Auto insurance rates in Ontario going up as much as 11%

Auto insurance rates in Ontario going up as much as 11%

Auto insurance rates in Ontario are increasing by as much as 11 per cent this year, despite promises from the Ford government to reduce premiums.

Radio-Canada has learned that the Financial Services Regulatory Authority of Ontario has given the green light to increases in automobile insurance premiums for some 20 insurance companies in the province, with some insurers approved to increases rates by just over 11 per cent and others by around 10 per cent. 

The Ford government promised major reform of the auto insurance system back in April of 2019 when its first budget was tabled. 

The changes were aimed at increasing the range of plans available to drivers, making the claim process easier to navigate, and creating more competition between insurance providers.

There was no specific plan to reduce premiums but then finance minister Vic Fedeli called the proposal “transformative” at the time.

Ontario has one of the lowest accident and death rates in the country, but the average cost of auto insurance in the province is among the most expensive, according to data collected by the Insurance Bureau of Canada (IBC).

Ontario has the second highest average cost of auto insurance ringing in at $ 1,505. 

All other provinces and territories trail Ontario, which comes second only to British Columbia, which has an average premium of $ 1,832. 

Quebec has the with lowest insurance costs, averaging at $ 717, according to the IBC.


CBC | Toronto News

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