The Co-operators lowers auto insurance rates in Ontario

The Co-Operators General Insurance has lowered its insurance rates for private passenger auto clients in Ontario, effective Oct. 15.

“The impact of The Co-operators rate reductions on individual clients will vary, depending on a number of factors including where they live, the vehicles they drive, their driving records, as well as the amount of coverage and deductibles selected,” the Guelph, Ont.-based company noted in a statement Monday.

Since the beginning of 2012, the company has reduced its auto insurance premiums in the province by 12%, according to its statement.

“In 2012, The Co-operators was in a position to pass on savings to its clients due to the positive impact of the auto insurance reforms in Ontario,” the company said. “The further reduction in 2013 reflects continuing positive experience with the ongoing auto insurance reform efforts in Ontario.”

The Financial Services Commission of Ontario (FSCO) reviews filings from insurance companies to ensure that their proposed rates are justified, based on claims experience and other factors affecting costs.