Insurance premiums for passenger vehicles increased by 6.2 per cent year over year in Canada, data show. Illustration by Rey Gagnon
 
 

Friday afternoons in December tend to see the highest volume of collisions in Canada as drivers get reacquainted with snowy, slippery roads.
 
 

So it’s probably a bad time to mention that the latest data from Canada’s Consumer Price Index showed that insurance premiums for passenger vehicles increased by 6.2 per cent year over year.
 
 

The picture is even bleaker for Canada’s most populated province, Ontario, which saw a 7.8-per-cent jump. That means a 24-year-old male driver in Toronto paying around $400 a month could see their rate soar by more than $372 a year.

 
 
 

After an at-fault claim, that figure rises by an average 96 per cent.

 
 

With that much money at stake, we wanted to know how many people avoid reporting car damage to their insurer. So we’re asking our readers: If you were in an accident, did you cover the damage out of pocket or go through your insurer? Please take this short poll.

 
 
Subscribe to the On Money newsletter
 
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for On Money here.
 
 

 
 
 
Canada has a new top-stolen car
 
The Toyota RAV4 unseated the Highlander as the most stolen car for two years in a row. And while auto theft in Canada declined 19 per cent, there’s also been a 47.5 per cent spike in thefts of cars worth more than $200,000 across Canada.
 
Unpacking the ’27.40′ rule of personal finance (Toronto Star subs)
 
This piece explains how stashing away $27.40 a day for a year can save you $10,000. The author says most who tried the daily habit experiment actually exceeded the savings goal.
 
Would you pay 6K for a good night’s sleep?
 
Over the last decade, sleep has become a multibillion-dollar industry, with exhausted individuals spending thousands on specialty mattresses, wearable sleep tech, supplements and even sleep retreats. Now, one company is getting consumers to spend on a “fully-immersive sleep system.”
 
Will Trump’s 50-year mortgage make homes affordable?
 
The U.S. President is working on a plan to introduce a 50-year mortgage to help Americans afford homeownership. A mortgage this long could reduce a home buyer’s monthly payments. Now let’s unpack the catch.
 
 
Podcast fans
 
Subscribe to Stress Test on Apple podcasts or Spotify.
 
 

 
 
newsletter chart
 

 
 
 
 
 

 
 
 
 
What kind of house does $680,000 get you across Canada?
 
 
Rethink your philanthropy in advance of Giving Tuesday to make it more meaningful
 
 
Three real estate markets that are bucking national trends
 
 
Canadians are letting more than half their workplace benefits lapse at the end of the year