Our latest update on additional premium for high theft risk vehicles – Ontario auto insurance
September 15, 2023
Commercial Lines, Personal Lines
Our latest update of our auto insurance offering.
The Ontario auto insurance landscape continues to prove challenging, with auto theft still at the forefront.
As part of the continuous review of our auto insurance offering, we take into consideration industry trends and broker feedback among many other factors, to be able to provide a sustainable and competitive insurance solution.
In this latest update, I am sharing additional information on the changes we told you about in August.
What’s updated
- We’re extending our preferred pricing to Gore Mutual customers who installed Tag prior to August 15, 2023 at the full retail price.
- Customers will receive a cheque in the mail in the amount of $100 plus tax and can expect this by the end of November.
- If your customer hasn’t received a cheque by this time and have advised that they paid the full retail price, we will require a copy of the invoice sent to plus@goremutual.ca.
- We’ve adjusted the renewal effective date for PPV and IRCA renewals to September 18, 2023 (previously November 4, 2023) for the following changes previously announced:
- We have updated our list of vehicles impacted by the additional premium to apply to 2019 models and newer (previously 2016 models and newer). Other criteria announced in June remain the same.
- The additional premium now applies to targeted locations in Ontario only (previously all of Ontario).
- For PPV, the anti-theft discount is now 20%.
- Important to note:
- For customers with a renewal effective date on or after September 18, 2023 who have already received their renewal documents, we will be issuing an updated policy.
- For policies where the renewal is already effective, these changes will apply for eligible vehicles at the next renewal.
- The effective date for new business remains at September 11, 2023.
We have updated our FAQ. If you have any questions, please contact your Business Development representative.
As always, thank you for your continued support.
Kate Hogan
Vice President, Broker Engagement and Performance
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