Wednesday, May 8, 2013

15% auto insurance cut for Ontario?

Did you know Canada..  there's been a lot of talk about a possible 15% auto insurance cut for Ontario as part of the new budget from the governing Liberals.

What the insurance companies are saying though is that reducing rates without balancing out the costs for insurers could force the companies to take profits from other insurance streams and use them to fill in the 15% taken from auto.

It does seem like a big perk for the average consumer though, a 15% drop is estimated to save the average driver about $225 per year, this money could be put with other savings towards your down payment on your next vehicle!

Be sure to visit Canada's car reviews before purchasing your next vehicle for reviews, compares and builds.  This is a great way to have all the info for your insurance quote, you can even run a quick quote insurance calculator.  It's also great to find out safety ratings as part of the new changes may include requiring insurers to offer lower premiums to consumers with safe driving records - another perk!

Do you feel current insurance premiums are too high?  Is this 15% cut the answer or will we just see a jump in other insurance rates?

2 comments:

  1. There is no way they would lose money, they would make up for it somewhere else, or before they have to do it, raise all their rates across the board so that they would not lose anything. It's just Liberal double talk yet again to try and fool the masses into thinking they are doing us a favour.

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