Ontario Car Insurance Rates Are Going UpJanuary 16, 2018
According to the Financial Services Commission of Ontario (FSCO), car insurance rates for many Ontario drivers will be going up when it is time to renew, to the tune of about 1.03 per cent.
Get ready to pay more for your car insurance. According to FSCO, some drivers will see their rates increase, an average 1.03 per cent, the next time they renew their policy.
FSCO is a regulatory agency of the Ministry of Finance that approves all auto insurance rate changes in the province. If an Ontario auto insurance company wants to change their car insurance rates—up or down—they must first get approval from FSCO before doing so. Then quarterly, FSCO releases the results detailing which insurers were given approval to change their rates and by how much.
In the fourth quarter of 2017, approved auto insurance rates increased 1.03 per cent. In the third quarter approved rates decreased a relatively flat 0.1 per cent.
Will all drivers be paying more for their Ontario car insurance?
Since these rate changes are an average, affected drivers may see a bigger increase, a decrease, or no change at all. In fact, according to FSCO’s latest rate approval release, some drivers could see a decrease in the premiums they pay of 12.67 per cent, while others could see an increase of as much as 9.43 per cent. It all depends on which insurer you have your coverage through and the rate change they’ve been approved to apply.
In all, 17 insurers representing 40 per cent of the Ontario auto insurance market had rate changes approved in the quarter.
FSCO encourages consumers to shop around
“Consumers are urged to shop around for auto insurance,” says FSCO in their notice. “Ontario has a very competitive marketplace. Rates for the same coverage vary based on each insurer’s claims experience and the insurer’s rating system.”
It’s sage advice, because not only do premiums often change, but a lot can happen over the course of the year that can impact your car insurance rates. If, for example, you got married, moved, or purchased a new car in the last year, you may find the company that provided you the best rate two years ago or even last year, may no longer offer you the best deal today.
Shop around for the best price and best coverage
To get the best deal on anything, you need to shop around and auto insurance is no different. The only way to know if your current insurer’s rates are still the most competitive is to put them to the test. Compare auto insurance quotes today for a better price at ComparaSave.com. With more than 30 insurance companies available in our network, shopping for a better price only takes a few minutes and can save you hundreds of dollars.