Auto Insurance Rates Drop in Ontario

By: Cliff Ritter on January 18, 2016

The Financial Services Commission of Ontario (FSCO) reviews and approves rate changes for auto insurance companies and every quarter they publish a report on what the average rate changes were. The numbers are in for the fourth quarter of 2015 and it seems that insurance is getting cheaper in Ontario.

According to the FSCO report, 21 companies, making up 51.23 per cent of the Ontario auto insurance market, filed for rate changes last quarter. After all approvals and changes are made average auto insurance rates will have decreased by 0.15 per cent across the market. Not an impressive number on its own, but that’s just an average. Some insurers are dropping average rates by as much as 8 per cent.

If you’re insured with one of several companies who have been approved for rate increases, it may be the time to start shopping around for when it comes time to renew. However, keep in mind that just because a company is changing its average rates it doesn’t mean that your individual rate will change the same way.

The mandatory winter tire insurance discount that Ontario drivers have no doubt been reading all about has contributed to the average decrease in rates as many of the filings for those changes took place in the third and fourth quarter.

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