If you are not redirected within 30 seconds, please click here to continue.
Samedi: 10h – 16h HAE
If you are not redirected within 30 seconds, please click here to continue.
If you are not redirected within 30 seconds, please click here to continue.
We are now transferring you to LowestRates.ca to complete your quote.
Table of Contents
The Financial Services Regulatory Authority (FSRA), Ontario’s car insurance regulator, approved rate changes for three insurers in May 2021.
In April, there were no approved rate changes. Before that, in March, FSRA approved one insurer to decrease its rate.
Here are the rate changes approved by FSRA in May 2021:
| Insurer | Rate Increase or Decrease % | Market Share | Effective Renewal Date |
|---|---|---|---|
| Economical Mutual Insurance Company | -0.11% | 6.65% | May 1, 2021 |
| Verassure Insurance Company | -0.02% | 1.59% | May 13, 2021 |
| Wawanesa Mutual Insurance Company | -0.04% | 3.87% | May 1, 2021 |
The May 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 -0.01% in May 2021.
Because of the COVID-19 crisis, rate increases have been few and far between. Many auto insurers offered or continue to offer their policyholders varying forms of financial relief. 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.
Don't waste time calling around for auto insurance
Use RATESDOTCA to shop around, and compare multiple quotes at the same time.
Liam Lahey, Freelance writer
Liam Lahey is a versatile marketer with experience as a staff and freelance writer for many business and technology publications and newspapers. He previously worked as the editor and media spokesperson for RATESDOTCA, handling home, auto, and travel insurance topics.
Latest Auto Insurance Articles
If you’re in Alberta, whether you’re a long-time resident or a recent arrival, here’s everything you need to know about getting your driver’s license.
If you’re thinking about buying a used car, there’s much to consider — including inflated prices.
Here is what you should do if an everyday road hazard or an unforeseen event triggered by poor weather or construction damages your vehicle.
Ongoing rounds of tariffs may continue to strain homeowner's pockets - especially when it comes to home and auto insurance.
If a child living at home drives, you should add them to your car insurance as soon as they have a provisional or full license.
Every hour, an average of nine drivers are criminally charged or have their license suspended for driving impaired. Don't be part of that statistic.
Being involved in any type of collision is tough, but a hit and run is particularly difficult. Fortunately, your premium shouldn't be impacted if you're the victim of a hit and run.
Many car insurance companies offer discounts for those aged 60 and older since they are more likely to be safe drivers.
Here’s an overview of Ontario’s graduated licensing program, what’s required to get a G1 licence, and what you’re allowed to do once you have it.
Get money-saving tips in your inbox.
Stay on top of personal finance tips from our money experts!