Complacency about auto insurance can cost drivers up to a month’s worth of groceries, according to a study by TARIFFSDOTCA


TORONTO, April 27, 2021 ?? As Ontarians grapple with the economic fallout of a third COVID-19 county-wide lockdown, new data from RATESDOTCA suggests that 77 percent of them may be leaving more than $ 700 in annual auto insurance on the table. Interestingly, the survey revealed that fewer drivers in Ontario shop around for mandatory auto insurance than for major voluntary expenses such as cell phone or internet services, despite the greater dollar savings made by insuring the best insurance rates.

“It is alarming to see more than 1.4 million drivers in Ontario feel it is too much of a hassle to switch or that it never occurred to them, even though the amount they can save is equivalent to what an average family of three spend on groceries per month *, ”said Jameson Berkow, editor-in-chief of RATESDOTCA.“ And that the majority of Ontario drivers surveyed say they don’t shop around for auto insurance, suggests there is a real lack of awareness about the ease with which this can be done and the options and resources available. “

The research showed:

  • Less than one in four Ontario drivers shopped for auto insurance (23 percent) in the past year, compared to nearly one in three Canadians who shopped for a cell phone plan (31 percent) or a new Internet service (32 percent). cent).
  • More Canadians switched auto insurance companies after shopping around (39 percent) than those who eventually switched cell phones (32 percent) or Internet service providers (37 percent).
  • Those who changed car insurance ended up saving more money too.
  • Saved less than $ 40 / month. Saved $ 40 + / month

    Auto insurance 38 percent 56 percent
    Home insurance 52 percent 35 percent
    Mobile phone 62 percent 37 percent
    Internet 52 percent 47 percent

  • Of the 77 percent of respondents who weren’t looking for auto insurance, more than one in five said switching was “ too much hassle ” (15 percent) or that switching never occurred to them as an option before (6 percent).
  • Of the 39 percent of people who changed car insurance after shopping, more than one in three (36 percent) ended up saving $ 60 or more on their monthly premiums. That’s $ 720 per year or more than the $ 642 that the average Canadian family of three spends on groceries in an average month, according to Statistics Canada.
  • Men are more likely to buy insurance than women (29 percent of men shopped around for auto insurance versus 18 percent of women, and 25 percent of men shopped around 18 percent of women for home insurance).
  • More than one in three auto insurance respondents (35 percent) said their current provider gives them a loyalty discount with a typical savings of only 5 percent (or about $ 7 / month based on the average premium of $ 1,664), which is far less than the savings Ontario drivers could receive if they switch insurance companies.
  • It’s time for drivers to seriously consider the many options available to lower their insurance rates:

  • Many providers are offering tariff relief in connection with the COVID-19 pandemic. See if yours is one of them using one COVID-19 discount / relief premium calculator.
  • Working from home? Your lack of commuting can lower your auto insurance rates by notifying your provider, or you can switch to usage-based insurance and pay only for the actual distance you drive.
  • Shop! It’s the only way to discover what the competition has to offer, and TARIFF DOTCA users save an average of $ 676 on their annual car insurance costs **
  • To view the full study results, visit RATESDOTCA.

    * According to Canada’s Food Price Report 2021
    ** Ontario shoppers who were quoted on RATESDOTCA and transacted through our contact center from August to December 2020 saved an average of $ 676. third lowest listed premiums generated by RATESDOTCA.

    About the research
    An online survey of 1,000 Ontario residents was conducted by Leger from March 19-21, 2021, using the Leger online panel. The age of the sample ranged from 18 to 55+ years. The margin of error for this study is +/- 3.1%, 19 times out of 20.

    RATES DOTCA is Canada’s leading rate comparison website that provides a quick and easy digital experience to compare the widest selection of insurance and cash products on the market. More than 8 million Canadians rely on PRICE DOTCA every year to get a better rate on auto, home and travel insurance, mortgages and credit cards. PRICES ENDOTCA is designed to help Canadians make better insurance and money decisions so they can save time and money to spend on what really matters to them. @RATESDOTCA

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