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.
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