Automobile Insurance Quotes In Ontario – Rate Changes Licensed By The Financial Services Commission Ontario


 

 

Your once extremely “cheap insurance quote” just went up! Time for you to board the shopping train!

 

If you are searching for auto insurance quotes in Ontario, you better get your hiking boots on because the FSCO has consented to a price hike also it affects everyone who is reading this right now. The Financial Insurance Services Commission of Ontario is allowing a growth to rates for all of Ontario.

 

Motor insurance quotes might be a little or perhaps a lot more than normal compared to previous years. Insurance firms in Ontario have filed for any rate increase beginning the very first quarter of 2008 with an approved increase to insurance rates. Nearly 44% of the car insurance market in Ontario has had rate changes approved which will affect car quotes for all consumers.

 

The rate change affects’ the common Ontario insurance policy by 2.42% which is if you have a clean driving history. The government says that Ontario Auto insurance according to the Financial Insurance Services Commission Ontario is long over due for a increase and decided to approve one.

 

The Ontario auto insurance rate changes approved for your first quarter of 2008 became effective within the first quarter of 2008 or later for 2008 renewal policy business. Therefore, consumers will not know that they’ve had a rate increase until their policy renews.

 

The impact of your rate change with an individual consumer basis is going to be substantially more than 2.42%. The increase depends on where the consumer lives, the kind of car he or she is driving, as well as other risk characteristics involved such as driving record of individuals operating the vehicles. FSCO promises that they will continue ensure that insurance companies’ rate changes are reasonable and justified. They will ensure that the rates insurers charge are balanced and have a strong capability to meet their future claims costs.

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