Automotive

Insurance rates in Ontario

  • Last Updated:
  • Jan 28th, 2020 9:00 am
[OP]
Sr. Member
Aug 11, 2018
530 posts
506 upvotes

Insurance rates in Ontario

Seems like as the years go on, instead of my insurance getting cheaper, it's getting more expensive.

Not a single accident or ticket ever in my life. 30+ years old, fully licenced since I've been 18 and I bundle it with my condo insurance. I also have discounts through my employer.

I was paying $158/m for the past year and now it's going up to $184 for no reason other than because they can.

When is the government going to step in and do something about this?
89 replies
Member
Aug 6, 2017
375 posts
540 upvotes
They're going to do nothing as usual. Insurance rates not only factor in the driver but others details as well. Insurance scams are a contributing factor.

Deal Expert
Aug 22, 2011
30954 posts
16722 upvotes
Ottawa
I recommend you get yourself familiar with FSCO... they're the governing body.
Deal Fanatic
Oct 7, 2010
8933 posts
1170 upvotes
Depends on what you are driving. Dont see how you can be paying this much like 150 a month being 30+.
Deal Addict
User avatar
Aug 23, 2013
1163 posts
411 upvotes
Scarborough
My insurance has gone up for my renewal by $12. Insurance is absolute scam and nothing will change. It'll keep on going up year after year....
Deal Addict
Jun 18, 2018
1006 posts
572 upvotes
Toronto
Unless government steps in, it will continue to be a shit show
Sr. Member
Jul 13, 2007
867 posts
409 upvotes
Toronto
Electrah wrote: Unless government steps in, it will continue to be a shit show
The government has stepped in multiple times.

Insurance companies complained that they were paying out too much for blah blah blah. So the government let them reduce benefits. Competition will lower premiums, right?

Wrong. Rates went up anyway. More for less.

And if you get permanently maimed in a wreck, the payouts won't be anything close to covering your lost income/care. Your fault or not.
Are you sure you wish to carry out this operation? You betcha.
Deal Addict
May 30, 2012
3639 posts
947 upvotes
Montreal
Ontario should do what bc does....
Deal Guru
User avatar
Oct 6, 2010
13134 posts
7435 upvotes
Toronto
My insurance went down by a couple of dollars last year, or stayed status quo. Paying $73/month in Toronto. Also use tdmm app.
DYI difficulty scale:
0-joke
10-no joke

¯\_(ツ)_/¯
Newbie
Oct 16, 2019
63 posts
26 upvotes
Insurance companies should hire more insurance investigators, it is not our fault that they get scammed all the time.
Deal Fanatic
User avatar
Oct 23, 2008
9800 posts
6228 upvotes
Toronto (Markham)
Insurance companies blame the health practitioners as the problem (no doubt there are a few bad so-called clinics out there), but it is my belief the main culprits for fraud are the lawyers, tow truck drivers and the body shops. Where's the check and balances for them? HCPs often have to jump through hoops to get treatment plans approved.
Tis banana is IRIE :razz:

10% off is cold, 50% off is warm, 75% off is hot, but FREE IS RFD!
Deal Fanatic
User avatar
Oct 23, 2008
9800 posts
6228 upvotes
Toronto (Markham)
koffey wrote: My insurance went down by a couple of dollars last year, or stayed status quo. Paying $73/month in Toronto. Also use tdmm app.
Lucky you. I pay much more than that.
Tis banana is IRIE :razz:

10% off is cold, 50% off is warm, 75% off is hot, but FREE IS RFD!
Deal Addict
Sep 1, 2004
4685 posts
3161 upvotes
iownyou wrote: Ontario should do what bc does....
https://vancouversun.com/news/politics/ ... -this-year

I believe with insurance, there is a no win scenario.

If government takes over, we will subsidize the losses.

If government put rule down that's bad for the insurance business, they will just exit the market and become a monopoly and can charge whatever they please. The problem is now country wide.
https://www.abbynews.com/news/abbotsfor ... ance-hike/

Can someone comment on Quebec's insurance industry and how that works? Given the flood damage Ontario and Quebec had in 2019, I think you have not seen the worse yet. We are only starting to see the effect of 2013 flood 6 years later.
Deal Guru
User avatar
Oct 5, 2008
12333 posts
6193 upvotes
Toronto
iownyou wrote: Ontario should do what bc does....
:facepalm:

ICBC is almost bankrupt.
Deal Addict
Sep 1, 2004
4685 posts
3161 upvotes
Swerny wrote: :facepalm:

ICBC is almost bankrupt.
Well it $3B in the hole for 2019. It won't be bankrupt if taxpayer keep funding it. :D

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