View the video here on your mobile device. Medical and rehabilitation benefits across Canada Ontario’s Standard auto insurance package is changing, and the accident benefits coverage is impacted. But how do the changes compare with the rest of the country? Here’s a breakdown of medical and rehabilitation benefit limits in Canada in provinces with non-governmental [...]
ICBC will reduce its basic insurance rates by 2.4% beginning November 1, 2010, following a decision from the British Columbia Utilities Commission (BCUC), which is responsible for regulating basic insurance rates in the province. “Any reduction in our insurance rates is good news for our customers and we thank them for their smart driving decisions [...]
Nothing quite says “Freedom” to a teenager like getting their driver’s license. ICBC said that more than 50,000 got their first B.C. driver’s license in 2009, leading to a lot of novice drivers on the road. ICBC says that driving is especially risky when you lack experience as a new driver. Not only are new [...]
New auto insurances changes that kicked in yesterday are rankling the opposition, but Premier Dalton McGuinty says premiums have to rise at some point. The Liberals say some of the new rules help the government crack down on fraud, but opposition critics say those changes leave honest drivers paying more. The new insurance rules include [...]
Manitobans wanting to open an auto glass claim with Manitoba Public Insurance now have an easier way to do it. Manitoba Public Insurance (MPI) will introduce a new Web application that will enable glass repair facilities to register claims on behalf of customers. The new application, called eGlassClaim, will interface with MPI’s claims systems and [...]
In its feature “Are Hybrids as Green When it Comes to Their Claims Costs?”, Mitchell International, Inc., a provider of information, workflow and performance management solutions to the Property & Casualty claims and Collision Repair industries, found that hybrid vehicles are a more costly risk for insurers. “Mitchell’s in-depth, multi-year data shows that hybrids have [...]
Customer satisfaction with auto insurance providers has improved notably from 2009, despite a considerable increase in the proportion of customers whose premiums were raised, according to the J.D. Power and Associates 2010 Canadian Auto Insurance Customer Satisfaction Study. The study, now in its third year, measures auto policyholder experiences with their primary insurer. Customer satisfaction [...]
Consumer-reported average annual expenditures on vehicle maintenance and repair services have decreased to $9.8 billion in 2010 from $11.2 billion in 2009, largely due to a significant decline in routine maintenance spending among owners of four- to seven-year-old vehicles, according to the J.D. Power and Associates 2010 Canadian Customer Commitment Index Study. The study finds [...]
ICBC reported its financial results for the first six months of 2010 with net income for the first half of the year at $232 million, down from $277 million for the same period in 2009. “Our customers’ smart driving has made a major contribution to our financial results and we have asked for permission to [...]
Quality Planning, a Verisk Analytics company that validates policyholder information for auto insurers, says that when previous odometer readings alone are used to estimate future annual mileage, more than half the vehicles have a rating error of more than 25 percent. Odometer predictability fails because of a false assumption that vehicle usage remains similar from [...]
On August 17th, 2010, the Winnipeg Police Service released information regarding a joint investigation by the Commercial Crime Unit and Manitoba Public Insurance’s Special Investigation Unit. The investigation operating as Project Rollback identified an organized crime group responsible for defrauding Manitoba Public Insurance for approximately $800,000.00. This fraudulent scheme involved odometer rollbacks, sale document manipulation [...]
The rate at which people file insurance claims for theft is highest for versions of the 2007-09 Cadillac Escalade, a luxury SUV, followed by the Ford F-250 crew pickup, Infiniti G37 luxury car, and Dodge Charger with a HEMI engine. Theft rates for these vehicles are 3 to 5 times as high as the average [...]
Starting November 2010, a new system will help improve road safety by keeping uninsured vehicles off Ontario’s roads. A new electronic verification system, developed by the province and the Insurance Bureau of Canada will provide on-the-spot confirmation of valid insurance coverage during the license plate renewal process. The ability to check for insurance in real-time [...]
Twelve years after Honda introduced the first gas-electric hybrid vehicle into the mass North American market, car buyers have yet to see the kinds of price reductions that were predicted to occur as hybrids gained popularity and market share. Even with technological advancements, and increased sales and model selection, consumers continue to pay a premium [...]
As a result of its annual insurance rate review, the Automobile Insurance Rate Board (AIRB) is directing Alberta insurers to reduce premiums on mandatory automobile insurance by five per cent this year. “This reduction is primarily the result of a projected decline in the number of bodily injury claims in the province this coming year,” [...]
Manitoba Public Insurance has announced that a government-authorized vehicle safety inspection will increase by $10, bringing the cost up to $55. The increase, effective on August 1, applies to safety inspections for cars, motorcycles and light trucks. “This is the first increase in nine years,” Ward Keith, Registrar of Motor Vehicles, Manitoba Public Insurance, said [...]
The Financial Services Commission of Ontario (FSCO) has released a revised Professional Services Guideline and a revised Transportation Expense Guideline, that both become effective on September 1, 2010. The revised Professional Services Guideline – Superintendent’s Guideline No. 06/10 (revised Professional Services Guideline) reflects the reforms under the Statutory Accident Benefits Schedule – Effective September 1, [...]
Keal Technology, software provider for Canadian insurance brokers, has announced that they have completed software development required to support brokers through the amended Automobile Insurance Regulations in Ontario taking effect September 1, 2010. To comply with the FSCO Regulated Ontario Reform Standards, a special release of Keal’s Broker Management System (BMS), sigXP was developed and [...]
View the video here on your mobile device. A classic car owner discusses the special insurance requirements for his 1978 Trans Am Do you know how to insure a collector car in British Columbia? One man tells us what it took to insure his classic Trans Am. Gord Hentze: Back in 1977 Carol and I [...]
