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Small business owners see soaring commercial auto insurance rates

Last Updated Oct 13, 2020 at 9:40 am EST

If you’ve noticed you’re paying more for insurance, you’re not alone.

Among those hardest hit are some small business owners, who are speaking out about soaring commercial auto insurance rates.

Beck Taxi tells the CBC about 500 drivers are now out of business due to soaring costs, one cab driver seeing the cost of insurance spiking more than triple to as much as $22,000 a year.

RELATED: Ford government calls for auto insurance breaks due to coronavirus

Insurers say the rising costs due to COVID-19 are partly to blame for premium hikes.

In a statement to CBC, the Insurance Bureau of Canada said like many businesses, insurers have been confronted with increased costs as they continue to support and protect Canadians through this difficult period.

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