The Financial Services Commission of Ontario (FSCO) has released the auto insurance rate approvals for the first quarter of 2017. For Ontario drivers, car insurance rates are increasing overall in the province by 1.24%. This compares to a 0.14 per cent decrease in the previous quarter.
Even though approved rates increased 1.24 per cent, some drivers could see their rates go up as much as 7%, while others may see a decrease in the neighbourhood of 3%, as this is the range in rates approved this quarter. It all depends on who you have your coverage through.
“Ontario has a very competitive marketplace,” FSCO says in its quarterly statement. “Rates for the same coverage vary based on each insurer’s claims experience and the insurer’s rating system.” As a result, FSCO urges consumers to shop around for auto insurance. It is more important than ever to use a broker to find your best rate for auto insurance.