Ontario Insurance Premiums
Ontario insurance premiums have risen by unprecedented levels over the past three years leaving Ontario drivers with some of the highest provincial premiums.
A recent report published by the Ontario Trial Lawyers Association (OTLA) and York University professor, Fred Lazar revealed that not only are we paying more for insurance, we are getting less benefits.
The report uncovered shocking annual increases allowing for huge profit for Ontario insurance companies when compared to other provinces.
Since 2017, Ontario’s regulators approved nine separate premium increases triggering the 20% rate increase.
“Over the last eight years of the previous Liberal government, (insurers) cut the benefits available in car insurance products 17 times,” said Ontario Trial Lawyers Association President, Allen Wynperle. “Drivers are not getting many benefits, but are paying higher prices,” he said.
The report calculated the profits generated on home, commercial, and auto insurance combined for each province. The total of all three came nowhere near the profits that Ontario insurance companies are making on car insurance premiums alone.
As a result, the OTLA is demanding reform to the Ontario insurance system to make it fair and affordable for all.
“If people go to their MPPs and register their dissatisfaction in large enough numbers, the government and the insurance companies will take notice,” said Wynperle. “At the end of the day (Ontario voters)
have the control in their hands to change the situations, but they have to act and express their outrage or it’s just going to continue as it has for many years.”
Tips for Getting the Best Insurance Quote
1. Safety first. Consider adding simple safety features such as snow tires. They can impact your rate.
2. Bundle your services. Some insurance companies will give a discount if you sign up for multiple policies. Get a quote for comprehensive coverage for your home, boat and motorcycle or rental insurance along with your car insurance.
3. Safety ratings matter. Cars with excellent crash test ratings and low theft scores generally get better rates.
4. Opt for a higher deductible. Higher deductibles get better rates. Consider $500 or $1,000.
5. Shop around. The market is very competitive in Ontario. Make a few calls before you commit.
