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Ontario Car Insurance Rate Decisions: March 2021

April 1, 21
3 mins
A man and woman sit together and review documents on their computer

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.

Looking at the first quarter of 2021 (from January to March), FSRA’s approved rate changes show the overall impact on the Ontario auto insurance market based on insurer market share is a decrease of 0.05%.

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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Liam Lahey

Liam Lahey is a versatile, seasoned writer and editor. He worked as both a staff writer and freelance writer for many business and technology publications as well as for several newspapers. He writes about home, auto, and travel insurance, and is a media spokesperson for RATESDOTCA.

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