Auto insurance customers in Ontario, Canada overpaying by $5 billion

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A new Ontario Trial Lawyers Association says policyholders have paid far too much over five years. Ontario, Canada auto insurance customers may have been overpaying by as much as $5 billion on their premiums. This figure accumulated over the last five years, said a new Ontario Trial Lawyers Association report. Claims continued falling as car insurance company profits grew significantly in that time. At the same time that auto insurance customer were making fewer claims, insurers were making more money. In fact, according to the report, insurer profits rose to…

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Ridesharing insurance back in Ontario, Canada’s spotlight

auto insurance ridesharing

Member of Provincial Parliament (MPP) Tim Hudak has called for a focus on coverage for services like Uber. Tim Hudak, the MPP from Niagara West-Glanbrook, has now called on Charles Sousa, the Ontario Finance Minister, in the hopes of driving efforts forward to create a ridesharing insurance situation that will be “affordable” and “comprehensive” within the Canadian province. At the moment, services such as Uber, have been causing considerable coverage struggles in Ontario. In this effort Hudak has created a private member’s bill called the Opportunity in Sharing Economy Act.…

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Auto insurance discount could be in the future for winter tire users

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In Nova Scotia, Canada, drivers may soon be benefitting from reduced premiums for putting on their ‘snows’. The provincial government of Nova Scotia in Canada is now looking into new legislation similar to that which is already in place in Ontario, which would require that auto insurance companies offer a discount to drivers who purchase and install winter tires on their cars, SUVS, pickups and vans. At the moment, the regulation has not yet been passed, but it is something that is being seriously considered. In Ontario, the auto insurance…

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Auto insurance premiums are falling in Ontario

Toronto Ontario Canada Auto Insurance News

Premiums for auto coverage continue to decline in Ontario, though slower than expected Auto insurance premiums continue to fall in Ontario, Canada, though they are falling at a slower rate than government officials had promised. Two years ago, Finance Minister Charles Sousa promised that auto insurance rates would fall by 15%, but this ambitious promise has proven difficult to fulfill. According to the Financial Services Commission of Ontario, rates are, indeed, falling, but at a much slower rate that many government officials had anticipated. Rates have fallen by approximately 6.96%,…

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Auto insurance rates continue to rise in Ontario

Toronto Ontario Canada Auto Insurance News

Despite government efforts, premiums are on the rise in Ontario Auto insurance premiums in Ontario, Canada, continue to rise, despite promises being made by the government. In April of this year, the government had announced that insurance rates were down by 0.95% during the first quarter of the year, which is a far cry from the average 15% reduction that it had promised to achieve by next month. In Ontario, premiums continue to rise, and government action may not be enough to mitigate the issue. Several companies seek to raise…

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