B.C. drivers pay almost $2,000 in auto insurance per year - Yahoo Finance
B.C. residents just can’t seem to catch a break. Not only is the province home to some of Canada’s highest-priced real estate, drivers also pay the highest insurance premiums in the country, according to the latest data from the General Insurance Statistical Agency (GISA).
All motorists in B.C. are required to buy insurance from The Insurance Corporation of British Columbia (ICBC).
"Under ICBC's monopoly, British Columbians will again pay the highest auto insurance prices in Canada, with premiums now averaging $1,832 annually.” said Aaron Sutherland, VP, Pacific, Insurance Bureau of Canada (IBC), in a news release.
“While many important changes are underway in B.C., none are expected to begin to reduce the price most drivers are paying."
The kicker is that the situation is expected to get worse.
"With ICBC stating that it will need price increases to raise over $1 billion in the years ahead, now, more than ever, the market must be opened to competition and choice to improve the affordability of auto insurance for drivers."
Recent polls show B.C. drivers overwhelmingly want more choice and competition in the auto insurance space.
"Competition is a powerful incentive for any company to deliver the best product at the best possible price. Auto insurance is no exception to this rule," said Sutherland.
"Today's numbers are yet further evidence of the need to open ICBC to competition and give British Columbians the ability to shop around for their auto insurance needs.”
Here is the ranking of auto insurance premiums based on province:
1) British Columbia - $1,832 annually
2) Ontario - $1,505 annually
3) Alberta - $1,316 annually
4) Saskatchewan - $1,235 annually
5) Newfoundland and Labrador - $1,168 annually
6) Manitoba - $1,080 annually
7) Nova Scotia - $891 annually
8) New Brunswick - $867 annually
9) Prince Edward Island - $861 annually
10) Quebec - $717 annually
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains
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