Magazine date:
Feb 2018 According to a recent survey, 80% of Canadians do not negotiate their insurance contracts. At maturity, the renewal of the policies is done automatically.
The majority of the insured underwrite their contracts via brokers who earn between 12 and 25% of commissions.
They receive commissions for each renewal, even if they have not done any additional work.
This situation makes Canadians pay dearly for their insurance. The emergence of online brokerage services and insurance comparators should nonetheless remedy this situation.
More news