Advertisement
Would you let your provider track your driving habits to qualify you for discounts?
To save on car premiums, would you let your insurance provider monitor how safely you drive? Courtesy of Desjardins and its subsidiary The Personal, usage-based insurance (UBI) has arrived in Ontario and Quebec, promising drivers up to 25% off their monthly premiums if they don’t mind having a small wireless device installed in their vehicle. The instrument measures distance travelled, daytime versus nighttime driving, as well as frequency of sudden braking and acceleration to determine if you’re worthy of a lower rate. Employees in the Desjardins pilot project saved 12% on average, which translates to an average annual auto insurance saving of $150 in Ontario. So, any downside? Although insurers don’t keep tabs on where you go, the devices do record a lot of personal driving information—so participants should ask how the data will be used. However, insurers can’t use the data to raise premiums, deny claims or drop customers, say regulatory agencies. With savings opportunities on the table for drivers, it won’t be long before more insurance providers offer UBI across Canada in an effort to gain a competitive edge. In fact, Deloitte Canada technology expert Duncan Stewart says he wouldn’t be surprised if 50% of Canadian vehicles were using UBI by 2018.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Car loan interest rates can be as confusing as a complicated recipe, and just as daunting to navigate. This...
Buying your first car in Canada is like any other major purchase. Ask a lot of questions, not just...
The Canadian government is sending out its first carbon rebate of 2025. See who’s eligible and how much you...
Before taking out a loan, learn the differences between these two types, which has better interest rates, and which...
A new EY survey has found that demand for EVs and hybrid vehicles has dropped slightly, with drivers citing...
Buying a car is a big deal. Understand the financial part of the purchase and, hopefully, save yourself some...
Need the best interest rate? Want fixed payments or flexibility? Find out the differences between personal loans and lines...
Looking for a new car? What you should know about leasing versus owning.
Canadians who financed or leased their new vehicles in the last two years could be paying more in loans...
Roadside assistance is something you never think about—until you need it. Having one of these credit cards will ensure...