Changes to Individually Rated Commercial Auto (IRCA) – Ontario auto insurance

We’re making updates as part of the continuing enhancement to our auto insurance offering in Ontario.
We have made adjustments to our IRCA pricing segmentation initiatives to ensure that we continue to provide you and your customers with a competitive solution for their commercial auto needs while also addressing challenging industry trends. One of the most significant trends is vehicle theft, which has impacted the entire industry. To combat this, our premium changes are more heavily weighted towards physical damage coverages, specifically comprehensive coverage, to better reflect the increased risk. 
As a result, you will see that the premiums for some policies will decrease and some will increase, based on individual risk characteristics. Despite the overall impact of these updates being a +6.8% increase, our improved segmentation efforts mean that many drivers with preferred driving characteristics and those in favorable territories will see more competitive rates. The changes are being implemented on May 17, 2024, effective June 19, 2024, for new business and August 9, 2024, for renewals.
For any questions or further clarification, please contact your business development representative.
Protect Your Clients with Tag
Vehicle theft remains a pressing concern, and customers with an IRCA policy that includes one or more vehicles designated as a high-theft model, especially in the GTA, are subject to considerable risk stemming from vehicle theft. We encourage you to speak with your clients regarding the installation of Tag, a safe, cost-effective option that is widely regarded as the gold standard for vehicle theft prevention and recovery.
For more information, visit https://www.tagtracking.ca/.