Will car insurance rates in Ontario go down anytime soon?
It ’ mho difficult to predict the future of the car insurance market. But based on recent history, we believe car indemnity prices in Ontario will keep wax. The car insurance industry is regulated by the Ontario government. Auto policy companies have the opportunity to lobby the state for permission to raise rates. Approved rate increases are then made publicly. The postpone below shows that the state has agreed to increases every draw since the begin of 2018 :
Reading: Ontario
| Quarter | Rate change |
|---|---|
| 2021 Q4 (Oct. 1 – Dec. 30) | -0.25% |
| 2021 Q3 (Jul 1. – Sep. 30) | 0.02% |
| 2021 Q2 (Apr. 1 – Jun. 30) | -0/01% |
| 2021 Q1 (Jan. 1 – Mar. 31) | -0.10% |
| 2020 Q4 (Oct. 1 – Dec. 30) | -0.17% |
| 2020 Q3 (Jul 1. – Sep. 30) | 0.00% |
| 2020 Q2 (Apr. 1 – Jun. 30) | +1.28% |
| 2020 Q1 (Jan. 1 – Mar. 31) | +0.85% |
| 2019 Q4 (Oct. 1 – Dec. 31) | +1.56% |
| 2019 Q3 (Jul. 1 – Sep. 30) | +2.60% |
| 2019 Q2 (Apr. 1 – Jun. 30) | +1.99% |
| 2019 Q1 (Jan. 1 – Mar. 31) | +2.70% |
| 2018 Q4 (Oct.1 – Dec. 31) | +3.35% |
| 2018 Q3 (Jul. 1 – Sep. 30) | +2.06% |
| 2018 Q2 (Apr. 1 – Jun. 30) | +1.1% |
According to LowestRates.ca ’ s very own Auto Insurance Price Index, which uses data from quotes generated on our site to track the bowel movement of car insurance prices in Ontario, the average premium for our customers rose in 2019 by 13.85 % compared to the lapp time period a year ahead. Prices have increased virtually every quarter since the beginning of 2018. The Financial Services Regulatory Authority of Ontario has highlighted several factors that may have contributed to the consecutive rate increases :
- Distracted driving accidents.
- Rising claims costs caused by modern cars, which have sensors, touch-screens and computers built-in, making them more expensive to repair.
- Insurance fraud.
policy companies say they ’ re up against high loss ratios. translation : they ’ re spend more on claims than they ‘re taking in from premiums. On top of that, industry officials argue that Ontario ’ sulfur arrangement of regulating car insurance prices has exacerbated loss ratios, which in turn has caused companies to push arduous for the correctly to raise prices every quarter.
former government-led attempts to curb price increases have been ineffective. In 2013, the previous Ontario politics promised to put down blackmail on car indemnity rates across the province. It failed to hit its finish of reducing rates by 15 % by August 2015. In 2019, the current provincial government announced raw proposals aimed to make insurance more low-cost, including introducing newly discounts, cracking down on insurance fraud, and allowing companies to make policies more customizable. There ’ s still hope for consumers, though. Despite the wider tendency of rising prices, there are ways to lower your car policy costs : be a good driver, raise your deductible, and apply for discounts.
And the number one thing that can lower your costs right away ? Compare cable car indemnity quotes. indemnity companies are not all alike. And not every indemnity company has raised its prices. A new one might favour you more than your current provider. That ’ ll become apparent when you compare car indemnity quotes and see the spread in prices