Ontario Drivers Are Reportedly About To Start Paying Much More For Car Insurance - 2020-02-10
Driving in southern Ontario, particularly around the ever-busy GTA, can already be a bit of a nightmare at times. And it seems motorists in the province are about to start paying more for the privilege, as Ontario car insurance rates are set to jump in 2020. Rate changes which could see some prices jump up to 11% compared to last year have already been approved by the Financial Services Regulatory Authority of Ontario.
According to a notice by the Financial Services Commission of Ontario, now overseen by the FSRA, these approved rates will climb by 1.56% on average. However, the true cost looks likely to depends on what insurance company the customer is registered with.
CBC Radio-Canada reports the FSRA has ratified increases for around 20 insurance companies across the province.