Province gives green light to auto insurance hikes

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Discussion posted by: IRWeasel

Despite being among Canada’s safest drivers, Ontario motorists will soon pay more to insure their vehicles. Ontario’s Financial Services Regulatory Authority (FSRA) approved rate hikes for 21 insurance companies — representing roughly 40% of the province’s motorists — in a quarterly report posted to the authority’s website last month. On average, customers will see their premiums go up by 1.6% across the entire market — down from the 2.6% increase approved in the third quarter of 2019. Some drivers could see their rates increase by as much as 10% — or even 11% — as is the case with customers of COSECO Insurance Co. and Scottish and York Insurance Co. of Canada, respectively.