Auto insurance rates to decrease, on average by 0.1 per cent, the Financial Services Commission of Ontario (FSCO) reports.
In Ontario, every insurance company must have auto insurance rate changes approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance) and every three months, FSCO publishes these rate changes.
The latest FSCO results are out: in the third quarter of 2017, approved rates decreased on average 0.1 per cent. This compares to a 0.76 per cent increase in the previous quarter.
Even though the approved rates decreased a relatively flat 0.1 per cent, some drivers could see their rates go up as much as 5.9 per cent, while others may see a decrease in the neighbourhood of 8.9 per cent. How much your insurance will go up or down will all depend on who you have your coverage through and the change in rates they're allowed to implement.
"Ontario has a very competitive marketplace," FSCO said in its quarterly statement. "Consumers are urged to shop around for auto insurance.
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Updated regularly to reflect FSCO's quarterly announcements.
