Car insurance: premiums of up to 10 to 15%

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

Several factors explain this situation, including increased vehicle values ​​and increased repair costs associated with the high cost of spare parts.

There are two reports consulted by TVA Nouvelles that illustrate this phenomenon. For one, the amount went from $77 in 2023 to $85 in 2024, a 10% increase for the same vehicle, with no claims for a year.

Another bid of $1,653 in 2023 for two cars 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 actually increased by 13% on average, a rate that has increased by 3% since then.

“It's extraordinary, but it's an adjustment period,” said insurance broker Jean Bilodeau of BC Assur. It will stay like this for a year, we will see in 2025.

Motorists who choose an MPV, SUV or pickup truck may face a higher premium due to export flights.

“Even if you do not file a claim, you will incur an increase because insurance companies take into account the possibility of theft,” summed up Louis Cyr, insurance broker at Deux Montagne.

It is always best to research your own insurance, but agree with the insurance company for more than a year. It is also best to limit the number of claims if the deductible is $500.

Quebecers can also console themselves by saying that insurance premiums in Quebec are the lowest in Canada and that they are half the cost of insurance in Ontario.