The price of car insurance in Ontario fell by 0.3% in September according to the Financial Services Regulatory Authority of Ontario (FSRA), the provincial body in charge of regulating the price of car insurance.
Intact Insurance, the second-largest insurance provider in Ontario, was the only company to apply for a September rate adjustment, but there was still an impact on the average price of car insurance in Ontario.
In August, three companies raised their rates, which amounted to an increase of 0.025%, collectively.
September’s rate adjustment wiped out the previous month’s increase and prices are basically back to where they were in July, when only one insurance company raised its rates. The company’s low market share meant that the change did not affect the provincial average, however.
Car insurance in Ontario has become more affordable during the pandemic. Insurance companies are reporting better profits than they’ve seen in years, and many have passed the savings on to policyholders in the form of lower premiums and rebates. Analysts predict that prices will continue to decline if enough customers continue to work from home.
And that’s why it’s more important than ever to compare rates from a number of different providers before making a decision. Make sure your insurance company is sharing the wealth with you and that you’re not overpaying for insurance.
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.
FSRA recommends shopping around for car insurance before locking into a policy. Make sure you’re not overpaying by comparing rates from multiple insurance companies serving Ontario.