Q) I have heard a lot lately about auto insurance rate increases. My renewal is coming up soon. How much of an increase should I expect to see?
A) It all depends on the insurance company that you are with, as well as your driving profile. Insurance companies apply to the provincial regulatory body for approval of their proposed rate increases. In order to obtain approval, they have to prove that they require a rate increase in order to cover claims made by their policyholders. But because all insurance companies have different claims experience and rates, their proposed rate increases vary from driver to driver. As a result, depending on your current insurance company’s results, and your particular driving profile, you may see a small increase or a large increase.
The important thing to remember is that regardless of where you have your auto insurance, you have some control over the insurance rate that you pay – you just need to make sure you are exercising it. Shopping around to compare rates is the single best way to make sure that you are paying the lowest rate possible for your profile. Comparison sites like InsuranceHotline.com make this process easy. By taking just a few minutes and entering your information once, you get instant access to the lowest rates from over 30 insurance companies, and all at no cost to you.
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