Ontario auto insurance rates continue to decrease. Since August of 2013, rates have dropped an average of almost 6 per cent according to Ontario's Ministry of Finance.
With a target of an average 8 per cent decrease by August, 2014 and an average 15 per cent decrease by August 2015, Ontario driver's can look forward to cheaper car insurance rates if the government's Auto Insurance Cost and Rate Reduction Strategy fulfills its promise
Ontario Auto Insurance: Background
In August, 2013 the Ontario Liberal government unveiled its Auto Insurance Cost and Rate Reduction Strategy. This strategy is expected to decrease the cost of auto insurance by an average of 15 per cent by August 2015.
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Learn more about the mandated 15% decrease in auto insurance rates:
- Read: Looking For Savings? How's 15% Off Your Ontario Car Insurance Sound?
- Read: What Goes Up, Must Come Down? Ontario Auto Insurance Rate Changes
- Read: Ontario Car Insurance Rates To Drop 15%
- Read: Can All Ontario Drivers Expect Cheaper Car Insurance?
Will everyone save?
No. The keyword to note is: average. The fact is, some drivers may not even see a decrease; drivers with a good driving record will see larger rewards and those with worse, will not.
When will you see the difference in rates?
Anytime there's a change in car insurance rates, drivers don't see the full effect until it's time to renew; your rates will not automatically decrease mid-policy-it's only upon renewal when you'll see any potential savings.
Do you have to wait until your policy is up for renewal?
No. You're free to compare auto insurance quotes at any time. However, if you opt to switch companies mid-policy you'll likely pay a cancellation fee. These fees vary by company, the price of your policy and how far along you are into your current contract. But, given how quickly and frequently car insurance rates having been dropping, the savings could offset the cost of a mid-policy cancellation.
How's your auto insurer stack up?
See how your insurer's rates have changed. KANETIX.ca's Rate Tracker lets you quickly and easily view each company's approved rate changes for the last year in an easy-to-read and use format. Even better, you can subscribe to a quarterly reminder to check it out: sign up today to monitor how Ontario auto insurance rates are changing.
Don't sit back and wait for cheaper auto insurance
Compare auto insurance quotes today to see if you could pay less for auto insurance. Rates are always changing, especially nowadays, and the insurer who once offered you the best rate may no longer offer you the best rate now; the insurance climate is changing in Ontario, and changing often. If you don't take advantage of it, your wallet could be a whole lot lighter because of it.