If you are not redirected within 30 seconds, please click here to continue.
Samedi: 10h – 16h HAE
If you are not redirected within 30 seconds, please click here to continue.
If you are not redirected within 30 seconds, please click here to continue.
We are now transferring you to LowestRates.ca to complete your quote.
Ontario Car Insurance Rate Decisions: December 2020 Report
Table of Contents
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.
RATESDOTCA Team,
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.
Latest News Articles
Ongoing rounds of tariffs may continue to strain homeowner's pockets - especially when it comes to home and auto insurance.
The Bank of Canada has cut its key interest rate by 25 basis points, lowering it to 2.75%, as it navigates ongoing trade tensions.
The Bank of Canada has cut its key interest rate by 25 basis points, lowering it to 3%, as it navigates trade tensions, inflationary concerns, and a cooling housing market.
With the overnight rate now at 3.25%, the housing market may be set to embark on a bumpy ride.
Could you pay your mortgage after a job loss? Here’s how to protect your ability to pay in a worst-case scenario.
Today the Bank of Canada cut its key interest rate by 50-basis points. Is today's double rate cut enough to incentivize buyers to re-enter the housing market? Let’s see what it means for the Canadian housing market.
The Bank of Canada cuts the overnight rate for the third consecutive time by another quarter percentage point to 4.25%.
Tenant insurance is like a safety net for your belongings, protecting you from unexpected events like theft or fire. However, it doesn’t cover the building itself. Here’s what you need to know in case of accidental damage.
Mortgage life insurance is like the extra warranty for your laptop or fridge—an add-on that boosts the lender’s profits. Here’s what you need to know to avoid getting taken for a ride.
Get money-saving tips in your inbox.
Stay on top of personal finance tips from our money experts!