Auto Insurance Rates Continue to Fall
Province Fighting Fraud and Reducing Rates
January 16, 2014
Ontario’s auto insurance rates have dropped a further 3.98 percent – for a total of 4.66 percent on average since August 2013. That progress is making auto insurance more affordable for Ontario drivers, and keeps the province on track for achieving the 15 per cent reduction by August 2015.
The decrease comes as Ontario continues to implement its Auto Insurance Cost and Rate Reduction Strategy. Introduced as part of the 2013 Ontario Budget, the strategy is targeting an average 15 per cent auto insurance rate reduction by August 2015 — with a target of an average eight per cent reduction by August 2014.
As part of the strategy, Ontario has recently introduced new initiatives to help reduce costs and uncertainty in the auto insurance system, including:
Making auto insurance more affordable is part of the Ontario government’s plan to invest in people, build modern infrastructure and support a dynamic and innovative business climate.
“Residents in Scarborough-Guildwood are starting to see real results as the Ontario government continues to implement our strategy to reduce auto insurance rates for Ontario’s nine million drivers. Our strategy aims to reduce auto insurance premiums by 15 per cent within next two years. These proactive measures by our government will help tackle fraud and reduce uncertainty in the system.”
— Mitzie Hunter, MPP for Scarborough-Guildwood
FOR MEDIA INQUIRIES ONLY:
Ashma Patel, Community Outreach
For public inquiries call 1-800-337-7222
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Attachments:NR Auto Insurance - Mitzie Hunter, MPP
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