TORONTO – Auto insurance rates in Ontario rose in the first months of 2017, just as a government-commissioned report called the system one of the least effective in Canada.
The Financial Services Commission of Ontario says approved rates in the first quarter increased on average by 1.24 per cent.
In 2013, the Liberal government promised a 15-per-cent average cut by August 2015, but after that deadline came and went, Premier Kathleen Wynne admitted that was what she called a “stretch goal.”
The new approved rates put the government even further away from that already missed target, with the average cut since 2013 now a little over seven per cent.
A report by Ontario’s auto insurance adviser quietly posted last week found that the province has the most expensive auto insurance premiums in Canada despite also having one of the lowest levels of accidents and fatalities.