Reforming Auto Insurance for the People . . .
The Government is Seeking Input on How to Make Auto Insurance More Affordable
Thursday, Jan. 11th, - The Ontario Government, working for the people, is inviting drivers and consumers to share their views on how to lower the province's auto insurance rates as part of its commitment to making life more affordable.
"The previous government's failed system of stretch goals on auto insurance is clearly broken. Auto insurance rates in Ontario are among the highest in the country, and action is needed," said Vic Fedeli, Minister of Finance. "We want to hear directly from you on how to improve the system."
Consumers and businesses are invited to share their views by visiting https://www.ontario.ca/form/survey-making-auto-insurance-more-accessible-and-affordable-ontario and by providing input no later than February 15, 2019.
“Providing the best possible auto insurance system for residents in our riding is especially important because people depend more on their motor vehicles than residents in urban areas where transit is readily available,” said Jim McDonell, MPP for Stormont-Dundas-South Glengarry.
The Putting Drivers First consultation will coincide with a review of Ontario's auto insurance rate regulation system, jointly conducted by the Ministry of Finance and the Financial Services Regulatory Authority of Ontario, as mentioned in the 2018 Ontario Economic Outlook and Fiscal Review. The review will examine practices in other jurisdictions and identify opportunities to achieve greater efficiencies and introduce more competition in the system.
The consultation represents the latest step to get auto insurance costs under control in Ontario. In addition to meeting with auto insurance stakeholders to get ideas on ways to modernize the system by cutting red tape, Ontario is:
Creating a regulatory framework that allows for a more modern auto insurance sector, including electronic communications, and electronic proof of auto insurance.
Moving toward full electronic commerce, similar to what is already provided by other financial institutions today, including banks and credit unions.
"Lower auto insurance rates mean we can put more money back into the pockets of taxpayers. The Ontario Government, working for the people, is keeping its promise to put drivers first by seeking their input, finding greater efficiencies and introducing more innovation in the system," Minister Fedeli added.
Quick Facts . . .
• There are nearly 10 million drivers across the province.
• Drivers are required by law to have auto insurance coverage, and have the right to fair treatment by their insurer, including timely handling of claims and the ability to file a complaint if necessary.
• The Financial Services Regulatory Authority of Ontario will be a new, flexible and responsive independent financial regulator.
Additional Resources . . .
Learn more about how auto insurance rates are set in Ontario