By Mayo Clinic Staff | November 20, 2018 9:12:31AMWhile car insurance prices continue to drop in the United States, car buyers in the rest of the world are paying more for the same coverage, according to new research from the Mayo Clinic.
Car buyers in Canada, the United Kingdom and Australia are paying the highest rates of $4,000 to $6,000 more than other countries, according the Mayo study.
And that’s not just a matter of geography.
Insurance companies in Canada and the United UK are charging much higher rates than the U.S.
As of last year, the average Canadian insured driver paid $639 a month in auto insurance, according with the Insurance Bureau of Canada.
That was the highest of any country surveyed, with British drivers paying the most.
A British insurance agent who was not authorized to speak to the media declined to be interviewed for this story, saying the bureau’s policy is not to discuss the costs of health care.
Car insurance prices in Canada vary greatly depending on the region.
In some areas, car owners pay much more than the average insured driver, said Michael Shulman, a senior vice president with the Canadian Association of Insurers.
In Ontario, the most expensive place to insure a car is at the Toronto suburb of Vaughan, according in the Mayo report.
For most people in the country, the cheapest rate is about $500 to $700 a month, according, based on data from AAA and the Insurance Institute for Highway Safety.
While the U, U.K. and Australia have some of the highest auto insurance rates in the world, the Mayo researchers found that in most places in the U