Skip to ContentSkip to Footer

Get the skinny on savings

Before you delve into the reasons rates are going up, take a look at this short video to see what you can do to save on your car insurance.

There are many factors to consider

Even if you’re a model customer with no claims, other reasons beyond your control could be pushing your premium up.

  1. Fraudulent claims are increasingly common. Fraudsters who stage accidents to make money are causing rates to increase across the country. In Ontario, the Insurance Bureau of Canada reports that fraud costs an estimated $1.6 billion per year ($236 per driver).
  2. Distracted driving is on the rise. Distracted driving now outpaces drunk driving as a leading cause of accidents and deaths on the roads. Premiums are increasing to offset the costs of these claims.
  3. Trends might show your area as a higher risk for collisions, theft, or other incidents. Your premiums could increase if analytics show your area has become more prone to risks (like extra traffic congestion or extreme weather events that lead to collisions, for example).
  4. Medical services are more expensive. It’s not just physical repairs that can cause premiums to rise. Accident victims usually need medical services like physiotherapy to recover, which cost more every year.
  5. Autonomous features mean safety, not always savings. Newer vehicles now offer a wide range of autonomous capabilities like adaptive cruise control and park assist to keep you and your passengers safe. The flip side? They also use complex computers and sensors that cost more to repair.
  6. Windshields now have built-in technology. New advanced driver assistance systems make windshields more expensive to replace. Recalibrating a car’s computer system following a windshield replacement also adds to labour costs.
  7. Front and rear bumper sensors are pricey. Even a tiny fender bender can require a bumper replacement, and many repairs require the car’s computer system to be recalibrated for the sensors to work. Those extra labour costs can really add up.

How to save

10 ways to save on car insurance

Whether you already have car insurance or you’re in the market for a new policy, check out these money-saving tips to help you get the best price.
Read More

Link to results for: Car insurance

10 car insurance discounts that could save you money

There are plenty of ways to save on car insurance, from choosing the right ride to limiting how much you drive. But if you’re wondering how you could save even more, here’s a handy list of discounts to discuss with your licensed broker.
Read More

Link to results for: Car insurance

Curious about the top reasons for home insurance rate increases?

See the list


  • Take advantage of insurance discounts, including those available to you when you bundle your home and car policies. Learn about 10 car insurance discounts that could save you money.
  • Drive less when possible and opt for biking, public transit, or carpooling instead, since the distance that you drive your car on an annual basis can affect your premium. Check out other simple ways to save on car insurance.
  • Go for a higher deductible if it works for your budget. Generally speaking, when you buy your car insurance policy, the higher you set your deductible, the lower your insurance premium will be. The key, of course, is to choose a deductible that you can afford to pay in the event of a claim.
  • Keep your driving record clean — drive safely and obey speed limits and other rules of the road.

With rates increasing industry-wide, Economical home and car rates align with industry standards, making Economical a competitive choice for customers. Most importantly, we stand behind our insurance solutions with dedicated claims service, meaning that we’ll always be there for you — at renewal, during a claim, and in between.

With a 91% customer satisfaction score in post-claim surveys, Economical has a proven track record of putting customers first. And with a team of more than 600 claims specialists across Canada, you’ll get the care and service you deserve.

Check out these handy blog posts, specifically related to rates, to find out more:

Questions? A broker can explain more

Your licensed insurance broker would be happy to provide more details. And if you don’t already have one, we can help you find a broker near you!

Find a broker now