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Car Insurance in Ontario: What’s Happening with Rates?

April 19, 2017

Car Insurance in Ontario: What’s Happening with Rates?BREAKING: Auto insurance rates increase in Ontario.

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.

FSCO reports that in the first quarter of 2017, approved rates increased on average 1.24 per cent. While this reflects the average increase drivers may see upon renewal, the actual range in rates approved is significant; some drivers will enjoy a decrease in the premiums they pay of about three per cent, while other drivers could see their rates increase as much as seven per cent. It all depends on who you have your coverage through.

“Consumers are urged to shop around for auto insurance,” says FSCO in its quarterly report. “Ontario has a very competitive marketplace.”

Last quarter, auto insurance rates decreased slightly, 0.14 per cent.

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.

This article is updated quarterly to reflect the latest FSCO announcement results.

  • mikeIH

    Keep them dropping!

  • thdvl

    This site gave me a quote of almost triple the price I do pay, I’ve tried with the competition as well. These go to sites are for the lazy and unaware

  • Omer

    insurance rates are not fair at the moment. Insurance companies are not doing justice with customers.

  • HR SINGH

    I am a senior citizen of 80 with almost 25 years of neat and clean driving record. with god’s grace no accident, no suspension of license etc. my rates increase every year with increase in my age. I started with $100 of comprehensive insurance it is more than 220 and even more that. I am told that due to maximum number of accidents and thefts in Brampton, I have to share the cost. that is no logic. why should I pay for somebody’s fault. secondly, the insurance rates in Ontario re the highest in the country. Can somebody’ help a senior like me with clean record of driving.

  • Mei

    We renewed our auto and home insurances in June. Our rates were up for the coming year; contrary to what was expected.

  • Roz

    my rates have increased annually and I am a so-called “preferred” driver. It is a rip off and despite being with the same insurer for years I will be changing in the future. The Ontario Government kowtows to the IBC and keeps Ontario rates high by not going the same route as Quebec .

  • drake

    I’m a free market libertarian but even I can see that the public system in BC is better than the private system in Ontario. The insurance industry in Ontario is a cartel, not a competitive industry.

  • Jalen

    Ontario’s system is not truly private since it is overseen by the Financial Services Commission of Ontario which approves rates,meaning FSCO runs the show while these companies provide it revenue. .Hence these companies compete to please the Govt ,to stay in business,and not the customer.

  • Paul

    Maybe consider moving, or shopping around? when you have the best driving record, inflation and other factors affect your premium unfortunately, because your driving record cannot become better than the best.

  • David Miles

    Same boat. A year and a half ago I went from a 2011 Mustang Shelby GT500 to a 2010 Mustang V6, a year older and 1/4 of the hp. My rate didn’t change but went up and it went up again when my sixth month
    billing came in August.

  • Jerry

    I just received my renewal notice. I am also a senior “preferred driver”and have NEVER had an accident or claim and with the same company for years. My House premium increased by 6.5% and my car premium 4.2%.
    What a rip off.
    Jerry

  • Anon

    If you’re with a broker and they deal with multiple companies, call them up and get a full quote sheet of what every company they deal with will offer. They can usually generate 10 to 12 companies, but most brokers rarely do it for customers unless they’re asked to. For example, my sister was sent her renewal notice two weeks ago and her rates went up, despite having a perfect record. We saw on the broker’s website that they dealt with nine companies and we asked him to get quotes from all nine. It turns out the renewal she got was the most expensive and the other eight were significantly cheaper. Just by making that one phone call, it helped her save about $300 in the coming year in car insurance.
    It’s extremely important to call, or use company’s online quote system, to get the best rates.

  • Raj Brar

    Trust me, you don’t want IBC’s style insurance

  • MOHAMMED HOSEN

    ONTARIO INSURANCE COMPANY INDUSTRIES ARE SOOOOO HIGH WHICH IS NOT EXCEPTED. I AM TRYING TO BY A CAR FOR MY WORK, SPECIALLY FOR WINTER TIME. BUT WHEN I SEE MY INCOME I CANT EFFORCT IT. PROVINCIAL OR CITY WAYS NEED TO TAKING CARE ABOUT IT,AND BRING IN TO THE NORMAL PRICE SO EVERY BARRY CAN EFFORT. IF LIBERAL PARTY CAN DROPPED THE ONTARIO INSURANCE PRICE. I WILL GIVE MY VOTE.

  • anon

    Lucky you! I’m a senior. Just got my renewal. Still have perfect driving record, same non GTA location, BUT my rate just went up 18.77% !!!! What happened to Wynn’s promise of a 16% across the board reduction? Sounding more like our hydro increases every year #@$%^&*?

  • InsuredButAngry

    Just got a letter from TD with an increase of 25.66% for this year. No reason – just long time customers that pay on schedule, no accidents or claims…

  • insurer

    I just got renewal notice from RBC and they increased premium, 20%, no fault no nothing, they say the ratings changed … amazing

  • Jim Burrows

    With 212% increases in motorcycle insurance in Ontario from one year to the next, no one can tell me that there is nothing going on!! We are told that if we don’t like it, shop around. Shopping for insurance TAKES TIME!! I cannot easily take hours out of my day to shop for insurance just because of INSANE price increases. Yes, i understand that if you don’t want someone as a client simply raise the rates so that it is totally unacceptable and hopefully they will go somewhere else. I would like to know…where is the OIC (Ontario Insurance Commission)? What do they think?? Do they know that 200% increases are even happening? What are they prepared to do about it? How about Kathleen Wynne? What is she doing about it? Does SHE care?? I would like someone in authority get back to me with a reasonable and logical explanation. My Email is.. Jimburrows@email.com Thank you. P.S. This email will be copied and sent to other sources as well.

  • Stephane

    Belair direct quoted me this year with an increase of over 25% compared to last year ! Our situation has not changed, no accident, no fines, same vehicles…. They mentioned it was due to the area, and we did not move at all, same house, exactly the same!!! This in unbelievable!

  • Joseph

    I just received my new auto policy for renewal June 1, incorporating all the new changes for the supposed government imposed price reductions – what a joke! Coverage is reduced (deductible increased from $250 to 500, and medical coverage reduced from $2M to $1M), and my annual cost has Increased from $600 to 650.

  • Alex2

    Where do you get coverage for $650?

  • Alex2

    Someone who is jobless can make it their job to shop around for quotes as of June 2016. Very valuable for customers who might consider changing insurers mid renewal period to save some money. Remember most insurers will charge $50 cancellation fee so if they can find savings that would justify their fee plus $50 then everybody wins. Trouble is that typical brokers are not really brokers and only place with a few companies.

  • Andrey

    I’m at AllState and just got mail with new insurance for the house. It was increased from $53 / months to $67 / month. I never seen any decrease from any insurance companies ever. Every year it going up. My car insurance was $300 / month (with 2 minor tickets). Last year all ticket were gone (3 years) and I expected discount but my insurance $350 / month now (without any tickets). AllState told that my area was not safe like it was before. “Auto insurance rates are to decrease, on average, 3.07 per cent.” – not true. I called AllState to calculate cheapest Insurance I can get including all possible discounts and excluding all possible options from June 1 and as a result I got increase from $350 to $370 / month. And where is 3.07% discount? I think it was a misspelling. “Auto insurance rates are to Increase, on average, 3.07 per cent.” – this is correct statement.

  • Jake

    I really don’t understand the whole thing. My insurance broker and everyone talks about how Ontario driver’s license is being changed and dropping rates and such, but the reality is that everyone seems to be getting higher premium compare to 2015. What is happening?

  • CB

    Insurance companies don’t lose money. They make a ton of money. The executives who run these big insurance companies are sharks. They know how to game the system to their own benefit. The politicians are like intellectual pipsqueeks compared to these crooks. They are the fancy suit, BMW driving equivalent of the Hell’s Angels – no difference. They have the politicians running around chasing their tails while the rest of us get screwed royally.

  • Sparky Mahoney

    Bullshit! Ontario has the highest rates in Canada by 2x – 3x as much as the rest of the country and for no other reason than pure profit for the insurers and the kickbacks they give to the Libs and Cons. Seeing as car insurance is mandated than it should be handled nationwide by the federal government as not-for-profit. Otherwise this is just more continuation of Canada’s War on the Poor.

    And how the hell are multi-line discounts legal? Again, antoher discrimatory practice against the poor in this country!

  • Natalie MJ Fitzerale

    People need to get organized. We need to pool our money together and create our own auto insurance company that offers fair rates. I’m talking CHEAP. No more than $115 a month! No one pays these rates in the states! We need to get organized!!!!

  • Shirley

    Exactly what happened to us with Belair Direct. Last year the premium for the collision portion for our truck was $67, this year $143! More than doubled! When I called, they said the exact same thing, it’s the area which you live in, because there must be alot of claims in that area. Is this not a ripoff?

  • Cornelio

    I have my auto insurance with Wawanesa. The benefits went down by 50% and the premium went up by 30%! This was in response to the Government efforts to lover the premiums.
    Who do we take this with?

  • InsuranceHotline

    you should speak with your insurance broker to see if you have adequate coverage.

  • guillaume2010

    I’m on here trying to educate myself about the auto insurance reform and get a sense of what others pay for their insurance. Mine is up for renewal in August but the premium is suspiciously the same as last year if my memory works, at $635/year, despite the reform. I suspect I was enrolled for some new coverage I don’t need, so I’m hoping to cut my premium further. If what you propose will beat $500/year, then I’m in.

  • EdB

    Same with me . I found my renewal policy with Belair had an increase of approx. $200 over the previous year. called to let them know I wouldn’t renew and they asked if there was anything they could do to keep me as a customer.
    Told the rep they should have thought of this prior to sending out the renewal advice. Despite their high power TV ads, I have changed my company.

  • InsuranceHotline

    you should ask your broker or your company for the underwriting guideline for the coverage.

  • Norb

    It is ALL LIBERAL LIES!!!! I JUST got a letter from my insurance company stating that due to the provincial government’s finagling, my premiums have INCREASED!!!! These flimflam specialists have GOT to be punted!!! They should be “TARRED AND FEATHERED AND RIDDEN OUT ON A RAIL”!!!!

  • William Mackenzie Lamb

    I am attempting to make a video re: insurance increase. Can you send me some of your findings. williammackenzielamb@gmail.com