The Financial Services Regulatory Authority (FSRA), Ontario’s car insurance regulator, approved rate changes for only one insurer in July 2021.
In June, there were no rate changes to mention. For May, there were a total of three approved rate changes.
Here are the rate changes approved by FSRA in July 2021:
The July numbers show, on average, the overall impact on the Ontario auto insurance market based on insurer market share is a weighted average rate change of 0% in July 2021. This rate change has had a very nominal impact on the overall market.
As the pandemic situation continues to improve in the province, auto insurance rate hikes are likely to increase in the coming months as more and more drivers are increasing their driving frequency. Several Ontarians are now commuting almost daily for work/school, with several places now re-opening and the economy slowly but surely bouncing back. However, many auto insurers are still offering their policyholders different forms of financial relief due to the COVID-19 impact.
You can easily track FSRA approved rate changes with RATESDOTCA’s Ontario Auto Insurance Rate Tracker. The Rate Tracker allows you to use the drop down menu to select an insurer of your choice and see their latest approved rate change, its effective date and the market share impact.
FSRA recommends that policyholders compare different auto insurance policies and premiums to know if they are getting the best bang for their buck. Find the best auto insurance quotes in Ontario to see how your current insurance premium compares to best quotes and save some money today!