Aviator

It seems the UK may be catching up, or even overtaking us in insurance premiums.
Car insurance premiums 'jump by £110' - BBC News

christmasoompa

I don't think we'll ever get close to Canada for an average 'safe' driver personally. I've just renewed mine and it has gone up a bit but it's still less than £300 (40 year old, no traffic offences, 1 accident in last 3 years, Volvo XC90). Plus £40 cash back, so around £250 for the year in real terms.

dbd33

The UK has a "free market" in car insurance, premiums are mainly influenced by the insurance companies' costs in settling claims. In Canada, car liability insurance in some Provinces is state run (BC, SK) and in some others premiums are regulated (AB) or bounded by government regulations (ON). The provision of minor vehicular coverages such as fire and theft is subject to a different set of government policies and controls.

Since the premiums in the UK are set by commercial considerations and those in most of Canada by political ones it's certainly possible for car insurance to be cheaper in Canada. ICBC could halve its premiums tomorrow. However, in the Provinces where commercial considerations more freely apply, Ontario for example, the awful driving and litigious nature of the population ensures that premiums are very high when compared to those in the rest of the developed world.

ChrisBan

The way I see some people driving in Ontario, it's really no wonder insurance is so high. I paid like £200 for a year in the UK... I'd pay the same in 2 months here in Ontario

cheeky_monkey

My car insurance is about the same only slightly more than what i paid in the UK...however cars i drive is different BMW M sport in the UK to a bog standard Ford Fusion here

GC44

The wifes Fiat 500 is $1650 here, the same car 6 years ago in the UK cost her Gbp 198. Even if you take into account the rise in inflation over the 6 years the difference is outrageous. But what can you do, theres a price to pay to "live the dream".

not2old

just renewed our one & only vehicle with CAA for $583/yr,

2002 Ford Escape, third party insurance only

dbd33

The car doesn't make the same difference to the premium here that it would in the UK. If it's just a matter of the insurance then one may as well have the performance version of a car as the more ordinary one (not that I'm condoning BMW ownership).

withabix

Are you sure about that???

Questions raised about ICBC’s finances as losses mount - BC | Globalnews.ca

dbd33

In the sense that it's a quango not responsible to shareholders, yes. The National Coal Board and British Rail were in the same position.

From your link:

"But Stone said the province’s top priority is to keep rates affordable."

if ICBC wanted to make a profit then the rates would be much higher than they are now. If the government wanted to go beyond "affordable" to "cheap" it could do so (though, of course, funding ultimately comes from taxation).

withabix

Insurance costs will never come down in Canada (and especially in BC) until they bring in:

An annual MOT test (which would weed out unmaintained and dangerously modified vehicles);
Stricter and better driver education standards;
Actual enforcement of drink and drug driving rules and imposing higher penalties (with a measured breath or blood content and not some requirement to prove intoxication);
Stricter penalties for other dangerous driving;
Application of basic safe design concepts when upgrading roads

dbd33

Those may be factors in the number and severity of collisions but I don't think they're key to insurance premiums (especially in BC). Premiums in BC are set by government fiat so the political leanings of the party in power are crucial; if BC shifts to a hard free enterprise party, a Harperetic one, then insurance could be privatized and premiums would zoom skyward. Similarly, election of a green party, opposed to private petrol vehicles, could result in an increase in premiums as a way of discouraging driving.

In the ROC, dreadful driving is certainly a factor but I suspect litigation costs are a bigger consideration; limiting rights to sue and limiting damages paid (further in some provinces) would be a bigger influence on premiums than reducing the number of collisions. The companies would certainly point to having to pay claims for uninsured cars in Ontario, arguably 1/3 of those on the road, as being a cost factor.

Almost Canadian

Are you able to explain why premiums are, generally, higher in BC than in Alberta?

gorleen

Hi, I've just had my Home and Auto renewal quotes!!!!! We live in Lethbridge, Southern Alberta and the home insurance, with Aviva, has increased by 20% to $1282, when I queried this I was told "well, someone has to pay for Fort McMurray". WHAT! My auto insurance for a 2012 Dodge Grand Caravan with Aviva is now $1096. We've been here since emigrating from the UK since April 2014 and I just feel I'm being ripped off. I've shopped around and have found a slightly cheaper company, Economical, but still expensive. In the UK my Citroen Picasso was about 250GBP. I'm 72 and retired, no commuting and do about 20k kilometers a year. Is this because we live in AB? My broker recommended Aviva because they take my UK driving experience into consideration in their quotes. Any advice or help would be greatly appreciated.

DandNHill

Wow. I'm envious of you! When we bought our third vehicle as son needed a car we initially asked the insurance company for guidance. We bought a 2008 GMC Acadia as it is one of the cheapest vehicles to insure.
Here in Brampton if I insured that vehicle on my own it would cost $3300 per year. I'm 50 and have had no accidents. If we were to move just up the road (4km but a different postal code) it would drop to $2000!!!! Still expensive from what I can see compared to Alberta.
We're renting at the moment and our tenants insurance is nearly $1000 per year!