provinces, governments, the insurance industry and individual insurers are introducing a wide variety of initiatives to help reduce the number and cost of claims. Government action varies province to province. For example, in Ontario, various changes that have been initiated and will be introduced could create $1.2 to $1.3 billion in savings. The competitiveness of industry participants and the dictates of government regulations will force much of this saving back to drivers by constant or even reduced premiums. As a result of new regulations issued in late summer 2003, insurers were required to file new rates by September 30. Almost certainly most drivers in Ontario will have some change in premium which they will see when their policy renews, or possibly even earlier.
The Consumers Guide to Insurance has created a “Watch Dog” service to alert Ontario subscribers about the changes in their auto insurance rate. When you use their quoting service to obtain a quote and subscribe to “Rate Alert”, they will automatically re-run your profile to ensure you always know who has the lowest rate from their database of 30 insurance companies. These insurance companies represent over 80% of the written premium in Canada. Consumers Guide to Insurance will re-run your rates weekly, bi-weekly, or monthly, and notify you of the lowest rate available every time. The price for this “Watch Dog” service is $20 per year.
The Consumer’s Guide to Insurance began its rate comparison service in 1994. It is an unbiased service that directs drivers to the insurance companies which offer the lowest rates. “All auto insurance policies [within a province] are identical, word for word. The only difference is what the insurance company charges,” Lee Romanov, President, reports. The Consumer’s Guide to Insurance does not sell insurance, and is not owned in part or in whole by an insurance company, agent or brokerage. Lee Romanov also hosts the Talk TV Insurance Hotline Show on City Pulse 24 at 5 pm on the first Tuesday of each month. She also appears on various TV networks for TV and radio shows.