According to the Financial Services Regulatory Authority of Ontario (FSRA), car insurance rates for many of the province's drivers will be going up at renewal on average 2.60 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 are approved by the Financial Services Regulatory Authority of Ontario (FSRA) after that regulatory agency took over insurance monitoring from the Financial Services Commission of Ontario (FSCO).
In the third quarter (Q3) of 2019, approved rates increased on average 2.60 percent. This rise in approved rates is no anomaly. In fact, there has now been eight full quarters (two years) of upward movement.
In Q2 of 2019 approved rates increased 1.99 percent, while in Q1 rates increased 2.7 percent. Q4 of 2014 saw rates increase 3.35 percent on average following hikes of 2.06 percent in Q3 and 1.11 percent in Q2. In Q1 of 2018 rates 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 2.60 percent on average, some drivers could see their rates go up as much as 15.47 percent - the largest approved rate change for the quarter. More than 80 percent of the market based on premium volume will be affected by this quarter's approved changes, with 26 different insurers making changes. Of those only three saw a reduction, with the biggest drop in average rates being a tiny 0.15 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.
Compare auto insurance quotes to get the lowest rate and best coverage
"Consumers are urged to shop around for auto insurance," advises FSRA. "Rates for the same coverage vary based on each insurer's claims experience and the insurer's rating system."
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.
Updated regularly to reflect the most current quarterly announcement.