BREAKING: Ontario Car Insurance Rates Decreasing Slightly
Quarter Three of 2017, and the Financial Services Commission of Ontario (FSCO) review has come in. This quarter, insurers (representing 34.62% of the market) submitted changes that will decrease Ontario car insurance rates by 0.1%. In the previous two quarters (1,2), we saw increases that totaled 2%. So, while this decrease is surely welcome news for Ontario insurance customers – so far rates are up in 2017.
Why Ontario Car Insurance Rates Change
When an insurance company adjusts their rates, it’s because of how their claims cost has changed. If an insurer experienced a much higher number of claims in a quarter, they adjust their rates to compensate for those claims. This helps keep insurers solvent and keeps rates low for everyone else. That said, for Ontario car insurance customers – the best way to save is to access discounts and compare rates.
FSCO always advises “Consumers are urged to shop around for auto insurance. Ontario has a very competitive marketplace. Rates for the same coverage vary based on each insurer’s claims experience and the insurer’s rating system.” One the best ways you can access that competitive marketplace is with isure. We compare the rates of the top Ontario insurers to find you savings! If you want to see how much you could save on car insurance in Ontario, submit a no obligation quote right now!
And as always, if you have any questions about Ontario car insurance rates or other questions, don’t hesitate to get in touch! One of our experienced and licensed insurance brokers will be happy to help you with any of your questions 24/7! Simply call, email or chat with us online – and we’ll be there to answer your questions!