Canadian Auto Insurance Industry Seeking 40% rates Increase

Canadians beware, the many insurance organizations in the Cold North are pushing for a 40% increase in their insurance rates that has so far been shrugged off by the government. This is the position of the government which has not yet bowed to their pressure, but should they fail to continue bolstering the country’s economy they may not have a choice. The Alberta Automobile Insurance Rate Board is set to begin hearing the case filed by the many insurance groups in Canada which has been capped for quite sometime. They are seeking for the hike for them to continue on delivering the right products to their customers.
The move is being considered but no date is set for a decision by the regulatory body as they move to deliberate more to get all the facts and get them out on the table to make the best decision possible.The increase is being pointed to the fact that mroe vehicles are on the road that has resulted in more soft-tissue injuries resulting in more costs for insurers. People are showing mixed feelings on the matter and are awaiting the result of the regulation body’s decision on the matter. The body is seeking to keep an acceptable level of profitability and protection for consumers which takes time to fully attain.