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Inflation and Your Insurance Premiums

Inflation and Your Insurance Premiums
Canada’s inflation rate is currently at a 30-year high of 5.7 percent, and this may impact your insurance premiums.

We’ve seen increases in premium amounts over the last few years due to several factors, including:

  • Material costs and shortages
  • A lack of skilled labour
  • Improved technology in vehicles, making them more expensive to repair
  • Fraud
  • Extreme and costly weather events
Why may inflation increase your insurance premiums?

Quite simply, inflation is making the average claim more expensive, and this is reflected in the amount the average Canadian consumer will pay in insurance premiums. From chip shortages to rising skilled labour costs and a significant shortage of and increased cost of materials; inflation is a tangible reason to expect an increase in your insurance premiums.

When might you expect an increase?

While it’s unlikely your premiums will increase during your policy return, there is a good chance you may see an increase when your policy renews.

How to help keep your premiums low:

Shop around

Here are EasyInsure, we work with more than 45 insurance carriers, and because we have experience with and access to so many insurance companies, we shop the market for you, finding the best coverage and the best premiums for you. You can begin an online quote anytime.

Choose a higher deductible

If you opt for a higher deductible, your premiums may decrease.

Are you entitled to discounts?

Do you have a clean driving record? Does it make sense to ‘drop’ comprehensive or collision coverage? Do you have 20-plus years of driving experience? Speaking with a knowledgeable insurance professional may help you uncover discounts and insurance options available to you.

Review your driving habits

Are you driving less? Do you have a young driver who is away at school? Would you benefit from using an app that monitors your driving? These factors may help reduce your auto insurance premiums.

Have you made safety improvements to your home?

Improved security may entitle you to a discount on your premiums

Bundle and save If you can have one insurer cover your home and auto and other policies, such as motorcycles, boats, ATVs, campers, RVs, etc. you may save hundreds of dollars a year!

We are here for you. Reach out to us for more information: or call 1-800-679-2640