January 12, 2018 by By Allison Jones, The Canadian Press
Auto insurance rates in Ontario increased in the last quarter of 2017, putting the Liberal government further away from its promise to cut rates by 15%.
Fourth quarter numbers released today by the Financial Services Commission of Ontario show an average increase of about 1%.
Ontario’s finance ministry says that amounts to a nearly 5.5% average decrease in rates since 2013, when the Liberal government promised an average decrease of 15% by August of 2015.
When that self-imposed deadline passed, Premier Kathleen Wynne admitted it had been what she called a “stretch goal.”
Finance Minister Charles Sousa says the new rate filings “underscore the need for structural reforms to the auto insurance system in this province.”
The government recently announced a package of auto insurance changes, including standard treatment plans for common collision injuries such as sprains and whiplash, independent and neutral examination centres to provide medical assessments for more serious injuries, and ensuring that contingency fees set by lawyers are fair and transparent.
This story was originally published by Canadian Insurance Top Broker.