Lee Romanov is the founder and president of The InsuranceHotline.com, since 1994.
InsuranceHotline.com provides a rate comparison service for auto, home, life and commercial insurance via the internet, now processing over 3,000 quotes a day, internationally.
Get Instant Auto & Car Insurance Quotes here.
We asked more than 5,000 people how much they thought rates could differ between insurance companies for the same driver and same car. Here’s what we found out:
Selection - Based on 5,351 replies:
They are all the same 549 (10%)
Between $100 to $500 2,465 (46%)
Between $500 to $2,500 2,022 (38%)
Between $2,500 to $10,000 248 (5%)
Over $10,000 67 (1%)
Most drivers think there are rate differences of about $100 to $500 between insurance companies. About 10% thought that there was no difference at all! In reality, there can be more than a $10,000 difference in rates.
So, who’s the best rate-slinger in town?
Take a look at this rate comparison of 51 different insurance companies, using four different driving profiles.
Toronto Driver Profiles Lowest Highest Difference
19 Years-Old, Clean Record $5,750 $15,551 $9,801
23 Yr-Old, 1 Ticket & Accident $2,051 $17,468 $15,417
2 Drivers -Old, Clean Record $1,763 $6,992 $5,229
70 Years-Old, Clean Record $970 $2,576 $1,606
Resource: Ontario Government, www.fsco.gov.on.ca
Using the highest and lowest rate found, there is a difference of more than $15,000 depending on your profile! But rest easy: If you visit sites like InsuranceHotline.com, you won’t have to dual with any high-faulting’ rates.
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