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.
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.