Car Insurance: Premiums range from 10 to 15%

If you need to renew your car insurance contract, prepare to face a significant increase of up to 10% or 15% this year.

Several factors explain this situation, including the increase in the value of vehicles and the increase in repair costs, coupled with the increase in the cost of spare parts.

Two submissions consulted by TVA Novelles demonstrate this phenomenon. For one of them, the amount increased from $77 in 2023 to $85 in 2024, a 10% increase year over year with no claims for the same car.

Another $1,653 bid in 2023 for two vehicles in the same family rose to $1,987 in 2024, a 16% increase despite just one claim in a no-fault case.

Between the first and last quarters of 2023, premiums had already increased by an average of 13%, and the rate has increased by 3% since then.

“It's unusual, but it's an adjustment period,” says insurance broker Jean Bilodeau of BC Asur. It will remain so for one year and we will see till 2025.

Motorists opting for a utility vehicle, SUV or pickup truck face a higher premium due to export fleet.

“Even if you don't make a claim, insurers take into account the possibility of theft so you're exposed to the increase,” sums up Louis Cyr, an insurance broker at Deux-Montagnes.

It is always best to shop around for your insurance, but agree with the insurer for more than one year. Limiting the number of claims is also a good idea if the deductible is $500.

Quebecers can console themselves by telling themselves that insurance premiums in Quebec are the lowest in Canada and they cost half as much as in Ontario.