Ontario’s car insurance regulator, the Financial Services Regulatory Authority (FSRA), published its latest rate filing decisions.
Three insurers were approved by FSRA to decrease their rates in January. In December 2020, FSRA allowed one insurer to increase its rate, and two others were given the green light to decrease their premiums.
FSRA’s latest numbers show, on average, some Ontario drivers are potentially subject to a 0.345% decrease in premiums. However, overall impact on the market based on insurer market share is a decrease of 0.01% in January 2021.
Here are the rate changes approved by FSRA in January 2021:
| Insurer | Rate Increase or Decrease % | Insurer Market Share | Effective Renewal Date |
|---|---|---|---|
| Belair Insurance (Intact) | -1.85% | 14.61% | January 15, 2021 |
| Gore Mutual | -4.96% | 1.48% | January 1, 2021 |
| Heartland Farm Mutual | -0.42% | 0.31% | January 1, 2021 |
Stay on top 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.
There are several factors insurers consider when determining your auto insurance premium. For example, your driving record, insurance history, the type of vehicle you have and how many kilometres you drive annually all figure into the equation. So too do things such as your age, gender, marital status, and where you reside.
As car insurance rates change frequently, comparing policies and premiums is the best way to know if you’re getting the best price for your coverage.
