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Cheap Car Insurance Brokers Are The Result Of A Competitive Canadian Market

June 20, 2008

Data released by Ontario car Insurance broker 's indicates that auto insurance rates can vary by over $900 for the same vehicle getting exactly the same type of coverage.

The study used anonymous data from over 7000 Toronto auto insurance quotes. The respondents were separated into different groups depending on their driving history and other factors such as type of vehicle that they owned. They were then quoted a rate from 10 of Toronto car insurance brokers. The range between the smallest and highest quotes were taken and an average was then calculated. The result was staggering, showing that the premiums were different by as much as $900.

It is believed that before the Internet was as widely used as it is today the result would have been even larger. The Internet has provided much greater transparency and forced auto insurance brokers to compete more greatly for the same number of customers. This increased competition has helped consumers, giving them more choice and better service as the brokers try to find a way to differentiate themselves from their colleagues.

If you are thinking about comparing car insurance rates or if you want more information about the difference between a car insurance broker and a car insurance agent then we can be of help.