BREAKING: For the second quarter in a row, auto insurance rates increase slightly 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 second quarter of 2017, approved rates increased on average 0.76 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 one per cent, while other drivers could see their rates increase as much as almost nine per cent. It all depends on who you have your coverage through and the rate change they’ve been approved to apply.
“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 also increased, 1.24 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.