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Monthly Archives: May 2020

Men pay more than women for car insurance in Canada

Among the many factors that help determine auto insurance premiums are a person’s driving record, years of driving experience, insurance history, vehicle make and model, type of usage and even gender.

LowestRates.ca published a report with data collected on male and female drivers aged 17 to 60, from three major cities in Canada, Toronto, Montreal and Calgary, to understand the correlation between age, gender and car insurance premiums. The report shows that men are much more likely to be involved in traffic accidents, and are also more than three times as likely to be driving under the influence of drugs and alcohol than women. They also saw that men are more likely than women to commit traffic violations, such as dangerous driving.

For the full report, visit:  https://www.lowestrates.ca/blog/auto/gender-auto-insurance-report-2020

Source: https://www.newswire.ca/news-releases/in-canada-men-pay-more-than-women-for-car-insurance-across-all-age-groups-according-to-a-new-report-from-lowestrates-ca-808905467.html

How has online shopping affected insurance?

Today, digital technology offers clear advantages in the online shopping experience, but for the insurance market, it seems difficult to replace the value of broker support when offering a complex product so tailored to customer needs. So, how will insurance companies ensure clients get the right policies if they buy online?

It is not new that customers from different generations are making insurance purchase decisions using online tools to search for information, regardless of the final purchase method.

Gen Zers, on the other hand, prefer to do most shopping online when they can out of convenience. Factors such as brand familiarity, refundability and product knowledge seem to influence online purchase of this generation.

Gen Z insurance clients are often first-time insurance buyers, so will experience calls geared towards professional advice to supplement digital marketing or product education tools.

Source: https://www.canadianunderwriter.ca/brokers/opinion-how-has-online-shopping-affected-insurance-1004178177/