Auto insurance regulation in Ontario needs a dramatic overhaul GlobeBusiness
When a car is classified as a write-off, that usually means it’s time for a new one. As many consider Ontario’s system of auto insurance regulation as badly broken, could the same guidance be applied here?
Let’s imagine a fresh start to auto insurance – one that puts the customer at the centre of its design and implementation, and never wavers from that position. Embracing technology is one surefire way to kill some of the complexity involved in insurance today. For example, we have long advocated for digital proof of insurance to replace those pink liability insurance cards, similar to what is available so far in Nova Scotia and in the vast majority of American states.
Today, customers are not permitted to opt out of coverages even if they already have similar protection through other products such as life insurance, extended health care insurance or disability insurance. This is simply cumbersome, expensive and unnecessary. Eliminating this duplication could reduce the cost of insurance for many drivers – enabling them to purchase the right amount of coverage for their life stage and lifestyle.
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