Looking for the best insurance rates and living in Ontario, Canada?
Auto insurance rates will be getting much cheaper for many residents this year if you live in Ontario. You just need to know where to look to choose the best car insurance.
Costs are to drop an average of 1 percent starting in September the local regulator announced Thursday.
“Government changes to auto insurance are stabilizing the market and driving down rates”, says Andrew Chornenky ministry of finance spokesman. A win/win situation for drivers, as competition always drives down rates, so consumers end up getting the best deal.
The drivers affected by the change will at this stage be motorists renewing current insurance policies and those taking out new ones. The exact rise in rates depends on where each consumer lives, their car model that they drive and several other industry standard risk factors. The benefits for drivers will result in reductions to policy costs from 0.5 per cent to over 25 per cent, a substantial decrease. The exact savings you can make will depend on the auto insurance company. You may see no change at all in this new deal, so we advise you use an insurance rate comparison website to get the best deal.
How will Canadians get cheaper auto insurance? The new changes which began taking hold towards the end of 2010, allow you as the customer to choose the exact desired necessary coverage you need. This results in paying less for car insurance because it allows drivers to opt out of things they don’t want or need. Drivers come in many forms, and their cars are used for many different purposes, work, leisure, commuting etc.
The average driver was paying $1,473.22 a year for insurance this time last year in Ontario, an increase of 4.7 per cent from the year before that, according to data and statistics published by the Insurance Bureau of Canada.
It is about time we saw some action and cheaper ongoing costs for our insurance, cars are already expensive to maintain with many ongoing costs. In recent months the local state government has been under pressure and criticism because of high auto insurance rates, and now we are benefiting from these results.
The Financial Services Commission of Ontario even very recently, as recent as several months ago actually allowed several insurance companies to raise rates by over 10 per cent!
It is not unheard up for the costs of a policy to go up with inflation, but 10 percentage points is way beyond such figures. We look forward to these new cheaper rates and more competition from insurance companies rates in the future, to continue passing on the savings to drivers.