Get money-saving tips in your inbox.

Stay on top of personal finance tips from our money experts!

News & Resources

Ontario Car Insurance Rate Decisions: October 2021

Nov. 4, 2021
2 mins
A car drives along a wet, foggy road that is covered in autumn leaves

The average price of car insurance in Ontario increased in October, but only by a fractional amount. The change amounted to an increase of just 0.003%, according to filings from the Financial Services Regulatory Authority of Ontario (FSRA), the provincial body in charge of regulating the price of car insurance.

Gore Mutual Insurance Company was the only company to apply for an October rate adjustment. Gore holds 1.43% of the Ontario auto insurance market, so its price changes did not have a significant impact on the provincial average.

Insurance
provider
Rate increase or
decrease %
Market share Effective renewal
date
Gore Mutual
Insurance Company
0.23% 1.43% October 3, 2021

In September, only one insurance company adjusted its rates. Intact Insurance’s rate adjustment lowered the provincial average by 1.9%.

Pre-pandemic, the Ontario auto insurance market appeared to be one without a price ceiling. But the COVID-19 pandemic ushered in months of continuous rate decreases in the province, something few saw coming.

Profits for insurance companies are better than they’ve been in a while, and many insurance providers have shared the wealth with customers in the form of premium reductions and rebates.

But with many professionals now returning to in-person work and saddled with longer commutes, it’s possible that larger insurance premium increases are on the horizon.

Drivers and insurance companies alike are going through a transition period. Keep an eye on your insurance costs by comparing car insurance rates in Ontario from a number of different providers, especially if your policy is up for renewal soon. FSRA recommends shopping around for car insurance before locking into a policy.

See how your current insurance company compares to others with the RATESDOTCA Auto Insurance Rate Tracker. Select an insurance provider from the drop-down menu to see its latest approved rate change and the date it went into effect.

Make sure you’re not overpaying by comparing rates from multiple insurance companies serving Ontario.

car mascot.png

Don't waste time calling around for auto insurance

Use RATESDOTCA to shop around, and compare multiple quotes at the same time.

Alexandra Bosanac ,
Content Manager

Alexandra Bosanac has been a content manager for RATESDOTCA since 2021, specializing in auto insurance. She began covering auto insurance in 2017. Alexandra has a bachelor's degree in journalism from Toronto Metropolitan University. Before joining the RATESDOTCA editorial team, she reported for the Canadian Business, the Toronto Star, the National Post, and the CBC.

Experience
  • Car Insurance
Education
  • Bachelor of Journalism, Toronto Metropolitan University
Featured in
  • Investigative researcher at CBC
  • Breaking news reporter at Toronto Star
  • General assignment reporter at National Post
  • Business and general assignment reporter at The Canadian Press
  • Writer at Canadian Business

Latest auto insurance articles

What auto theft prevention devices should you use?
Theft prevention devices and good habits can help deter thieves from stealing your vehicle. Here’s what you should know.
4 mins read
Requirements and restrictions for getting your G1 in Ontario
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.
5 mins read
A guide to getting your driver's licence in Alberta
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.
5 mins read

Subscribe to our newsletter

Stay on top of our latest offers, relevant news and tips!

Thanks for joining!

You'll be hearing from us shortly - stay tuned.