Ontario car insurance rates will decrease as low as 3.13%

Auto insurance rates to drop, on average 0.14 per cent, the Financial Services Commission of Ontario (FSCO) reports.

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In Ontario, every insurance company must have auto insurance rate changes approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance) and every three months, FSCO publishes these rate changes.

The latest FSCO results are out: in the fourth quarter of 2016, approved rates decreased on average 0.14 per cent. This compares to a 1.5 per cent increase in the previous quarter.

Of the ten insurers who submitted a rate change, not one was looking to increase their rates. And, some rates decreased as much as 3.13 per cent.

“Ontario has a very competitive marketplace,” FSCO said in its quarterly statement. “Consumers are urged to shop around for auto insurance.

Source:  www.kanetix.ca