Calling all confused insurance shoppers

Is shopping for insurance giving you a headache? You’re not alone! To help make things clearer, Autorité des marchés financiers (AMF) recently drafted a regulation designed to make shopping for insurance simpler and easier.

CAA-Quebec attended the public information session held by the AMF. Here’s a summary of the provisions that CAA-Quebec thinks would be especially effective in increasing transparency for consumers who deal with damage insurance representatives.

Number of quotes

To remain certified, damage insurance brokers must provide each consumer with three quotes. Three is also the average number of insurers contacted by consumers when they shop for insurance. That’s good news!

Calling a spade a spade

There are two types of organizations that offer damage insurance: damage insurance agencies, which offer products from one insurer only, and damage insurance brokerage firms with brokers who offer coverage from a number of different insurers. Finally some clarity!

The importance of being transparent

Damage insurance brokers have to be transparent. To that end, they’re obliged to disclose the number of insurers whose products they offer. Like CAA-Quebec has been doing for years!

CAA-Quebec welcomes this draft regulation. Insurance is complicated. That’s why it’s important to do everything we can to simplify it for consumers. For more information, see the document we submitted to the AMF.