New legislation will cut the average cost of auto insurance coverage in Ontario, Canada
A new law has been passed in Ontario, Canada, that may be good news for drivers throughout the province. The Ontario Legislature has approved a bill that will cut auto insurance rates by an average of 15%. The legislation is expected to go into effect in August 2015 and lawmakers believe that it will help mitigate insurance fraud, thereby lowering the financial pressure on insurance companies offering coverage in the province.
Legislation aims to address issues concerning insurance fraud
Drivers in Ontario will, of course, benefit from lower auto insurance premiums, but they will also benefit from other provisions of the law. The legislation also seeks to provide assistance to those that have been injured in car accidents, allowing them to settle disputed claims faster than they have been able to in the past. The legislation will also introduce more oversight to the billing practices of health clinics that provide medical care for accident victims. According to the legislation, only licensed medical professionals will be able to receive money directly from insurance companies for the care they provide accident victims.
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Ontario continues to battle insurance fraud with legislative action
Auto insurance fraud is a significant problem in Ontario. The province is home to a large number of staged accidents, perpetrated by those that want to exploit certain laws and take advantage of insurance companies and their policyholders. Insurers have been calling for more to be done about the fraud issue for some time, but lawmakers have been relatively slow in addressing the matter effectively.
Insurance rates may fall by more than 15% in some parts of the province
In some parts of the province, auto insurance rates will fall by more than 15%, while a less dramatic decrease will be seen in other areas. Thus far, auto insurance rates in Ontario have dropped by an estimated 8% since a recent shift in the province’s government. Ongoing legislative battles have slowed the decrease of insurance rates as lawmakers continue to argue about budget issues.