The Canadian Auto Association (CAA) has taken an aggressive approach to Ontario's Auto Insurance Cost and Reduction strategy-lowering third quarter rates by more than ten times the provincial average.
In August 2013, the Ontario Liberal government unveiled its plan to lower auto insurance rates an average of 15% over the next two years. Drivers will start seeing results before then, however. It is estimated that car insurance rates will have decreased an average of 3% to 5% by January 2014, with incremental decreases from there on out.
Many policy providers are jumping on this opportunity now in an effort to attract new customers and beat the insurance shuffle-which means there has never been a better time to start shopping around on your car insurance.
"Ontario has the highest auto insurance rates in the country. Bringing those rates down by reducing fraud and unnecessary industry costs will save millions in payouts and help control premiums," says Matthew Turack, VP of CAA Insurance Company (Ontario)."With our proposed rate reduction, ongoing work to eliminate insurance fraud and the introduction of new technologies, we hope we can lead by example and pass the benefits on to those drivers of good standing."