The average car insurance rate for Ontario drivers is set to go down in the coming months, according to new filings released by The Financial Services Commission of Ontario.
Insurers in Ontario have to submit proposals to change their rates every quarter, helping to paint a picture of where auto insurance rates are going.
For the latest filings, submitted in the fourth quarter, the average approved change was -0.14%.
TD General Insurance Company stands out among the list — the insurer had an average approved change of -3.13%. The next biggest decrease came from Northbridge Personal Insurance Corporation, with a -0.84% change.
The Ontario government has been trying to push down insurance rates since 2010, considering the province currently has the highest rates in Canada. As of 2012, the average annual premium sat at $1,544.86. That’s 45% more than in Alberta, which is the second-most costly province.
One of the biggest reason for high rates in Ontario is just how widespread insurance fraud is — by some estimates, up to 15% of all claims are fraudulent.
Check out the list below to see whether your insurer is among those that submitted cheaper rates last quarter. Keep in mind that these are averages, and your rate can rise or decrease based on personal circumstances.
|Insurer||2015 Market Share (%)||Effective New Business Date||Effective Renewal Business Date||Approved Average Rate Change (%)|
|Belair Insurance Company Inc. (1)||0.06||27-Nov-16||27-Nov-16||0.00|
|Farm Mutual Reinsurance Plan Inc. (on behalf of Ontario Mutuals)||1.67||1-Mar-17||1-Mar-17||0.00|
|Nordic Insurance Company of Canada, The (1)||4.60||27-Nov-16||27-Nov-16||0.00|
|Northbridge Personal Insurance Corporation||0.64||1-Feb-17||1-Mar-17||-0.84|
|Optimum Insurance Company Inc.||0.11||15-Feb-17||1-Apr-17||-0.02|
|Primmum Insurance Company||1.66||30-Jan-17||30-Jan-17||-0.70|
|Security National Insurance Company||7.59||30-Jan-17||30-Jan-17||-0.37|
|TD General Insurance Company||2.74||30-Jan-17||30-Jan-17||-3.13|
|Traders General Insurance Company (2)||1.70||1-Mar-17||15-Mar-17||-0.40|
|Unifund Assurance Company||3.29||1-Mar-17||1-Mar-17||-0.40|
|Total Market Impact||-0.14|
1. Usage-based insurance program changes only
2. Rating rule change only