On Wednesday's GFB - September 12th

Sep 11, 2012

By AM740 Staff

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11:30am EST
GUEST – James Geuzebroek, IBC’s VP of Communications
TOPIC – IBC & the high cost of auto insurance.
INFO – IBC launches outreach to explain why The Price Is Wrong for Ontario auto insurance.
New campaign to help consumers understand their policies and start a discussion on reforms
JULY 26, 2012 (TORONTO) — Who pays for medical expenses following an automobile collision? How could a small scratch from a fender bender end up costing the system $250,000 in insurance claims?

These are some of the questions addressed in a new consumer awareness campaign launched today by Insurance Bureau of Canada (IBC) that includes television, internet and newspaper ads; billboards, mail drops and mall displays in several urban centres.

The objectives of the campaign are to stimulate feedback from drivers and other stakeholder groups on how to bring down the cost of auto insurance premiums in the Ontario and to make it easier for consumers to understand their own insurance policies.

Standing in front of two wrecked vehicles – IBC’s own version of a “staged collision”- the Bureau’s VP for Ontario, Ralph Palumbo, said, “It’s all about public awareness. We want to promote awareness for Ontarians on what drives up their auto insurance costs, what goes into pricing their policies. Quite simply, claims costs drive premiums. Until we can get costs under control we will continue to have premiums that we all agree are too high.”

Since 2010, the insurance industry has been working with the provincial government on reforms to the Ontario auto insurance product. The government has made important changes to auto insurance in the last couple of years designed to lower costs. And they continue to work toward more reforms. According to Palumbo, “More work needs to be done, but we continue to need Ontarians’ input along the way.”

“Everyone – including the insurance industry – is in agreement on one thing: auto insurance in Ontario is far too high. Consumers are paying too much for auto insurance and this is creating financial hardship for people — especially families who have kids that drive,” added Palumbo.

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