Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have decreased by 0.1 per cent on average.
Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the third quarter of 2017, approved rates from auto insurance companies decreased by 0.1 per cent on average – not a huge increase, but notable.
The range of approved rates seemed to be significant, with some companies lowering their rates by as much as 8.9 per cent, and another inflating its rates by 5.9 per cent on average.
“Ontario has a very competitive marketplace,” FSCO said in its quarterly statement. “Rates for the same coverage vary based on each insurer’s claims experience and the insurer’s rating system.”
In comparison, the second quarter of 2017 saw an average increase of 0.76 per cent.
How do I know if my car insurance rate changed?
With rates changing so often, it can be hard to tell if your company is still giving you the best rate.
Thankfully, RateSupermarket.ca allows you to easily compare auto insurance quotes with their online comparison tool. Within minutes, you can see who offers the best coverage for the lowest price. It’s fast, easy and free.
Don’t be afraid to switch insurers. Shopping around on RateSupermarket.ca could save you hundreds on your car insurance.
This post is updated quarterly to reflect latest FSCO results.