Provincial News

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Making Auto Insurance More Affordable for Ontario Drivers

Province Targets 15 Per Cent Average Rate Reduction

Ontario is taking action to protect consumers and help them save money on auto insurance through its Auto Insurance Cost and Rate Reduction Strategy.

Within the next two years, Ontario is targeting an average 15 per cent auto insurance rate reduction -- with an average eight per cent reduction target by August 2014. The province will achieve these reductions by: 

  • Providing the Superintendent of Financial Services with authority to require insurers to re-file rates
  • Continuing to crack down on fraud, including licensing health clinics that invoice auto insurance companies
  • Reducing unexpected costs by making the Superintendent's Guidelines on accident benefits binding
  • Exploring other cost reduction initiatives, including provincial oversight of the towing industry and addressing collision repair practices
  • Continuing to require insurers to offer discounts for consumers with safe driving records
  • Helping ensure that all regions of Ontario benefit fairly from cost savings.

The government will take further action as required and all necessary steps to achieve the 15 per cent average rate reduction target.

These measures build on previous reforms that stabilized auto insurance rates and are part of the government's plan to ensure a fair and affordable auto insurance system for Ontario's nine million drivers and help people in their everyday lives.

 

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