Cyclical Savings: Tesla insurance lowering repair costs for customers, top execs say on earnings call
Toronto, Ontario — Tesla’s proprietary insurance platform has made its way into several U.S. states since its 2019 California launch, and now, top executives in a recent company Q4 earnings call claim that their model is actively lowering repair costs for customers. First reported by Drive Tesla Canada, Tesla CFO Zach Kirkhorn and CEO Elon […]
Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’
Edmonton, Alberta — If there are two things the insurance industry and the “Real Housewives” series have in common, it is a stupefying propensity for drama and scandal, as has unfolded Thursday when the Alberta government announced an immediate cap on auto insurance rates through to the end of the year. Announced in a joint […]
Auto-Diagnosis: Ford patents camera-based damage identification system
Toronto, Ontario — A new patent secured by Ford aims to record and report vehicle body damage instantaneously from the point of impact for immediate communication directly to partners such as insurance and rental companies, according to reporting from Ford Authority. Filed on Oct. 6, 2020, published on Jan. 24, 2023 and assigned serial number […]
Rate Daze: Auto insurance rating systems becoming complex beyond understanding, lawyer says
Toronto, Ontario — The current Canadian auto insurance rating system is so complex, a lawyer who recently spoke at a recent insurance industry event said that “There are concerns that these systems will be so complex over time that we don’t understand them.” Carole Piovesan, co-founder of data law and consulting firms INQ Law and […]
Fee Freeze: ICBC approved for two-year rate freeze, utilities commission review to follow
Vancouver, British Columbia — Ask and you shall receive—if you happen to be ICBC, that is—as British Columbia’s crown insurer has been approved for a two-year freeze in auto insurance rates, amid rising inflation among drivers. The British Columbia Utilities Corporation (BCUC) confirmed last Tuesday that ICBC and its basic policyholders will see their insurance […]
By the Numbers: Repairify launches asTech’s Rules Engine, promises OEM and OEM-compatible module scans only
Plano, Texas — Repairify’s asTech has announced the deployment of the Rules Engine, presenting users with a diagnostic scan type for vehicles through the blue printing process and repair workflow. According to a company press release, this system allows identification of all OEM modules, down to the year, model, make and trim, thereby affirming OEM […]
Windshields Begone: Transport Canada recall wave affecting more than 10 automotive manufacturers
Toronto, Ontario — Transport Canada has announced another wave of recalls, and boy is it a big one. Interestingly, 2021 Hyundai Sonatas and 2021 Santa Fes have been reported having faulty windshield attachments that may completely detach during a crash, increasing the risk of driver injury. Chrysler Pacificas from 2017 to 2018 have issues in […]
Crystal Ball: No break in insurance, repair cost inflation coming in 2023, Ratehub.ca predicts
Toronto, Ontario — The insurance experts at Ratehub.ca published their predictions for 2023 in late December, with results showing little reprieve on the way for an already strained insurer-repairer ecosystem, as inflated repair costs have trickled downward to increased premiums for customers. Statistics Canada’s October Consumer Price Index report for passenger vehicle insurance premiums shows […]
Hall of Shame: MPI releases ‘Top 5 Frauds’ list for 2022
Winnipeg, Manitoba — The holiday season is over, and with that we as humans may resume the regularly scheduled fear and suspicion we love to direct toward one another, spurred on in part by things like the MPI “Top 5 Frauds” list of 2022, released just last week. Whether you like to shake your head […]
Holding Steady: ICBC files to freeze basic insurance rates for next two years
Vancouver, British Columbia — The Insurance Corporation of British Columbia has filed an application with the British Columbia Utilities Commission (BCUC) for no increase to basic insurance rates for the next two years. “Holding firm on ICBC’s basic insurance rate for two more years will help millions of drivers with their monthly bills amid global […]
