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How satisfied are you with your auto insurance rate?

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 Ontario drivers paid an average of $1,400 for auto insurance in 2010, the highest rate in Canada. (iStock)A new report says Ontarians pay "much higher" auto insurance premiums than other Canadians.

The average Ontario driver paid just over $1,400 in premiums in 2010, Attorney General Jim McCarter wrote in his annual report, released Monday.

The next highest rates were in B.C. and Alberta at about $1,100. Quebec had the lowest premium, at about $720. (A premium is the amount of money spent per insured private passenger vehicle.)

High claim costs, high benefit levels and fraud are to blame, McCarter said. At least 10 per cent of all premiums paid in the province in 2010 were fraudulent, according to industry estimates - worth an estimated $1.3 billion.

The report prompted the NDP to call for a complete overhaul of the auto insurance industry.

"We've been saying for some time that insurance rates are over the top, unaffordable," NDP Leader Andrea Horwath told The Canadian Press.

Are you satisfied with how much you're paying for auto insurance, no matter where you live in Canada? Why or why not? Do you feel like you understand the value of your premium, and understand why it is what it is? Share your thoughts in the field below.


Tags: POV

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