Car Insurance Update

That decision remains with the buyer but signs are not too good, with many of the largest auto makers in financial troubles. Money is the key and having it in the right place at the right time may be key to getting a new car in today’s economic downturn. With many dealerships having to close shop due to low sales and problematic supplies, finding a willing dealer might be your first problem. Insurance is also another challenge for not many are offering good ones (most have also closed shop due to losses).
Being able to buy a car doesn’t mean you may be able to get the necessary auto insurance at the same time. There remains a lot of providers but having the right dealer along with the right provider to protect your investment may the harder than you think. With more people opting to use public transport and other alternative means, cars are not that much of a priority for today’s economic crisis.

Let’s go back to 2004 and check out what happened same time that year:

Today, The Island Regulatory and Appeals Commission announced that its current review of auto insurance rates in the province is nearing completion. According to them out of the 31 insurance companies that have filed their rates, the Commission has completed its review of 21 and has authorized rate reductions that will take effect on April 1, 2004.

Maurice Rodgerson, Commission Chair said that they will complete its review of the remaining 10 filings within the next few weeks.  The insurance companies’ rate filings reflect recent amendments to the Insurance Act that will limit liability claims for minor personal injury to $2,500. The amendments would reduce, on average, auto insurance rates by as much as 13 percent as indicated by the insurance industry

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