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