Let’s just get right down to it – yes, Ontario’s auto insurance rates are about to decrease, but just ever-so-slightly. That being said, it still represents a large amount in regard to annual savings. In the province of Ontario, every insurance company is required to have the Financial Services Commission of Ontario (FSCO) approve changes to their auto insurance rates. This occurs every quarter, and the FSCO publishes these rate changes 4 times a year.
Why Does This Happen?
There are a number of reasons why auto insurance rates fluctuate as they do. Examples include the economy, dollar value, and a number of accident claims filled out through insurance providers. Regardless, it’s not uncommon for rates to rise and fall throughout the quarters of each fiscal year. We recommend buying insurance in order to protect yourself, your loved ones and your investment regardless, but all the better if the rates have decreased such as now.
Is Now a Good Time to Buy?
Ontario is known to be a highly competitive marketplace in regard to auto insurance, and as a result, you can expect these rates to shift continually. If rates are low enough to appeal to you, it’s probably a good idea to purchase insurance before it climbs around the Christmas season when more accidents are possible on wintry roads. The FSCO has reported that Ontario auto insurance rates have decreased by 0.1 percent on average, which may not sound like a lot but actually represents a sizeable chunk of savings on an annual basis, especially when following an increase of 0.76% in the second quarter of 2017.
What Should I do?
In short, if you have been waiting for insurance rates to drop and are in need of a plan that adequately covers your vehicle and loved ones in the event of damage or an accident, now is an opportune time to buy. The market in Ontario is prone to rapid fluctuations and decreases only happen every once in a while, so be sure to capitalize on this slight break and invest in auto insurance if you need it.
Driving with peace of mind while behind the wheel is important – nobody likes or trusts a nervous driver, and you’ll trust yourself more easily when not having to worry about a lack of insurance. If you need help with figuring out the best and most cost-effective auto insurance options available to you, contact us today to find out how we can assist you.