There were no approved rate changes made by the Financial Services Regulatory Authority (FSRA), Ontario’s car insurance regulator, in June 2021. As a result, there was no change to the auto insurance market in the province last month.
In May, three insurers were approved to decrease their rates. One month earlier, in April, there were no rate changes announced.
Though the COVID-19 crisis appears to be subsiding in recent weeks, rate increases have been few and far between. However, premiums are expected to gradually rise as more people begin driving once they have been fully vaccinated and the economy reopens.
You can track 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 its effective date.
There are several factors insurers consider when determining your 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, and where you reside.
FSRA recommends taking the time to compare policies and premiums to know if you’re getting the best price for the coverage you need.