Reducing Auto Insurance Premiums for Ontario DriversPublished Posted on | By TZTA News
New Ontario Government Reduces Costs, Cracks Down on Fraud, and Passes Savings onto Consumers
The new Ontario government is proposing a strategy that would reduce auto insurance premiums by 15 per cent on average.
To achieve this reduction, the government will introduce legislation that would, if passed:
* Require a premium reduction of 15 per cent on average.
* Require insurers to offer lower premiums to consumers with safe driving records
* Provide the Superintendent of Financial Services with the authority to require insurers to file new rates.
* Expand and modernize the Superintendent’s investigation and enforcement authority, focusing on fraud prevention.
* Give the Financial Services Commission of Ontario the authority to license and oversee health clinics and practitioners who invoice auto insurers.
* Make the Superintendent’s Guidelines, incorporated by reference in the Statutory Accident Benefits Schedule, binding.
When fully implemented, this strategy would benefit over nine million drivers and would decrease overall premiums in Ontario by $1.5 billion a year, and reduce the average annual premium per insured vehicle by $225.
These changes build on the government’s existing plan to reduce rates and crack down on fraud to help protect people and build a prosperous and fair Ontario.