RBC Car Insurance Quotes Reviews & Ratings

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RBC Car Insurance
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RBC Insurance has a strong history going back as far as 150 years in Canada. The Royal Bank of Canada owns RBC Insurance as its insurance subsidiary. The huge network serves more than 4 million customers worldwide. They offer a wide selection of home, health, auto, life insurance and creditor services. RBC Insurance is one of the largest insurance companies owned by a Canadian bank.

Based in Mississauga, Ontario, RBC Insurance is the largest bank-owned insurance organization in Canada. A full-service insurer, RBC provides the following types of insurance products:

  • Life insurance
  • Health insurance
  • Travel insurance
  • Homeowners insurance
  • Auto insurance
  • Reinsurance products
  • Creditor and business insurance

Not just a Canadian company, RBC has U.S. and international clients as well. Distribution of their products is varied. As well as their own sales force and sales through brokers, RBC sells by phone, Internet and retail outlets.

These policies are distributed by RBC Insurance Agency limited and Aviva General Insurance Company underwrites the car insurance policies.

RBC History

RBC Insurance traces its origins back to the Merchants Bank in Halifax in 1846. By 1887, the Merchant’s Bank opened a branch in Montreal, then the centre of the Canadian financial industry. Expansion continued and in 1901, the bank changed its name to the Royal Bank of Canada to reflect its ocean-to-ocean coverage of Canada.

Its presence was international with a strong entrenchment in Latin America at the start of the 20th Century. Further expansion into the U.S., Spain, France and Great Britain followed. Domestic expansion continued as well, as RBC bought up smaller banks in Canada. Insurance products became a priority in the 1960s and 70s, and RBC Insurance opened as a division of the company.

RBC and Aviva

In early 2016, RBC sold off parts of its insurance business to British-based insurance giant Aviva’s Canadian division. About 575 RBC Insurance staff jobs are moving with the purchase, to handle underwriting and adjudicating claims for the business segment that’s transferring with the sale. A 15-year agreement is part of the sale, allowing RBC to continue marketing insurance products under its existing brand. RBC Insurance is looking at the growth of the direct to consumer insurance market and focusing its efforts on that.

The division of business sends home and auto insurance over to Aviva, while RBC turns its focus to life, health and wealth insurance. The company has been active in creating new products for these fields recently. Health and dental plans for small and medium sized employers is one such target market. Both RBC and Aviva insist there will be no changes experienced by customers in the short term.

RBC Car Insurance Market Share Review                   

RBC General Insurance Company Market Share%QuarterYear
4.92%Q22016
4.52%Q12016
4.52%Q32015
4.52%Q22015
4.21%Q12015
4.29%Q12014
4.29%Q32013
3.14%Q22013
4.36%Q12013
1.07%Q22012
4.03%Q12012
3.15%Q42011
0.88%Q22011
2.72%Q12011
3.39%Q42010
3.39%Q22010
8.56%Q12010

 

2010-2011 Market Share Review

RBC Insurance did not file for rate changes in the 3rd quarter of 2010. They had a good market share of 8.56% in the 1st quarter of 2010. This declined to 3.39% in the 2nd quarter and stayed stable at 3.39% for the 4th quarter of 2010. They did not file for rate changes in the 3rd quarter of 2011. The market share declined to 2.72% in the 1st quarter of 2011. There was a marginal increase in the market share of 0.88% in the 2nd quarter of 2011. The 4th quarter of 2011 saw a better increase of 3.15% in the market share.

2012-2013 Market Share Review

In 2012 RBC Insurance did not have any rate filings for the 3rd and 4th quarters. The market share showed a decrease to 1.07% in the 2nd quarter of 2012. In the 1st quarter of 2012, there was a better figure at 4.03%. There were no rate filings in the 4th quarter of 2013. The 1st quarter of 2013 saw the market share at 4.36%. This marginally decreased to 3.14% in the 2nd quarter of 2013. In the 3rd quarter of 2013 the market share had increased to 4.29%. In 2014 there were no rate filings for the 2nd, 3rd and 4th quarters. The market shared stayed stable at 4.29% for the 1st quarter of 2014.

2015-2016 Market Share Review

In 2015 RBC Insurance did not have rate filings for the 4th quarter. The market share stayed stable for the 2nd and 3rd quarters of 2015 at 4.52%. It was marginally lower in the 1st quarter of 2015 at 4.21%. In 2016 RBC Insurance did not have rate filings for the 3rd quarter and 4th quarter data is not available. The market share stayed stable at 4.52% in the 1st quarter of 2016. There was a marginal increase to 4.92% in the 2nd quarter of 2016.

RBC Car Insurance Rate Changes Review

QuarterYearRBC General Insurance Company Rate Change Approved %
Q220163.70%
Q12016-6.54%
Q32015-3.01%
Q22015-0.08%
Q12015-0.81%
Q12014-4.53%
Q32013-1.06%
Q220130%
Q120130%
Q2201212.00%
Q120120.00%
Q420113.94%
Q220113.34%
Q120114.75%
Q4201014.63%
Q220100%
Q120106.05%

 

2010 – 2011 Rate Change Review

RBC Insurance did not file for rate changes in the 3rd quarter of 2010. There was no rate change in the 2nd quarter of 2010. The rate change increased in the 1st quarter of 2010 by 6.05%. The 4th quarter of 2010 saw the highest increase in rate changes by 14.63%. They did not file for rate changes in the 3rd quarter of 2011. The rate change increased by 4.75% in the 1st quarter of 2011. There was an increase of 3.34% for the rate changes in the 2nd quarter of 2011. This marginally increased to 3.94% for the 4th quarter of 2011.

2012 – 2014 Rate Change Review

They did not have any rate filings for the 3rd and 4th quarters of 2012. RBC did not have a rate change in the 1st quarter of 2010. The rate change in the 2nd quarter of 2012 was huge at 12%. They did not file for rate changes in the 4th quarter of 2013. The 1st and 2nd quarters of 2013 did not have any changes to the rates. The rates decreased marginally by 1.06% in the 3rd quarter of 2010. RBC did not file for rate changes in the 2nd, 3rd and 4th quarters of 2014.

2015 – 2016 Rate Change Review

Around 39 insurers filed for rate change approval with FSCO in the 1st quarter of 2015. They represented about 73.48% of the insurance market. RBC did not file for a rate change in the 4th quarter of 2015. 26 insurance companies filed for rate changes representing about 52.75% of the market. The rate changes in the 1st quarter of 2015 marginally decreased by 0.81%. This further decreased by 0.08% in the 2nd quarter of 2015. Around 40 insurers filed for rate changes in the 3rd quarter of 2015.  This group represented 77.45% of the market. The 3rd quarter of 2015 saw a rate change lower by 3.01%.

Around 50 insurers filed for rate changes in the 1st quarter of 2016. They represented 83.36% of the market. RBC did not file for rate changes in the 3rd quarter of 2016 and it is too early for 4th quarter 2016 data. The rate change was at an all- time low of 6.54% in the 1st quarter of 2016.  The 2nd quarter of 2016 saw an increase of 3.70%. In that quarter around 14 insurers filed for rate changes and that represented 30.06% of the market.

RBC Car Insurance Quotes Review For the Same Car and Driver Profile Across Selected Cities

CityRBC Car Insurance Quotes
MonthlyYearly
Toronto$229.00$2,753.00
Ottawa$155.00$1,864.00
Vaughan$299.00$3,590.00
Hamilton$263.00$3,161.00
Mississauga$266.00$3,193.00
Brampton$311.00$3,732.00

 

RBC Auto Insurance Discounts

There are different types of discounts that RBC Insurance offers and this varies with the province. The drivers who have a clean record with no claims over a certain period of time can also get a discount. A driver who is experienced with good driving record and mature can also qualify for a discount on the car insurance policy. The following is a list of some other discounts that RBC offers to their car insurance consumers.

  • If you get a quote online through RBC Insurance you may qualify for up to 5% discount.
  • You may get a discount up to 14% when you insure more than 1 car with RBC Insurance.
  • When you combine auto and home policies that could get you a discount of up to 12% with RBC Insurance.

Optional Coverage You May Consider Buying With RBC

 RBC Insurance offers optional coverage for car insurance as follows:

Collision: This coverage will help you to recover the cost of replacing or repairing your damaged car.

Comprehensive:  You can claim for any damages not caused by collision or loss to your car.

All Perils: Mix comprehensive and collision coverage to get this coverage.

Specified Perils: You may claim for loss due to perils specifically mentioned on the policy.

RBC Car Insurance Cancellation Policy

You could cancel your car insurance policy anytime during the policy term by informing RBC Insurance. When you cancel your auto policy, the refund is calculated on a short rate basis. So, based on your situation, the handling costs may be deducted from the final refund amount.

Making RBC Car Insurance Claim

insurance claim

You can file a claim with expert claim specialists anytime on any days of the week by calling the following numbers.

·        1800-769-2526 or 905-608-8945

·        Or if you are using the Bell or Rogers phone you could call on #722

If you are unsure about making a claim you may still check for information without disclosing your policy number or name. The number to call is 1-866-953-8285 on all weekdays from 9am to 5pm ET.

How Can I Get RBC Car Insurance Quote

Online: You may get a quote for car insurance by using the online form. You may avail up to 5% discount.

Call: You may call on 1 877 749-7224 on weekdays between 8 in the morning to 8 in the evening. And this number can be reached on Saturdays from 8:30 am – 4:00 pm EST.

Branches: You may search online for the nearest RBC Insurance Store to discuss get a car insurance quote.

Contact Methods For RBC Insurance

Phone: You could reach RBC Insurance by calling on 1877-749-7224 on weekdays from 8 am to 8 pm. On Saturday, you can call on the same number from 8.30 am to 4 pm EST.

Locations: There are many convenient locations to visit and ask your query. You may search online for the nearest store location or an RBC insurance agent.

Email: You may contact customer care and email your question.

Online Login:  It is possible to securely log in to your insurance account online. This will let you add a car insurance policy, update or view the policy and billing details.


 *Methodology

We surveyed RBC car insurance Quotes in select Canadian cities for the purpose of illustrating the average quotes for a male driver aged 35 years in city downtown with owned Honda Civic 2012 model car.

Please note that car insurance prices depend on many factors including your age, location, driving history and more. So, to get a customized quote, please visit RBC car insurance quotation page.


Disclaimer

We are not affiliated and make no representations or warranties, recommendations or endorsements of RBC Insurance. This article is our review of RBC Insurance for information purposes only.  The logos, trademarks, and copyrights mentioned in this article belong to the RBC Insurance.


References:

https://www.fsco.gov.on.ca/en/auto/rates/pages/default.aspx

http://www.rbcinsurance.com/car-insurance/pdf/auto-policy-on-after-20160601.pdf

http://www.rbcinsurance.com/car-insurance/car-clients.html


 

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