Auto insurance rates to increase an average 1.56% in Ontario, with many drivers seeing increases that are significantly higher.

In Ontario, every insurance company must have changes to their auto insurance rates approved by the Financial Services Regulatory Authority of Ontario (FSRA) and each quarter, FSRA publishes these rate changes. The latest rate changes have been released and, as expected, it’s not good news for drivers in the province.

Ontario Auto Insurance Rates Are Set to Increase in 2020

FSRA reports that in the fourth quarter (Q4) of 2019, approved rates increased on average 1.56%. While this increase reflects the average drivers may see upon renewal, the actual range in approved rate increases is significant: some Ontario drivers could see their rates increase only slightly, 0.02%, while others could see their rates increase as much as 11.05%. It all depends on who you have your coverage through, and the rate change your insurer has been given the green light to apply.

In total, 21 insurers had rate changes approved representing 40% of the market based on premium volume. The vast majority of these rate increases come into effect in 2020.