New Policy – Ontario: Why Did No One Tell Modern Car Owners This New Policy?.
Two shocking reports show that insured Canadian drivers have significantly overpaid. This is the trick your auto insurer does not want you to know.
If your car has anti-lock brakes, a factory-installed alarm, or air bags – you qualify for a discount. If you qualify for 2 or 3 of these discounts, the savings may be extremely high. Also, there are a few insurers that will give a discount for no recent tickets and if you live in a qualified postal code. Has your agent told you these discounts?
Consumer watchdog groups have warned that most major insurers unfairly hike up loyal customers’ rates just to maximize profits – insurers call it “price optimization.” This means your insurer goes through your shopping data and whether or not you’re loyal customer of certain companies. Based on their results, they’ll give you the highest rate they think you’ll spend. Depending on the local laws, insurers are allowed to change their rates every 3 months. The rule to fight back is simple. To get the biggest savings, compare discounted rates from a vast network of insurers (that are licensed in your area).