What is the Green Book of Ontario Automobile Insurance?
Using the Green Book of Ontario Automobile Insurance, consumers can get a better idea of the contributing factors on their insurance rates. Insurance rates vary based on location, type of car, age and several other factors. The Insurance Bureau of Canada provides this information to consumers to help them make intelligent and thoughtful choices regarding their options for automobile insurance.
Requirements for the Green Book of Ontario Automobile Insurance
Each province requires licensed insurance agencies to report their earnings from premium income and the results of policy claims to the Insurance Bureau of Canada each year. With this data, the Insurance Bureau of Canada creates reports for each province detailing how claims are processed and what premiums are based on. The Green Book of Ontario Automobile Insurance provides valuable information about how applicant information has been used over the past year to assign premiums to individual policyholders.
Determining Factors for Insurance Premiums
The Insurance Bureau of Canada determines which factors insurance carriers can use to determine premiums. These factors, as identified in the Green Book of Ontario Automobile Insurance, include the age of the car, the type of car, the driving record and age of the driver and location. Drivers in high-risk locations, including those with high rates of crime or large volumes of traffic, may encounter higher rates that those in small, quiet cities. Additionally, other factors such as any possible discounts or regional taxation may affect the rate that is charged for an individual’s policy premium.
Using the Green Book of Ontario Automobile Insurance
Consumers can benefit from the use of the green book by making choices that will result in lower insurance plan premiums. The information can make a tremendous difference in the cost of automobile insurance to the average Ontario consumer.
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