The value of using a web-based service such as www.insurancehotline.com was made plain earlier this year, when the Financial Services Commission of Ontario 2005 Rate Guide for 51 insurance firms came out.
Using four different driver profiles, the study showed that the rates for identical coverage the rate differences can exceed $15,000 a year.
That is to say, the Rate Guide found that if a young Toronto woman with one ticket and one accident asked the 51 firms for a rate quote, the results would range from $2,051 to $17,468 a year, with the other 49 quotes spaced widely between them.
In other examples in that study, a 19-year-old with a clean driving record got quotes between $5,750 and $15,551 a year, a married couple with a clean record got quotes between $1,763 and $6,992, and a 70-year-old with a clean record got quotes from $970 to $2,576.
Using four different driver profiles, the study showed that the rates for identical coverage the rate differences can exceed $15,000 a year.
That is to say, the Rate Guide found that if a young Toronto woman with one ticket and one accident asked the 51 firms for a rate quote, the results would range from $2,051 to $17,468 a year, with the other 49 quotes spaced widely between them.
In other examples in that study, a 19-year-old with a clean driving record got quotes between $5,750 and $15,551 a year, a married couple with a clean record got quotes between $1,763 and $6,992, and a 70-year-old with a clean record got quotes from $970 to $2,576.