Auto insurance premiums are on the rise again in Ontario, and The Financial Services Commission says 14 companies representing over 30 per cent of the Ontario market had rate increases averaging 0.33 per cent approved in the second quarter of 2016.
This, even thought the government made a pledge to REDUCE THEM about 15 percent from 2013 rates. ACE INA Insurance lowered premiums by 6.83 per cent, but it had no market share in Ontario in 2015, and was the only company to apply for a decrease greater than half a percentage point.
Some companies kept premiums the same, but others were allowed increases, including RBC General Insurance and TD General Insurance, which each got rate hikes of more than three per cent.
The Liberal government promised in 2013 to cut auto insurance premiums an average of 15 per cent by August 2015, but Premier Kathleen Wynne later admitted that was what she called “a stretch goal.”
The provincial regulator says premiums were down an average of about 10 per cent since 2013. Hmmm…….
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