The Financial Services Regulatory Authority (FSRA), Ontario’s car insurance regulator, published its latest rate filing decisions. One insurer, Commonwell Mutual, was approved by FSRA in November to decrease its rate by 0.10% as of March 1, 2021.
Several other insurers were granted permission to increase or decrease their rates earlier in the year. The numbers show, on average, some Ontario drivers are potentially subject to a 0.77% decrease in premiums. The total average market impact on rate changes based on approved rates and market share is -0.27% in November 2020.
Here are the rate changes approved by FSRA which take effect on December 1, 2020, or later:
In October, FSRA launched an enhanced website for consumers to understand its rate approval processes and decisions. Instead of reporting its decisions quarterly, the regulator now publishes them weekly. RATESDOTCA will report on FSRA’s rate approval decisions for December in January.
In general, individual policyholders may see rate changes that are either higher or lower than the industry-wide average depending on several factors, such as:
Several insurers introduced a variety of relief measures last April to help consumers struggling to pay their monthly premiums after government restrictions were announced to contain the spread of COVID-19. Those efforts intensified over the summer, and the provincial government said it helped more than 90% of Ontario drivers save nearly $1 billion in auto premiums during the pandemic to date.
Rate changes occur frequently, which is all the more reason to shop for car insurance rates regularly to ensure you’re getting the coverage you need that suits your budget.