All You Need To Know About Ontario’s Recent Insurance (Rates) Changes

05 Nov All You Need To Know About Ontario’s Recent Insurance (Rates) Changes

If you are living in Ontario, Toronto, there is a great chance you have already heard about the changes to the auto insurance rates which have been approved by the FSCO. In a nutshell, the Financial Services Commission of Ontario publishes rate changes on auto insurance each new quarter, and these are the latest results.

According to FSCO, the auto insurance rates in Toronto, Ontario are now increased for about 1.50% on average, while there are some rates that increased as much as 12.03% and others that decreased 5.37%.

What Are The Factors That Account For This Auto Insurance Rate Change?

The bottom line is that every individual policyholder should expect a different auto insurance rate, coming from the change that FSCO has put to practice. Speaking of which, the rate change will result for a policy that is either higher or lower than the industry-wide average rate change.

There are a several factors that actually contribute to this change, according to FSCO’s last quarterly report. Some of them may include the vehicle, the driver’s living place, his driving and insurance history as well as his coverage options.

Shopping For The Best Price & Coverage On Your Toronto Auto Insurance

Your Ontario car insurance coverage now boils down to nothing but your decision. Fortunately, there are a lot of auto insurance providers in Toronto, Ontario to choose from and make sure that they will meet your needs.

Something you definitely want to know is that more than a half of Ontario drivers proceed with paying their new premiums without any question. Thanks to this article, you are now more informed about the rate changes and just like FSCO encourages all drivers, you can read, compare, discuss and shop around for the best auto insurance policy that tailors to your needs.