Drivers in Canada are about to start paying more for the privilege, as Canada car insurance rates are set to jump starting next week . Rate changes which could see some prices jump up to 30% compared to last year have already been approved by the Financial Services Regulatory Authority of Canada .
As always, some of the discrepancies in rate changes are based on factors like the make, model, and age of the insured vehicle, where the insured driver lives, the extent of their driving experience, and other variables.
According to the IBC, Drivers in these provinces Ontario,Newfoundland and Labrador,Nova Scotia, New Brunswick, Alberta, Saskatchewan, British Columbia, Manitoba will have to pay more than $1,700 .
B.C. residents will pay the highest auto insurance premiums in Canada, according to data released by the Insurance Bureau of Canada (IBC).
The data shows that people living in B.C. will pay an average of $2,000 annually, compared to $1,716 in neighbouring Alberta, $1,805 in Ontario, New Brunswick $1,700, Manitoba 1,805, and $717 in Quebec.
Meanwhile, the province with the lowest insurance costs is Quebec with an average of $717, according to the IBC.