Personal auto insurance update
January 12, 2024
Personal Lines
We have made changes impacting personal auto policies effective January 15, 2024, for new business and March 9, 2024 for renewals.
We have made changes to our segmentation impacting personal auto policies effective January 15, 2024, for new business and March 9, 2024 for renewals. These changes are a step forward in our rating sophistication journey, which allow us to align our rate with target segments.
As a result of these changes, customers with 0-9 years licensed will experience a rate increase. The amount of the increase will vary based on the number of years that they’ve been licensed.
In addition, customers who have 2 at-fault claims will also experience a rate increase. Each subsequent at-fault claim will result in additional rate increases.
For complete details, please see the underwriting manual on GoBroker. If you have any questions, please contact your business development representative.
What’s the latest?
Upcoming updates to Ontario Personal Auto rates
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Updates to Ontario Personal Auto rates take effect October 15 for new business and December 8 for renewals. The overall portfolio impact remains rate neutral, helping ensure pricing continues to reflect market conditions and customer needs.
Advance notice: Gore Mutual is becoming Beneva
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As we prepare for the transition to the Beneva brand, we've created a broker toolkit with FAQs, speaking notes, timelines, client communications, and more. Review the key dates, messages, and resources to help answer client questions and support a smooth transition.