Auto insurance rates to increase 2.23 per cent in Ontario
Toronto, ON (Apr. 16, 2018) – 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 and, as expected, it’s not good news for Ontario drivers.
FSCO reports that in the first quarter of 2018, approved rates increased on average 2.23 per cent. While this increase reflects the average drivers may see upon renewal, the actual range in rates approved is significant: some Ontario drivers could benefit from a decrease in the premiums they pay of about 1 per cent, while others could see their rates increase as much as 9.96 per cent. It all depends on who you have your coverage through and the rate change your insurer has been given the green light to apply.
In the previous quarter, auto insurance rates also increased 1.03 per cent and with two consecutive quarters of approved rate increases, it’s especially prudent that Ontario drivers heed FSCO’s advice to “shop around for auto insurance.”
FSCO to monitor claims costs in Ontario
In its quarterly rate publication, FSCO also noted two trends that may be affecting auto insurance rates in Ontario which they plan to monitor: increased claims costs for repairing technologically advanced vehicles, as well as more collisions due to distracted driving. Both have previously been cited as being a driving force behind the expectation that premiums will increase, Canada-wide, in 2018.
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.
InsuranceHotline.com is a free online insurance rate comparison service that directs consumers to its large network of more than 30 insurance companies and licensed insurance professionals and provides quotes based on the lowest rates available through its network. In business since 1994, InsuranceHotline.com does not sell insurance, is not a licensed broker, and is not owned in whole or in part by an insurance company, agent or brokerage; ensuring consumers get a truly unbiased quote.
InsuranceHotline.com is part of the Kanetix Ltd. family, the largest online insurance and financial comparison company in Canada.
The InsuranceHotline.com offices are located at 360 Adelaide St. W., Toronto, Ontario M5V 1R7.
About the Financial Services Commission of Ontario
FSCO was established under the Financial Services Commission of Ontario Act, 1997 (FSCO Act) with a legislative mandate set out in the FSCO Act. FSCO’s legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates.
FSCO regulates the insurance sector; pension plans; loan and trust companies; credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations in Ontario; and service providers who invoice auto insurers for statutory accident benefits claims. FSCO is accountable to the Minister of Finance.
SOURCE: InsuranceHotline.comTags: Auto Rates, FSCO, InsuranceHotline.com, ontario