The Financial Services Regulatory Authority of Ontario (FSRA) has approved several auto insurance rate adjustments for the year, which means drivers in the province could pay as much as 11% more for coverage.
The FSRA has approved the rate increases of some 20 insurers.
According to the regulator, approved rates will increase on average by 1.56% when applied across the total market. FSRA noted that some insurers have been approved an increase of just over 11% and others by 10%.
Citing data from the Insurance Bureau of Canada, CBC News reported that Ontario has one of the lowest accident and death rates in the country, but the province’s average cost of auto insurance is among the highest in Canada.
In addition to Ontario, the insurance regulator of PEI recently revealed that auto insurance rates in the province could rise between 3% and 5%.
Last year, the FSRA announced that it would be creating a technical advisory committee that would help provide the agency with insight on the province’s auto insurance rate regulation – with a focus on making regulation more consumer-friendly. However, the committee is not expected to complete its mandate until March 31, 2021.
