Province launches public consultation on auto insurance rates

The Province is inviting the public to share their views on how to lower auto insurance rates in Ontario.

An ONLINE SURVEY has been launched as part of a consultation process dubbed ‘Putting Drivers First.’ The deadline to take part is Feb. 15.

“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.”

The consultation coincides with a review of Ontario’s auto insurance rate regulation system, 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,” reads a media release from the Province.

In addition to meeting with auto insurance stakeholders to get ideas on ways to modernize the system by cutting red tape, Ontario is:

– Working with the Milton MPP Parm Gill on his proposed legislation that, if passed, would eliminate the unfair practice of discriminating against drivers simply based on where they live;

– Creating a regulatory framework that allows for a more modern auto insurance sector, including electronic communications, and electronic proof of auto insurance; and,

– 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.

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