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Ontario Car Insurance Rates Have Dropped 6 Per Cent

November 28, 2014

The Ontario legislature recently passed Bill 15, the Fighting Fraud and Reducing Automobile Insurance Rates Act. The passing of this bill is part of the government’s Auto Insurance Cost and Rate Reduction Strategy that is targeting an average 15 per cent reduction in car insurance rates by August 2015.

With the passing of the bill, the province says the legislation will:

  • Transform Ontario’s auto insurance dispute resolution system so that disputes are settled quicker
  • Reduce fraud by targeting questionable practices in the towing and vehicle storage industries
  • Improve road safety through government monitoring and enforcement measures

“This legislation will do exactly what its name says, fight fraud and reduce auto insurance rates,” said Finance Minister Charles Sousa.

The legislation, however, is not without its skeptics. A CBC report says the NDP voted against the bill because it takes away a driver’s right to sue if accident benefits are denied, while the Progressive Conservatives, who feel the bill is a step in the right direction, doubt the 15 per cent average decrease in premiums will be achieved considering the initial target for 2014 of eight per cent was missed. “They’re not on target, and admitted today they are at six per cent,” PC finance critic Vic Fedeli said to the CBC.

Cheap Car Insurance Rates Just A Click Away?

Despite the missed target, changes are afoot in the auto insurance industry. Finance Minister Charles Sousa told the CBC that 21 of the 120 auto insurance companies in Ontario have already lowered their premiums an average of 10 per cent in just over a year. With all of this activity going on, drivers can benefit—premiums are in flux and there’s likely never been a better time to find lower car insurance rates. All you have to do is shop around.

Shop and Save

Compare rates today to see if you could be saving money. It’s an ever-changing landscape—the world of auto insurance rates—which can be great news for consumers who take the time and shop around.

Let us help you find lower car insurance rates, compare quotes today.

  • Harry S

    I used to pay my insurance premiums by auto deductions from my bank. My insurance company charged me a 3% fee for this. I cannot come to terms with this. I asked them about this fee, and was told that the way it is. The only way to avoid this 3% was to pay in full for the entire year. I find this as a means of profiting the insurance companies even further. They will not even accept post dated cheques to waive this fee. Where are our consumer advocates and elected politicians on this one?

  • Paul

    certain companies don’t charge this for monthly premiums, shop around

  • Paul

    No one forced you to drive, you knew about insurance before you owned a car. and most court cases, the auto insurance company loses, but thats why prices go up for everyone, blame the fraudulent claims that get paid out more in Ontario than other provinces.

  • buckdesystem

    How would they find out?

  • Phil Bigeau

    mine gone up big time

  • fidgefodge

    So you shop for the best “rate” then you have to additionally shop for a place that doesn’t charge the 3% (which are few and far between) and then when you do find that company, they probably charge you about the same for your monthly so it’s really a crap shoot.

  • fidgefodge

    I think Paul works for an insurance company. People who defend insurance companies usually work for them.

  • Birds_Rocks_Things

    Bullshit. Blame the fraudulent insurance/scam companies that take premiums from good, hard working drivers for 20 years and when the time comes, they write you off – legal criminality as someone else said.

  • DeeDee

    I would like to know when I’m going to notice a decrease in my insurance? I’ve been driving since 1980, one accident in 2000 which was not my fault and my rates have been going up every year!! Also, I live in Durham Region, why am I being rated as living in Milton and orangeville!!???

  • #lied2again

    Because all (most) Insurance Companies have 2 be LIBERALS.This my friends is the Real ” “How 2 lie & get away with Murder” The Sequal Story.
    “FAIR” is not s word in the gov”t or Insurance Companies vocabulary.
    Cheats , liers & Thieves are however the most common adjectives ,used amongst most of us ” NORMAL” Folk, when asked what 3 words come 2 mind when describing the above mentioned.