Auto insurance rates in Ontario have risen again. You may be thinking that is impossible. Premiere Kathleen Wynne promised rates would go down by 15%. But, the Financial Services Commission of Ontario says approved rates in the first quarter of 2017 increased on average by 1.24%. Ontario’s auto insurance adviser says the average auto insurance premium in Ontario is $1,458. That is almost 55% higher than the average of all other Canadian jurisdictions. The typical Canadian pays $930 a year.
In 2013, the Wynne Liberals promised a 15% average cut to premiums by August 2015. The new approved rates put the government even further away from that target, which is already overdue. The average cut since 2013 is now a little over 7%.
Photo Credit: Hannah Yoon – The Canadian Press via The Hamilton Spectator