For the last three years, Ontario auto insurance rates have increased. Rate changes approved by the Financial Services Commission of Ontario (FSCO) averaged an increase of 0.55 per cent in 2007, 5.59 per cent in 2008 and 8.87 per cent in 2009. For Ontario drivers, reforms couldn’t have come at a better time as insurance rates trended upwards.
Fortunately, for Ontario auto insurance consumers, the Insurance Act was amended in 2003 requiring an auto insurance review every five years. The first ‘Report on the Five Year Review of Automobile Insurance’ resulted in a suite of 41 proposed reforms in November, 2009. In March, 2010 new regulations were announced.
Coming into effect on September 1, 2010 the reforms focus on three key initiatives: protecting consumers, offering consumers more choice and streamlining Ontario’s auto insurance system. Each initiative is expected to support the main objective which is to provide Ontario’s auto insurance system with greater price stability.
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