Car insurance complacency can cost drivers as much as a month’s worth of groceries, RATESDOTCA survey reveals


TORONTO, April 27, 2021 (GLOBE NEWSWIRE) – As Ontarians grapple with the economic fallout from a third provincial COVID-19 lockdown, new data from RATESDOTCA suggests that 77 percent of them potentially leave more than $ 700 in annual auto insurance savings on the table. Interestingly, the survey found that fewer Ontario drivers seek mandatory auto insurance than they do for basic voluntary expenses like cell phones or internet services, despite the greater savings in getting the best rates. insurance.

“It is disturbing to see over 1.4 million Ontario drivers feel that it is either too complicated to change or that it never occurred to them to begin with, even though the amount they could save equals what an average family of three spends on groceries. a month *, ”said Jameson Berkow, editor-in-chief of RATESDOTCA. “And the fact that the majority of Ontario drivers surveyed say they don’t shop for auto insurance suggests that there is a real lack of awareness about how easy it is to do so, as well as the options and resources available.

The investigation revealed:

  • Less than one in four drivers in Ontario have purchased auto insurance in the past year (23%), compared to almost one in three Canadians who have purchased a cell phone plan (31%) or a new service Internet (32%). hundred).
  • More Canadians ended up changing car insurance providers after shopping (39 percent) than those who ended up changing their cell phone (32 percent) or Internet provider (37 percent).
  • Those who changed auto insurance providers also ended up saving more money.
Save less than $ 40 / month Saved $ 40 + / month
Car insurance 38 percent 56 percent
Home Insurance 52 percent 35 percent
Cellphone 62 percent 37 percent
the Internet 52 percent 47 percent
  • Of the 77 percent of respondents who had not shopped for auto insurance, more than one in five said the change was either “too much of a hassle” (15 percent) or that the change had just not occurred to them before (6 percent).
  • Of the 39 percent of people who changed auto insurance providers after shopping, more than one in three (36 percent) ended up saving $ 60 or more on their monthly premiums. That’s $ 720 a year or more than the $ 642 that, according to Statistics Canada, an average Canadian family of three spends on groceries in a typical month.
  • Men are more likely to shop for insurance than women (29% of men bought auto insurance vs. 18% of women, and 25% of men bought home insurance vs. 18% of women).
  • More than one in three respondents with auto insurance (35%) said their current provider gave them a loyalty discount with a typical saving of just 5% (or about $ 7 / month based on the average premium of $ 1,664), which is far less than the savings Ontario drivers could get if they changed insurance companies.

It’s time for drivers to seriously consider the multiple options available to lower their insurance rates:

  • Many providers are offering rate relief related to the COVID-19 pandemic. See if yours is one of them using a COVID-19 Relief Rebate / Premium Calculator.
  • Do you work from home? Your lack of travel could lower your auto insurance rates just by reporting it to your provider, or switch to usage-based insurance and only pay for the actual distance you travel.
  • Compare the prices! This is the only way to find out what the competition has to offer and RATESDOTCA users save an average of $ 676 on their annual auto insurance fees **

To view the full survey results, visit RATESDOTCA.

* Based on the 2021 Canada Food Prices Report
** Buyers in Ontario who got a quote on RATESDOTCA and transacted through our contact center from August to December 2020 saved an average amount of $ 676 The average savings amount is the difference between the average premium the lowest of buyers and the average of the second and third lowest quoted premiums generated by RATESDOTCA.

About the survey
An online survey of 1,000 Ontario residents was conducted by Léger from March 19 to 21, 2021, using Leger’s online panel. The age of the sample ranged from 18 to 55 years and over. The margin of error for this study is +/- 3.1%, 19 times out of 20.

About RATESDOTCA
RATESDOTCA is the first rate comparison website in Canada that offers a fast and simple digital experience to compare the largest selection of insurance products and money on the market. Over 8 million Canadians rely on RATESDOTCA each year for better rates on auto, home and travel insurance, mortgages and credit cards. RATESDOTCA is all about helping Canadians make better insurance and money decisions so they can save time and money to spend on what really matters to them. @RATESDOTCA

RATESDOTCA
360 Adelaide Street West, Suite 100
Toronto, Ontario, Canada
M5V 1R7
+ 1844-726-0907

For more information or to arrange an interview, please contact:

Alex Jones, Proof Strategies Inc. for RATESDOTCA
[email protected]
(416) 969-2734

Karishma Singh, Proof Strategies Inc. for RATESDOTCA
[email protected]
(416) 969-2769

An infographic accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/033397e4-0bd9-49c1-bcc3-696b830e4a7f





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