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Ontario Car Insurance Rate Decisions: December 2020 Report

Jan. 7, 2021
3 mins
A man leans over a woman's shoulder and points to something on her desktop computer

The Financial Services Regulatory Authority (FSRA), Ontario’s car insurance regulator, published its latest rate filing decisions.

FSRA approved one insurer to increase its rate in December, and two others were granted permission to decrease their rates. In November 2020, FSRA allowed one insurer to increase its rate, and six others to decrease theirs.

These latest numbers show, on average, some Ontario drivers are potentially subject to a 0.07% increase in premiums. However, the total average rate change based on insurer market share is -0.29% in December 2020.

Here are the rate changes approved by FSRA in December 2020:

Insurer Rate Increase or Decrease % Insurer Market Share Effective Renewal Date
Intact -2.15% 14.61% December 18, 2020
The Co-operators 0.34% 7.64% February 7, 2021
Wawanesa -0.04% 3.80% May 1, 2021

You can keep abreast of every insurer’s rate changes with RATESDOTCA’s Ontario Auto Insurance Rate Tracker. Our Rate Tracker allows you to select the insurance companies that have had a rate change approved in the last year from a dropdown menu, and find out what the percentage rate change is, as well as the effective date of the change.

Why do car insurance rates change?

FSRA decides whether or not an insurer can increase or decrease their rates. Several factors go into determining what your premium will be, including:

  • Your age, gender and marital status
  • Where you live
  • Your driving record and insurance history
  • How many kilometres you drive each year and the type of vehicle you drive

Other factors that influence your premium include the frequency of claims in the region where you live, as well as the escalating costs to repair modern vehicles.

You can also find out what the average premium is in your community by punching your postal code into RATESDOTCA’s Insuramap, as well as see what the average premiums are in other parts of Ontario.

Car insurance rates change frequently. To ensure you’re getting the cheapest price for the coverage you need, compare policies and premiums often.


The RATESDOTCA editorial team are experienced writers focused on sharing stories and bringing you the latest news in insurance and personal finance. Our goal is to provide Canadians with the information and resources they need to make better insurance and financial decisions.

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