{"id":13670,"date":"2019-01-20T03:00:58","date_gmt":"2019-01-20T08:00:58","guid":{"rendered":"https:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/changes-to-ontario-car-insurance-rates\/"},"modified":"2019-01-20T03:00:58","modified_gmt":"2019-01-20T08:00:58","slug":"changes-to-ontario-car-insurance-rates","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/01\/20\/changes-to-ontario-car-insurance-rates\/","title":{"rendered":"A Year of Rate Hikes: Ontario Car Insurance Rates Have Increased Again"},"content":{"rendered":"
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\"auto_insurance\"<\/p>\n

Here at <\/em>RateSupermaket.ca<\/em>, 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\u00a0increased by 3.35 per cent on average.<\/em><\/p>\n

Car insurance\u00a0rates 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).<\/p>\n

FSCO publishes approved rate changes\u00a0quarterly, and the latest results are in:<\/p>\n

In the\u00a0fourth quarter of 2018, approved rates from auto insurance companies\u00a0increased<\/strong>\u00a0by 3.35 per cent on average.<\/p>\n

The list of approved rates seemed to be\u00a0wide-ranging, seeing as this time around, some companies were approved for an increase of just 1.65 per cent, while another company\u00a0inflated its rates by 34.87 per cent.<\/p>\n

\u201cConsumers are urged to shop around for auto insurance,\u201d FSCO said in its quarterly statement. \u201cRates for the same coverage vary based on each insurer\u2019s claims experience and the insurer\u2019s rating system.\u201d<\/p>\n

In comparison, the\u00a0third quarter of 2018 saw an average\u00a0increase of 2.06 per cent, closing off a year of increases in approved rates (FSCO reported average increases of 2.23 per cent in Q1, and 1.11 per cent in Q2 of 2018).<\/p>\n

Why\u00a0are car insurance rates changing?<\/h2>\n

In its statement, FSCO noted two evolving trends that could be attributed to rising rates in Ontario.<\/p>\n

First, insurance companies are reporting an increase in claims costs, related to increases in vehicle repairs costs.<\/p>\n

Second, the growing number of distracted driving incidents may be driving up the overall cost of direct compensation and collision claims insurance companies need to process.<\/p>\n

Essentially, insurance companies\u00a0usually apply for a rate increase\u00a0because they are paying out more in claims and need to compensate by raising rates.<\/p>\n

<\/h2>\n

How do I know if my car insurance rate changed?<\/h2>\n

With rates changing so often, it can be hard to tell if your company is still giving you the best rate. The same rate you were offered last year may not apply when you choose to renew.<\/p>\n

Thankfully, RateSupermarket.ca\u00a0gives its consumers the option to easily compare auto insurance quotes with\u00a0its\u00a0online comparison tool. Within minutes, you can see who offers the best coverage for the lowest price. It\u2019s fast, easy and free.<\/p>\n

Don\u2019t be afraid to switch insurers. Shopping around on RateSupermarket.ca could save you hundreds of dollars on your car insurance.<\/p>\n

This post is updated quarterly to reflect latest FSCO results.<\/small><\/em><\/strong><\/p>\n

The post A Year of Rate Hikes: Ontario Car Insurance Rates Have Increased Again appeared first on MoneyWise.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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)...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/13670"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=13670"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/13670\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=13670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=13670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=13670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}