When can you expect to see the savings?
It's said that the average driver spends 5.3 per cent of their disposable income on auto insurance in Ontario. That's a whole lot of money when you factor in all of the other expenses of simple day-to-day living. Fortunately, relief may be on the horizon.
The Ontario Government, with its Auto Insurance Cost and Rate Reduction Strategy is expecting to lessen this heavy load with an average 15 per cent decrease in auto insurance rates within the next two years. And while two years may sound like a long time to wait; it's expected that by the end of next summer (August, 2014) rates will have decreased, on average, eight per cent.
Chances are however, you'll see lowered car insurance rates before then. Rates will likely start to drop in early 2014 and continue to drop in increments until the 15% average reduction is fully realized.