Auto insurance rates to increase an average 1.56% in Ontario, with many drivers seeing increases that are significantly higher.
In Ontario, every insurance company must have changes to their auto insurance rates approved by the Financial Services Regulatory Authority of Ontario (FSRA) and each quarter, FSRA publishes these rate changes. The latest rate changes have been released and, as expected, it’s not good news for drivers in the province.
Ontario Auto Insurance Rates Are Set to Increase
FSRA reports that in the fourth quarter (Q4) of 2019, approved rates increased on average 1.56%. While this increase reflects the average drivers may see upon renewal, the actual range in approved rate increases is significant: some Ontario drivers could see their rates increase only slightly, 0.02%, while others could see their rates increase as much as 11.05%. It all depends on who you have your coverage through, and the rate change your insurer has been given the green light to apply.
In total, 21 insurers had rate changes approved this quarter, representing 40% of the market based on premium volume.
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A Recent History of Ontario’s Auto Insurance Rates
For more than two years now, Ontario auto insurance rates have increased every quarter. Last quarter, approved rates increased on average 2.60%.
When rates are rising, as they have been, it’s especially prudent that Ontario drivers heed FSRA’s advice to “shop around for auto insurance.”
FSRA to Monitor Claims Costs in Ontario
In its quarterly rate publication, FSRA continues to note two trends that may be affecting auto insurance rates in Ontario which they plan to keep an eye on: increased claims costs for repairing technologically advanced vehicles, as well as more collisions due to distracted driving.
Find Your Best Rate at InsuranceHotline.com
FSRA encourages consumers to shop around for their Ontario car insurance coverage and you can do this easily online at InsuranceHotline.com. Compare car insurance quotes today as it’s the best way to lower your car insurance rate and find a policy that fits your needs and budget.
This article is updated quarterly to reflect the latest FSRA announcement results.