Back in 2013, the Ontario Liberals promised to cut auto insurance premiums an average of 15 per cent by August 2015, well, that didn’t quite pan out. In fact approved rates in the third quarter of 2016 increased by an average of 1.5 per cent, according to the Financial Services Commission of Ontario. In the second quarter of 2017, auto insurance rates in Ontario have risen again.
Approved rates posted by the Financial Services Commission of Ontario show an average increase of 0.76 per cent.
Last quarter, rates went up by an average of 1.24 per cent.
In the recent past a withering report by Ontario’s auto insurance adviser found that despite having one of the lowest levels of accidents and fatalities in Canada, the province had the dubious distinction of having the most expensive auto insurance premiums in Canada.
Drivers in Ontario can continue to expect surprises or shocks when their auto insurance comes up for renewal. Some drivers could see their rates going up as much as 9 per cent, others down.
It all depends on who you have your coverage through and the rate change they’ve been approved to apply. The best advice for Ontario drivers is to shop around and compare rates offered by different insurance companies. Loyalty doesn’t always pay! – CINEWS