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A Year of Rate Hikes: Ontario Car Insurance Rates Have Increased Again
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) has reported that Ontario car insurance rates have increased by 3.35 per cent on average.
Car insurance rates 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).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the fourth quarter of 2018, approved rates from auto insurance companies increased by 3.35 per cent on average.
The list of approved rates seemed to be wide-ranging, seeing as this time around, some companies were approved for an increase of just 1.65 per cent, while another company inflated its rates by 34.87 per cent.
“Consumers are urged to shop around for auto insurance,” FSCO said in its quarterly statement…

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