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A Snapshot of Ontario’s Auto Insurance Rates

Posted Oct 11th, 2017 in General, Insurance Tips, Auto Insurance, Did You Know?, In the News

According to David Marshall, Ontario’s auto insurance advisor, Ontario has the most expensive auto insurance premiums in Canada. We’ve explored why and provided you with a snapshot.

A Snapshot of Ontario’s Auto Insurance Rates, Youngs Insurance, Ontario

What’s the deal? In Ontario, insurance companies are required to have all changes to their insurance rates approved by the Financial Services Commission of Ontario (FSCO). The FSCO publishes these rates each quarter, providing us with a snapshot of what is happening with insurance rates in Ontario.  

What is happening?

In Ontario, the average auto insurance premium is $1,458.  Auto insurance premiums might be high, but Ontario has the lowest levels of accidents and fatalities. Approximately 70 to 80% of auto insurance claims are for minor injuries and only 1% for catastrophic injuries. There has been progress toward making auto insurance more affordable for Ontario’s 10 million drivers, but in the second quarter of 2017, the FSCO approved an average increase of 0.76%. This does not mean that everyone will experience an increase in their premiums. In fact, some might enjoy a decrease in their premiums. It all depends on the company you are insured by and what rate the FSCO approved them to apply.

What is being done?

Recent auto insurance reforms have worked to make auto insurance more affordable and include: no rate increase for minor at-fault accidents, claims being settled quicker, and winter tire discounts. The government also released a report by David Marshall that recommended transformative steps to further protect the consumer while reducing insurance costs.

What can you do?

There are several things that you can do when looking for affordable auto insurance rates in Ontario, such as:

  • Keeping your driving record clean.
  • Pay your premiums on time so that insurance is not more costly to re-purchase.
  • Consider insuring all your vehicle with the same company and bundling your auto insurance with your home insurance.
  • Talk with your insurance company to learn about discounts you may be eligible for.
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