Ontario: Many insurance companies cut their premiums during the pandemic, or offered discounts, but now that traffic is returning to pre-pandemic levels and most of the insurance companies are increasing their rates.
Tanisha Kishan, insurance expert at Ratesdotca, said that at present, some companies are increasing this, but soon other companies are also likely to do the same. According to the website, some companies have increased these rates by one to 12 percent. It was also informed that Pfco Insurance Company has increased these rates by 5 percent, while Zenith Insurance Company has increased the insurance rates by 10.37 percent.
Kishan said that due to the increase in traffic after the epidemic, accidents have also started happening as before. From there, it has also become expensive to repair the damaged vehicles due to inflation, many parts of the vehicles are not found and if you want to replace the vehicle that has been an accident, then there is a long waiting list for that.