If you need to renew your car insurance contract, be prepared for a significant increase of up to 10% or even 15% this year.
Several factors explain this situation, including the increase in the value of vehicles and the increase in repair costs related to the increase in the cost of parts.
Two submissions consulted by TVA Nouvelles illustrate this phenomenon. One of them went from $77 in 2023 to $85 in 2024, a 10% increase for the same car without a year of claims.
Another bid of $1,653 in 2023 for two vehicles from the same family rose to $1,987 in 2024, a 16% increase, although there was only one claim in a no-fault case.
Premiums had already increased by an average of 13% between the first and last quarters of 2023, and the rate has increased by 3% since then.
“It’s extraordinary, but it’s a time of adjustment,” said BC Assur insurance broker Jean Bilodeau. It will stay that way for a year, until 2025 we'll see.
Drivers who choose a commercial vehicle, SUV or pickup truck can expect a higher premium due to export flights.
“Even if you have not made a claim, you can expect an increase as insurers take into account the likelihood of theft,” summarizes Louis Cyr, insurance broker in Deux-Montagnes.
It is always better to look for insurance but contract with an insurer for more than a year. It is also better to limit the number of claims if the deductible is $500.
Quebecers can also take comfort in the fact that insurance premiums in Quebec are the lowest in Canada and half the price of Ontario.