Question - Insurance Rate Differences
How much do you think rates can differ between insurance companies for the same
driver and car?
| Selection - Based on 5,351 replies: |
| They are all the same | 549 (10%) |  |
| Between $100 to $500 | 2,465 (46%) | |
| Between $500 to $2,500 | 2,022 (38%) | |
| Between $2,500 to $10,000 | 248 (5%) | |
| Over $10,000 | 67 (1%) | |
The results of the survey found that most drivers think there is a difference of $100 to $500 in rates between insurance companies.
Only 1% of drivers thought insurance company rates differed by over $10,000.
The results of the survey found that most drivers think there is a difference of $100 to $500 in rates between insurance companies.
Only 1% of drivers thought insurance company rates differed by over $10,000.
Answer: There can be over $10,000 difference in rates between insurance companies.
The Financial Services Commission of Ontario did a rate comparison on 4
different driver profiles of 51 insurance company rates showing rate
differences of over $15,000.
|
Toronto Driver Profiles | Lowest | Highest | Difference |
|
19 Years-Old, Clean Record | $5,750 | $15,551 | $9,801 |
|
23 Yr-Old, 1 Ticket & Accident | $2,051 | $17,468 | $15,417 |
|
2 Drivers -Old, Clean Record | $1,763 | $6,992 | $5,229 |
|
70 Years-Old, Clean Record | $970 | $2,576 | $1,606 |
For the Financial Services Commission of Ontario link to their rate guide, click here.
|
