Car Insurance in Ontario: What’s Happening with Rates?
Auto Insurance Increase
April 19, 2017
BREAKING: Auto insurance rates increase in Ontario.
In Ontario, every insurance company must have changes to their auto insurance rates approved by the Financial Services Commission of Ontario (FSCO) and each quarter, FSCO publishes these rate changes. The latest rate changes have been released.
FSCO reports that in the first quarter of 2017, approved rates increased on average 1.24 per cent. While this reflects the average increase drivers may see upon renewal, the actual range in rates approved is significant; some drivers will enjoy a decrease in the premiums they pay of about three per cent, while other drivers could see their rates increase as much as seven per cent. It all depends on who you have your coverage through.
“Consumers are urged to shop around for auto insurance,” says FSCO in its quarterly report. “Ontario has a very competitive marketplace.”
Last quarter, auto insurance rates decreased slightly, 0.14 per cent.
Shop around for the best price and best coverage
FSCO encourages consumers to shop around for their Ontario car insurance coverage and on that front InsuranceHotline.com can help. Compare car insurance quotes today; it’s the best way to lower your car insurance rate and find a policy that fits your needs best.
Auto Insurance Rates for the First Quarter of 2017
This notice provides an overview of the private passenger automobile insurance rate changes approved or ordered by the Financial Services Commission of Ontario (FSCO) for filings reviewed in the first quarter of 2017. The number of filings reviewed by FSCO and the overall average rate change for the Ontario market may vary from quarter to quarter, based on updated information about claims costs, market conditions and other financial factors and the resulting impact that these factors have on the adequacy of an insurance company’s current rates.
Average Rate Changes
Forty eight insurers representing 87.86% of the market based on premium volume had rates approved in the quarter. Approved rates increased on average by 1.24% when applied across the total market.