Ontario’s car insurance regulator, the Financial Services Regulatory Authority (FSRA), published its rate filing decisions for March 2021.
One insurer was approved by FSRA to decrease its rates in March. In February 2021, FSRA allowed one insurer to increase its rate (The Co-operators) and another to decrease its rate (Portage la Prairie Mutual).
Here is the rate change approved by FSRA in March 2021:
|Insurer||Rate Increase or Decrease %||Insurer Market Share||Effective Renewal Date|
|The Commonwell Insurance Group||-0.10%||0.63%||March 1, 2021|
Overall, there is no change to the Ontario auto insurance market in March 2021.
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 the effective date of the change.
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, marital status, and where you reside.
Car insurance rates change frequently. Taking the time to compare policies and premiums for free is the best way to know if you’re getting the best price for the coverage you need.
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