Ontario’s 15% Automobile
In August 2013, the Ontario government announced its Auto Insurance Cost and Rate Reduction Strategy and committed to reducing auto insurance rates for Ontario drivers by 15% on average over the next two years. The strategy introduced legislative changes and asked insurers to re-file lower rates with the regulator, the Financial Services Commission of Ontario (FSCO).
To be clear, Ontario drivers are not getting an across-the-board, automatic 15% rate reduction.
What the government has promised to do is reduce rates on average by 15% — across the whole Ontario auto insurance market — by August 2015. This is a two-part process, with an 8% average reduction to be accomplished by August 2014 and an additional 7% average reduction by August 2015.
Bertie & Clinton has already reduced rates by 14% overall since September of 2013. This is an average decrease overall and will vary depending on your situation.