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Ontario’s car insurance rates rise
Approved rates increased on average 1.50%.
Staff on October 18, 2016
Ontario’s auto insurance rates have increased, according to the Financial Services Commission of Ontario (FSCO). The rates for many Ontario drivers will going up at renewal, instead of down.
The FSCO results are out: in the third quarter of 2016, approved rates increased on average 1.50%. This compares to a 0.33% increase in the previous quarter as well.
“Ontario has a very competitive marketplace,” FSCO says in its quarterly statement. “Rates for the same coverage vary based on each insurer’s claims experience and the insurer’s rating system.” As a result, FSCO urges consumers to shop around for auto insurance.
This is especially true with the June 1, 2016 auto insurance reforms that are now in effect.
With more than half (52%) of Ontario drivers auto renewing their policy, FSCO has previously said that Ontario drivers will need to take more interest in their insurance policy this year.
Ontario’s car insurance rates rise
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