BREAKING: Auto insurance rates decrease 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 fourth quarter of 2016, approved rates decreased on average 0.14 per cent; while some rates decreased as much as 3.13 per cent. Of the ten insurers whose rate changes were approved, not one involved increasing rates.
“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 increased, on average, 1.5 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.