Administrator • Oct 14, 2018
Do you drive a car? Listen up! The Financial Services Commission of Ontario (FSCO) approved premium rate increases for car insurance in Ontario for new and existing drivers. FSCO has now released the auto insurance rate approvals for the third quarter of 2018. Car insurance rates are increasing in Ontario by 2.06%, on average, compared to a 1.11% increase in Q2.
You may be wondering why the rates increased for car insurance in Ontarioand what it means for you. Here are the top four questions about the rate increase – answered.
Insurance companies proposed an increase in rates for car insurance in Ontario due to the recent rise in interest rates, claims costs, distracted driving, and other driving trends.
The FSCO, a governmental organization which regulates insurance companies, chose to ultimately approve the insurance companies’ proposals after a long review process.
On average, rates for car insurance in Ontario are set to rise by 2.06%.
This rise represents a general decision based on the discretion of insurance providers and the FSCO. But, there are many different factors that determine your individual insurance policy rate for car insurance in Ontario. Some of the primary factors include:
A rate increase may seem like bad news, but it’s important to remember that Ontario is still a very competitive marketplace. Insurance companies will still compete on policy prices to get the customer, which is a good thing for you.
It’s important to shop around for rates to make sure you’re getting the best deal on your car insurance following the rate increase.
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