Here We Go Again: Ontario Car Insurance Rates Continue to Increase
According to the Financial Services Commission of Ontario (FSCO), car insurance rates for many of the province’s drivers will be going up at renewal on average 1.99 percent.
When it comes time to renew your policy, chances are good you’ll be paying more for your Ontario auto insurance. The auto insurance rate changes approved by FSCO (a regulatory agency of the Ministry of Finance) are out and rates continue to rise.
In the second quarter (Q2) of 2019, approved rates increased on average 1.99 percent. This rise in approved rates is no anomaly. In fact, there has now been seven full quarters (almost two years) of upward movement.
In Q1 of 2019 approved rates increased 2.70 percent, while in Q4 of 2018 rates increased 3.35 percent. Q3 (2018) rates increased on average 2.06 percent, in Q2 they increased 1.11 percent, in Q1 they went up 2.23 percent, and at the end of 2017 they increased 1.03 percent.
Wide range in approved auto insurance rate changes
Even though the approved rates increased 1.99 percent on average, some drivers could see their rates go up as much as 20 percent. How much your insurance will go up when it's time to renew your auto insurance policy will all depend on who you have your coverage through and the change in rates they're allowed to put in place.
"Consumers are urged to shop around for auto insurance," advises FSCO. "Rates for the same coverage vary based on each insurer's claims experience and the insurer's rating system."
Compare Ontario auto insurance quotes to get the best rate possible
One of the most important factors in lowering your car insurance rate and getting the best coverage for your needs is to shop around and compare insurance quotes. At Kanetix.ca you can do just that in minutes. Find the lowest car insurance rate out there and compare car insurance quotes today for a better price.