According to the Financial Services Commission of Ontario (FSCO), car insurance rates for many Ontario drivers will be going up at renewal, instead of down.
In Ontario, every insurance company must have auto insurance rate changes approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance) and every three months, FSCO publishes these rate changes.
The FSCO results are out: in the second quarter of 2017, approved rates increased on average 0.76 per cent. This is the second quarter in a row that overall rates increased. Last quarter, the average increase came in at about 1.24 per cent.
Even though the approved rates increased a relatively flat 0.76 per cent, some drivers could see their rates go up as much as almost nine per cent, while others may see a decrease in the neighbourhood of about one per cent. How much your insurance will go up or down will all depend on who you have your coverage through and the change in rates they're allowed to implement.
"Ontario has a very competitive marketplace," FSCO says in its quarterly statement. "Rates for the same coverage vary based on each insurer's claims experience and the insurer's rating system." As a result, FSCO urges consumers to shop around for auto insurance.
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The single most important factor 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 we shop the market to help you find the lowest car insurance rate out there.