Apr 3, 2014 | News
Canadian drivers say they are unmistakably open-minded about purchasing usage-based auto insurance (UBI) policies, or “pay as you drive” insurance, according to a new survey by global professional services company Towers Watson. Towers Watson’s UBI Consumer Survey results are fairly consistent with other global markets and a clear indication that UBI is gaining momentum in the Canadian marketplace.
More than half (56%) of Canadian drivers said they have a strong interest in buying a UBI policy. Drivers’ acceptance of UBI programs deepens when they are asked to consider the possibility of enrolling in UBI programs. An overwhelming majority (85%) said they would be open to such programs, and that percentage increases to 94% should insurers guarantee that drivers’ premiums will not rise.
“The Canadian UBI market has quickly developed into a rapidly changing landscape,” said Robin Harbage, global lead for Towers Watson’s UBI practice and DriveAbility service offering. “Until recently, UBI in Canada was limited to just a few programs, but over the past year new entrants have entered the marketplace and increased the range of products available.”
The survey also assessed consumers’ take on value-added services, which can be bundled with a UBI policy and enabled by the underlying technology. Nearly two-thirds (65%) indicated they are willing to pay for these services, and when asked which services appealed to them most, drivers chose vehicle theft tracking (86%), automated emergency call (85%) and vehicle wellness reports (79%). Drivers said they would be willing to pay for these services, as well, with 56% prepared to pay between $3.75 and $7.50 a month.
“Canadian drivers’ indication that they acknowledge the usefulness in purchasing UBI-related, value-added services is an important signal to insurers,” said Harbage. “These services can help insurers differentiate and de-commoditize their products. They can also help them focus on a brand-new consumer base to grow new business and improve retention.”
Notably, nearly half (48%) of the respondents said they would be willing to change their driving behavior if UBI technology was installed in their car. When asked how, sticking to the speed limit (65%), keeping a safe distance from other vehicles (45%) and driving more considerately (45%) were the top changes.
Consumers said their primary concern with UBI revolved around the possibility that their premiums might increase (47%). Privacy issues were another leading worry, with specific misgivings about the sharing of consumer data (46%) and apprehensions around using data to invalidate claims (46%). “These concerns, while understandable, are not really significant enough to hinder the many benefits that UBI offers drivers,” said Harbage.
Excerpted from Canadian News Wire.
ILScorp.com offers auto insurance courses for insurance agents in Ontario and B.C. Courses include Ontario Auto Expert and two ICBC Autoplan courses. All of the courses are accredited for Continuing Education Credits and are available to you completely online.
Jan 28, 2014 | News
Canadian drivers are increasingly researching their vehicle insurance options online before visiting their insurance agent or, also increasingly, purchasing their insurance directly online.
Insurance agents need to be educated on the options available to consumers, and be able to present the advantages of dealing with them over making online purchases. Meanwhile insurance companies are seeking to make it easier for consumers to purchase directly from them.
A new competitor has recently entered the Canadian market. Drivers in Canada now have a new way of discovering Canadian insurance agencies, by using the Auto Pros company website. A new group of Canadian auto insurance policy providers have joined the online quote centre setup.
The Canadian companies that are currently available for research online are now able to quote motor vehicle policy plans. Every provider that is represented in the international system has the ability to quote prices based on the location of each driver.
This new and simplified way of obtaining pricing is a recent upgrade to the Auto Pros services this year. The inclusion of American and Canadian agencies in the lookup system is extending the research options for different policy types that drivers use most often for vehicle protection.
The Canadian provider agencies now found in the research system has increased the numbers of policies that drivers can review. Apart from basic insurer protection, policy types that can be customized are offered by select agencies and quotes are now presented online.
ILScorp offers vehicle insurance courses for agents working in BC and Ontario. Two ICBC Autoplan courses are now available at both beginner and advanced levels. Both courses review: ICBC Autoplan coverages and exclusions; accident benefits; underinsured motorist protection; hit-and-run & UMP; third-party liability; and what ICBC covers. The ILScorp Certified Ontario Auto Expert Course leads you through the coverage, common client concerns and questions, errors and omissions avoidance, options, and important considerations in giving advice about private automobile coverage in Ontario.
Stay informed and enhance your professional skills with continuing education courses from ISLcorp.
Sep 19, 2013 | News
For many people, autumn driving conjures up images of winding country roads lined with fall foliage. The reality can be somewhat different as those leaves drop, the fog rolls in and rain starts to fall. Conditions can change quickly in the fall and insurance agents can serve their clients by educating Canadian drivers with safe driving tips. In addition to keeping drivers safe, following road safety rules can keep insurance rates down for all drivers.
Fall weather is often unpredictable and driving conditions can change from perfect to miserable within minutes. Additionally, shorter days mean that many Canadians will soon be commuting to and from work in darkness. Instead of being one of the better times of the year for driving, fall is actually one of the more treacherous times of the year to be driving.
Before starting on any trip, it is always good to give your vehicle a pre-drive inspection. Make sure the tires are properly inflated and show plenty of tread, check to see all lights and turn indicators are working properly and make sure the engine has the correct fluid levels. Clear all windows before you leave the driveway by running the defroster on high or wiping off the glass.
Once out on the road, it is imperative to pay attention to weather and road conditions. Frosty patches, fog, black ice, rain, and falling leaves all present hazards to the unwary.
1. Frost: A shady patch of highway can have less traction than other parts of the road. Combine some frost with a blind corner and the results can be deadly. Use caution if your driving takes you over bridges, down tree-lined roads, or anywhere where shadows cross dew-laden highways. Drive within the posted speed limits, slow down before blind curves, and look well ahead to spot any shaded areas.
2. Fog: Fog is found in low lying areas or in places surrounded by trees, hills or mountains. Fog can limit visibility and change the perception of distance. When encountering fog, slow down. Many crashes happen in fog because the driver was going too fast for conditions and rear-ended the vehicle ahead. Reduce your speed, don’t overdrive your headlights and use extra caution.
3. Black ice: Black ice is caused by moisture freezing on a roadway surface. Usually unseen by drivers, it forms below overpasses, on bridges, in shaded areas and where there is water running across pavement. If you are driving in an area where frost occurs, black ice is always a possibility. If the asphalt looks shiny and black rather than grey or white, use extra caution, reduce your speed and avoid using cruise control.
4. Rain: Early fall storms can often be sudden or include heavy rainfall. During the summer, an accumulation of oil and rubber buildup on roadways could become extremely slick with a heavy rainfall. Slow down in the rain, avoid any hard braking, look well ahead and when approaching a mandatory stop intersection, brake sooner and more smoothly than usual.
5. Fallen leaves: Once leaves become wet, they can present slippery and dangerous driving conditions. Be sure to watch for patches of wet leaves on the road or on road lines. Dry leaves can also present a problem to your vehicle. Avoid parking your vehicle near leaf piles to prevent fires that could start from your vehicle’s catalytic converter.
Also drivers should be reminded that safety starts with them. Drivers should be alert and plan ahead for changing conditions.
1. Stay alert on the road: Shorter days mean reduced visibility on the roads, which can create unfamiliar driving conditions. Use additional caution and adjust their driving habits to watch for pedestrians, cyclists and other roadway users who will be less visible.
2. Avoid sun glare: You may need to adjust to the different morning or late afternoon glare from the sun. The glare can cause reflections off car windows and hoods and decrease your visibility. Have a good pair of sunglasses readily available to counter daytime glare, and consider lenses with anti-reflective coating to reduce glare at night.
3. Plan ahead for wet conditions: Fall often brings rainfall, which can decrease visibility and cause hydroplaning. Make sure your windshield wipers are in good working condition. If driving on a road with excess water, slow down and avoid sudden movements with the steering wheel or brake pedal. In an especially heavy downpour you may want to pull off the road until it’s safe to continue.
4. Use Caution on Bridges: During fall and winter months, bridges can be very dangerous. Bridges are exposed to the elements on both top and bottom, so they will freeze over before the rest of the road. Use caution when transitioning from the pavement to a bridge surface.
5. Nighttime Driving: Make sure your headlights are turned on and clean as the sunlight fades. Reduce your speed and increase your following distance particularly when driving at dusk or at dawn. To get the best visibility, make sure your headlights are properly aimed; this is important so that the lights don’t bother other road users.
Are you an insurance agent wanting to learn more about Ontario or BC vehicle insurance programs? ILScorp offer insurance training programs for ICBC Autoplan, and an Ontario Auto Expert course. Both of these insurance continuing education courses can be completed online, anytime, through ILScorp.
