Insurance Rates
The Effect of a Ticket on your Insurance Rates: Private Insurance companies only understand one word – “profit”; their motto is “greed”. Private Insurance companies will take any opportunity to increase their profits.
Providing insurance is an extremely profitable and lucrative business, especially in the Province of Ontario, Canada. When a motorist in Ontario is convicted of an offence, the conviction will remain on the “driver’s record” with the Ministry of Transportation for a period of two (2) years from the date that the motorist was charged with the offence (not from the conviction date). See Demerit Points. At the same time, privately owned insurance companies insist that the same motorist have the conviction registered on their “insurance record” for an extra year, in this case, three (3) years from the date that the motorist was charged. Upon learning of the conviction, many private insurance companies in Ontario, will increase the premiums of the driver, anywhere from three (3) to seven (7) years. Staying with a private insurance company, long term, does not normally benefit the driver and it is best to continue to keep your options open and continue searching for a better deal, with a different insurer. Private Insurance Companies in Ontario all have their own conviction surcharge schedule. Depending on the type of conviction (the more serious, the more you’ll pay) and your prior driving/insurance record, your insurance company may insist that you be covered under New Facility or Facility Association. This means that on top of the insurance premiums that you are already paying, Facility Association may charge additional amounts anywhere from 100-250 % of what you already pay (ie- normal premiums $ 1,500.00 + Facility $ 3,750.00 = $ 5,250.00) In order to be the motor vehicle operator and to drive the vehicle, the vehicle must be insured. The reason, so many of us dread the thought of receiving a traffic ticket and the conviction that may follow; is the real possibility that our insurance company, upon becoming aware of the conviction, may increase our insurance premiums for the following three (3) to six (6) years following the conviction. This is generally the reason we fight our tickets so vigorously. Currently, the cost of living is so high and the last thing any driver needs to include in their budget, is the ever increasing insurance premiums (which are seldom ever justifiable) of the private insurance companies. Given the obscene profits which the private insurance companies make in Ontario, the best solution available to consumers, (who have no choice but to purchase automobile insurance if they want to drive) is to insist on Public Auto Insurance. Several Provinces, British Columbia (ICBC), Manitoba, Saskatchewan and Quebec have provincially owned and operated automobile insurance and the residents benefit from the cheaper premiums. Ontario Private Insurance Companies offer the most expensive automobile insurance in Canada. Public Auto Insurance offers cheaper insurance premiums to motorists and is controlled by the Provincial Government. Public Auto Insurance works in other Provinces in Canada and it would certainly work in Ontario. Private Insurance companies are notorious, if subjected to strong public criticism, for crying poor, while laying off employees and jacking up their insurance rates. Every time the private insurance companies complain of loss, they are erecting new buildings or purchasing existing skyscrapers. This year, the Financial Services Commission of Ontario ( the “Commission”) approved insurance increases, an average of 2.49%, to half of the Insurance Companies in Ontario. Here is a breakdown of the four (4) largest increases, which the Commission approved for the following Private Insurance companies:
-
Farm Mutual Reinsurance = 5.95%
-
Allstate Insurance = 5%
-
RBC (Royal Bank) General Insurance = 3.75%
-
State Farm Insurance = 3.08%
See the insurance premium increases that the Financial Services Commission of Ontario approved for the third quarter of 2008 (this information is from their website):
Auto Insurance Rates for the Third Quarter of 2008
Rate applications approved during the third quarter of 2008 (July 1, 2008 to September 30, 2008) averaged +0.87%, based on the entire market.
The rate changes approved in 2004, 2005, 2006 and 2007 were -10.60%, -2.43%, -1.27% and +0.55%, respectively, for the entire market. In the third quarter of 2008, for the 77.97% of the market that had rate changes approved, the average rate change was +1.12%, when weighted by market share. The rate changes approved in the third quarter of 2008 become effective in the third quarter of 2008 or later for renewal business. The approved rate change shown for each insurance company is the average for that particular company. The impact of a rate change on an individual consumer will vary depending on where the consumer lives, the type of car he or she is driving, and other risk characteristics. FSCO will continue to ensure that insurance companies’ rate changes are reasonable and justified, and that the rates insurers charge are balanced with their ability to meet their future claims costs.
ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVEDJuly 1, 2008 – September 30, 2008 |
Insurer |
2007 Market Share |
Effective New Business Date |
Effective Renewal Business Date |
Approved Rate Change |
| Allstate Insurance Company of Canada1 | 3.04% | 1-Sep-08 | 20-Oct-08 | 0.00% |
| Aviva Insurance Company of Canada1 | 0.41% | 1-Sep-08 | 1-Oct-08 | 0.00% |
| AXA Insurance (Canada)2 | 1.92% | 29-Sep-08 | n/a | 0.00% |
| CAA Insurance Company (Ontario) | 1.08% | 25-Aug-08 | 10-Oct-08 | 5.00% |
| CAA Insurance Company (Ontario)1 | 1.08% | 15-Sep-08 | 1-Nov-08 | 0.00% |
| Certas Direct Insurance Company | 1.04% | 6-Oct-08 | 5-Dec-08 | -2.80% |
| Certas Direct Insurance Company2 | 1.04% | 22-Aug-08 | 23-Oct-08 | 0.00% |
| Certas Home & Auto Insurance Company2 | 0.00% | 22-Aug-08 | n/a | 0.00% |
| Certas Home & Auto Insurance Company | 0.00% | 6-Oct-08 | 5-Dec-08 | -2.80% |
| Co-operators General Insurance Company | 4.66% | 17-Nov-08 | 17-Nov-08 | 1.01% |
| Co-operators General Insurance Company1 | 4.66% | 8-Sep-08 | 8-Sep-08 | 0.00% |
| Coachman Insurance Company1 | 0.21% | 1-Oct-08 | 1-Oct-08 | 0.00% |
| COSECO Insurance Company1 | 1.52% | 15-Sep-08 | 1-Dec-08 | 0.00% |
| CUMIS General Insurance Company1 | 0.23% | 1-Jan-09 | 1-Jan-09 | 0.00% |
| Economical Mutual Insurance Company | 6.39% | 1-Sep-08 | 1-Nov-08 | 7.56% |
| Economical Mutual Insurance Company1 | 6.39% | 1-Sep-08 | 1-Nov-08 | 0.00% |
| Elite Insurance Company1 | 0.12% | 1-Sep-08 | 1-Oct-08 | 0.00% |
| Farm Mutual Reinsurance Plan Inc.1 | 1.73% | 15-Sep-08 | 15-Sep-08 | 0.00% |
| Federation Insurance Company of Canada3 | 0.00% | 15-Oct-08 | n/a | 0.00% |
| Gore Mutual Insurance Company | 1.01% | 15-Aug-08 | 15-Oct-08 | -0.34% |
| Gore Mutual Insurance Company | 1.01% | 1-Jan-09 | 1-Jan-09 | 3.03% |
| Guarantee Company of North America, The1 | 0.78% | 1-Sep-08 | 1-Oct-08 | 0.00% |
| Lombard Insurance Company | 1.06% | 15-Nov-08 | 15-Nov-08 | 2.98% |
| Motors Insurance Corporation1 | 0.62% | 14-Jul-08 | 7-Sep-08 | 0.00% |
| Optimum Insurance Company1 | 0.17% | 1-Oct-08 | 1-Dec-08 | 0.00% |
| Pafco Insurance Company2 | 0.78% | 1-Aug-08 | 1-Oct-08 | 0.00% |
| Pafco Insurance Company1 | 0.78% | 1-Sep-08 | 20-Oct-08 | 0.00% |
| Pembridge Insurance Company1 | 0.65% | 1-Sep-08 | 20-Oct-08 | 0.00% |
| Personal Insurance Company, The2 | 3.25% | 22-Aug-08 | 23-Oct-08 | 0.00% |
| Personal Insurance Company, The | 3.25% | 6-Oct-08 | 5-Dec-08 | -2.80% |
| Perth Insurance Company | 1.36% | 1-Sep-08 | 1-Nov-08 | 3.75% |
| Perth Insurance Company1 | 1.36% | 1-Sep-08 | 1-Nov-08 | 0.00% |
| Pilot Insurance Company1 | 5.59% | 1-Sep-08 | 1-Oct-08 | 0.00% |
| Pilot Insurance Company2 | 5.59% | 1-Aug-08 | 1-Sep-08 | 0.00% |
| Primmum Insurance Company1 | 1.47% | 1-Oct-08 | 1-Dec-08 | 0.00% |
| RBC General Insurance Company1 | 2.80% | 27-Oct-08 | 11-Dec-08 | 0.00% |
| RBC Insurance Company of Canada3 | 0.00% | 28-Jul-08 | n/a | 0.00% |
| RBC Insurance Company of Canada1 | 0.00% | 27-Oct-08 | 11-Dec-08 | 0.00% |
| Royal & SunAlliance Insurance Company of Canada | 1.66% | 1-Aug-08 | 20-Sep-08 | -1.27% |
| Royal & SunAlliance Insurance Company of Canada1 | 1.66% | 1-Oct-08 | 20-Nov-08 | 0.14% |
| S & Y Insurance Company1 | 0.60% | 1-Sep-08 | 1-Oct-08 | 0.00% |
| Scottish & York Insurance Co. Limited1 | 1.55% | 1-Sep-08 | 1-Oct-08 | 0.00% |
| Security National Insurance Company1 | 5.66% | 1-Oct-08 | 1-Dec-08 | 0.00% |
| Sovereign General Insurance Company, The1 | 0.00% | 15-Dec-08 | 15-Dec-08 | 0.00% |
| State Farm Mutual Automobile Insurance Company1 | 11.72% | 21-Jul-08 | 9-Aug-08 | 0.00% |
| TD General Insurance Company | 2.10% | 15-Sep-08 | 15-Oct-08 | 2.40% |
| TD General Insurance Company1 | 2.10% | 1-Oct-08 | 1-Dec-08 | 0.00% |
| Traders General Insurance Company1 | 3.28% | 1-Sep-08 | 1-Oct-08 | 0.00% |
| Trafalgar Insurance Company of Canada | 1.03% | 15-Sep-08 | 15-Nov-08 | 4.88% |
| Unifund Assurance Company | 3.21% | 28-Jul-08 | 1-Oct-08 | 4.91% |
| Waterloo Insurance Company | 0.56% | 1-Sep-08 | 1-Nov-08 | 4.92% |
| Waterloo Insurance Company1 | 0.56% | 1-Sep-08 | 1-Nov-08 | 0.00% |
| Wawanesa Mutual Insurance Company, The1 | 3.62% | 1-Dec-08 | 1-Dec-08 | 0.00% |
| York Fire & Casualty Insurance Company | 1.07% | 1-Nov-08 | 1-Jan-09 | 3.06% |
| Zurich Insurance Company1 | 0.02% | 15-Oct-08 | 15-Dec-08 | 0.00% |
| Total Market Share Represented: | 77.97% |
| Weighted Average Rate Change: | 1.12% |
- Implementation of CLEAR update.
- Rate changes with no overall impact.
- Introduction of a new rate program.
Auto Insurance Rates for the Fourth Quarter of 2008
ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVED
October 1, 2008 – December 31, 2008
Rate applications approved during the fourth quarter of 2008 (October 1, 2008 to December 31, 2008) averaged +2.57%, based on the entire market.
In the fourth quarter of 2008, for the 69.37% of the market that had rate changes approved, the average rate change was +3.71%, when weighted by market share.
The rate changes approved in the fourth quarter of 2008 become effective in the fourth quarter of 2008 or later for renewal business.
The rate changes approved in 2004, 2005, 2006, 2007 and 2008 were -10.60%, -2.43%, -1.27%, +0.55% and +5.59%, respectively, for the entire market.
Insurer |
2007
|
Effective
|
Effective
|
Approved
|
| Allstate Insurance Company of Canada | 3.04% | 5-Jan-09 | 16-Feb-09 | 6.01% |
| Aviva Insurance Company of Canada | 0.41% | 1-Feb-09 | 1-Mar-09 | 4.60% |
| AXA Pacific Insurance Company2 | 0.04% | 13-Oct-08 | n/a | 0.00% |
| Belair Insurance Company Inc.1 | 0.15% | 27-Nov-08 | 21-Jan-09 | 0.00% |
| Belair Insurance Company Inc. | 0.15% | 28-Nov-08 | 22-Jan-09 | -2.57% |
| CAA Insurance Company (Ontario)2 | 1.08% | 1-Dec-08 | 15-Jan-09 | 0.00% |
| Co-operators General Insurance Company2 | 4.66% | 1-Dec-08 | 4-Jan-09 | 0.00% |
| Coachman Insurance Company | 0.21% | 1-Apr-09 | 1-Apr-09 | 6.56% |
| CUMIS General Insurance Company | 0.23% | 1-Feb-09 | 1-Feb-09 | 3.34% |
| Dominion of Canada General Insurance Company, The | 4.68% | 1-Dec-08 | 1-Jan-09 | 3.94% |
| Echelon General Insurance Company1 | 0.88% | 1-Jan-09 | 1-Mar-09 | 0.00% |
| Economical Mutual Insurance Company | 6.39% | 1-Mar-09 | 1-May-09 | 4.29% |
| Elite Insurance Company | 0.12% | 1-Feb-09 | 1-Mar-09 | 3.80% |
| Farm Mutual Reinsurance Plan Inc.3 | 1.73% | 1-Feb-09 | 1-Feb-09 | 4.77% |
| Farmers’ Mutual Insurance Company (Lindsay) | 0.23% | 1-Jan-09 | 1-Jan-09 | 6.70% |
| Farmers’ Mutual Insurance Company (Lindsay)1 | 0.23% | 1-Jan-09 | 1-Jan-09 | 0.00% |
| Federated Insurance Company of Canada1 | 0.03% | 15-Jan-09 | 15-Jan-09 | -2.37% |
| ING Insurance Company of Canada1 | 7.91% | 1-Nov-08 | 1-Jan-09 | 0.00% |
| ING Novex Insurance Company of Canada1 | 0.54% | 1-Nov-08 | 1-Jan-09 | 0.00% |
| Jevco Insurance Company | 0.03% | 15-Dec-08 | 1-Feb-09 | 15.20% |
| Kingsway General Insurance Company | 1.52% | 1-Nov-08 | 1-Dec-08 | 4.94% |
| Lombard General Insurance Company of Canada1 | 0.11% | 15-Nov-08 | 15-Nov-08 | 0.00% |
| Lombard Insurance Company1 | 1.06% | 15-Nov-08 | 15-Nov-08 | 0.00% |
| Nordic Insurance Company of Canada, The1 | 2.31% | 27-Nov-08 | 21-Jan-09 | 0.00% |
| Nordic Insurance Company of Canada, The | 2.31% | 28-Nov-08 | 22-Jan-09 | -2.56% |
| Pembridge Insurance Company | 0.65% | 1-Feb-09 | 1-Apr-09 | 12.00% |
| Perth Insurance Company | 1.36% | 1-Mar-09 | 1-May-09 | 6.33% |
| Pilot Insurance Company | 5.59% | 1-Feb-09 | 1-Mar-09 | 9.20% |
| RBC General Insurance Company2 | 2.80% | 14-Dec-08 | 28-Jan-09 | 0.00% |
| RBC Insurance Company of Canada2 | 0.00% | 14-Dec-08 | 28-Jan-09 | 0.00% |
| S & Y Insurance Company | 0.60% | 1-Feb-09 | 1-Mar-09 | 2.90% |
| Scottish & York Insurance Co. Limited | 1.55% | 1-Feb-09 | 1-Mar-09 | 4.90% |
| State Farm Mutual Automobile Insurance Company | 11.72% | 9-Feb-09 | 9-Feb-09 | 6.50% |
| TD Home and Auto Insurance Company | 1.74% | 1-Jan-09 | 1-Feb-09 | 2.30% |
| TD Home and Auto Insurance Company1 | 1.74% | 15-Dec-08 | 15-Feb-09 | 0.00% |
| Traders General Insurance Company | 3.28% | 1-Feb-09 | 1-Mar-09 | 3.40% |
| Trafalgar Insurance Company of Canada1 | 1.03% | 1-Nov-08 | 1-Jan-09 | 0.00% |
| Waterloo Insurance Company | 0.56% | 1-Mar-09 | 1-May-09 | 3.66% |
| Western Assurance Company | 0.76% | 1-Mar-09 | 15-Apr-09 | 6.20% |
| Zenith Insurance Company | 0.37% | 15-Dec-08 | 15-Dec-08 | 5.95% |
| Zenith Insurance Company1 | 0.37% | 15-Dec-08 | 15-Dec-08 | 0.00% |
| Total Market Share Represented: | 69.37% |
| Weighted Average Rate Change: | 3.71% |
- Implementation of CLEAR update.
- Rate changes with no overall impact.
- On behalf of the Ontario Mutuals.
The Insurance Bureau of Canada (www.ibc.ca) posted on-line, profits for its’ members in 2003 up to 673% (2.6 Billion Dollars) and a year later, in 2004 up 61.5% or 4.2 Billion Dollars. When the public freaked, the Insurance Bureau of Canada made the decision to hide its’ members profit’s and put an end to posting its members ever increasing profits on its website. Ontario is now an official “have not” province and will begin to rely upon and receive, equalization payments in 2009. Future equalization payments will be calculated and linked to the moving average of GDP (Gross Domestic Product) growth. Private Insurance Companies have found that advertising with the “we care for you” message is very profitable, no one is fooled. The system is designed to yield maximum profits, annually, for prviate insurance companies and not protection for consumers. In Ontario, the Provincial Government must seriously consider the introduction of Public Auto Insurance, which would be a great thing for consumers of all ages who drive on Ontario’s roads. See “Auto Insurance Consumers’ Bill of Rights ” (in PDF format).
Auto Insurance Rates for the First Quarter of 2009
Rate applications approved during the first quarter of 2009 (January 1, 2009 to March 31, 2009) averaged +0.95%, based on the entire market.
In the first quarter of 2009, for the 30.91% of the market that had rate changes approved, the average rate change was +3.09%, when weighted by market share.
The rate changes approved in the first quarter of 2009 become effective in the first quarter of 2009 or later for renewal business.
The rate changes approved in 2004, 2005, 2006, 2007 and 2008 were -10.60%, -2.43%, -1.27%, +0.55% and +5.59%, respectively, for the entire market.
The approved rate change shown for each insurance company is the average for that particular company. The impact of a rate change on an individual consumer will vary depending on where the consumer lives, the type of car he or she is driving, and other risk characteristics.
FSCO will continue to ensure that insurance companies’ rate changes are reasonable and justified, and that the rates insurers charge are balanced with their ability to meet their future claims costs.
ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVEDJanuary 1, 2009 – March 31, 2009 |
Insurer |
2007
|
Effective
|
Effective
|
Approved
|
| AIG Commercial Insurance Company of Canada1 | 0.01% | 1-Apr-09 | 15-Apr-09 | 0.00% |
| AXA Insurance (Canada) | 1.92% | 1-Mar-09 | 1-Mar-09 | 4.60% |
| AXA Pacific Insurance Company | 0.04% | 23-Feb-09 | 9-Apr-09 | 7.90% |
| Certas Direct Insurance Company2 | 1.04% | 20-Mar-09 | 19-Mar-09 | 0.00% |
| Certas Home & Auto Insurance Company2 | 0.00% | 20-Mar-09 | 19-May-09 | 0.00% |
| Chubb Insurance Company of Canada | 0.55% | 30-Mar-09 | 28-Jun-09 | 2.00% |
| Co-operators General Insurance Company | 4.66% | 18-May-09 | 18-May-09 | 3.42% |
| COSECO Insurance Company | 1.52% | 1-Apr-09 | 1-May-09 | 5.76% |
| Dominion of Canada General Insurance Company, The | 4.68% | 15-May-09 | 15-Jun-09 | -0.82% |
| Gore Mutual Insurance Company | 1.01% | 15-Mar-09 | 1-Jun-09 | 6.65% |
| Guarantee Company of North America | 0.78% | 1-Feb-09 | 1-Mar-09 | 4.22% |
| Hartford Fire Insurance Company1 | 0.00% | 1-Feb-09 | 1-Mar-09 | 0.00% |
| Motors Insurance Corporation | 0.62% | 4-Feb-09 | 31-Mar-09 | 2.70% |
| Optimum Insurance Company Inc. | 0.17% | 1-Apr-09 | 10-Apr-09 | 3.00% |
| Personal Insurance Company2 | 3.25% | 20-Mar-09 | 19-May-09 | 0.00% |
| RBC General Insurance Company | 2.80% | 5-Apr-09 | 20-May-09 | 4.48% |
| Trafalgar Insurance Company of Canada | 1.03% | 1-May-09 | 1-Jun-09 | 4.50% |
| Unifund Assurance Company | 3.21% | 27-Feb-09 | 1-May-09 | 5.34% |
| Wawanesa Mutual Insurance Company, The | 3.62% | 1-Apr-09 | 1-Apr-09 | 4.94% |
| Total Market Share Represented: | 30.91% |
| Weighted Average Rate Change: | 3.09% |
- Implementation of CLEAR update.
- Rate changes with no overall impact.
Auto Insurance Rates for the Second Quarter of 2009
Rate applications approved during the second quarter of 2009 (April 1, 2009 to June 30, 2009) averaged +3.20%, based on the entire market.
In the second quarter of 2009, for the 54.67% of the market that had rate changes approved, the average rate change was +5.86%, when weighted by market share.
The rate changes approved in the second quarter of 2009 become effective in the second quarter of 2009 or later for renewal business.
The rate changes approved in 2004, 2005, 2006, 2007 and 2008 were -10.60%, -2.43%, -1.27%, +0.55% and +5.59%, respectively, for the entire market.
The approved rate change shown for each insurance company is the average for that particular company. The impact of a rate change on an individual consumer will vary depending on where the consumer lives, the type of car he or she is driving, and other risk characteristics.
FSCO will continue to ensure that insurance companies’ rate changes are reasonable and justified, and that the rates insurers charge are balanced with their ability to meet their future claims costs.
ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVEDApril 1, 2009 – June 30, 2009 |
Insurer |
2008
|
Effective
|
Effective
|
Approved
|
| Allstate Insurance Company of Canada | 2.91% | 7-Jul-09 | 7-Sep-09 | 1.80% |
| Arch Insurance Company1 | 0.00% | 1-May-09 | n/a | 0.00% |
| Aviva Insurance Company of Canada | 0.39% | 1-Jul-09 | 1-Jul-09 | 5.00% |
| Belair Insurance Company Inc. | 0.12% | 12-Jul-09 | 5-Sep-09 | -0.47% |
| CAA Insurance Company (Ontario) | 1.08% | 29-Jun-09 | 15-Aug-09 | 12.10% |
| Certas Direct Insurance Company | 1.08% | 24-May-09 | 24-Jul-09 | 4.00% |
| Certas Home & Auto Insurance Company | 0.00% | 24-May-09 | 24-Jul-09 | 4.50% |
| COSECO Insurance Company | 1.56% | 1-Dec-09 | 1-Dec-09 | 10.40% |
| Dominion of Canada General Insurance Company, The | 4.75% | 15-May-09 | 15-Jun-09 | 5.36% |
| Economical Mutual Insurance Company | 6.21% | 1-Jul-09 | 15-Sep-09 | 6.73% |
| Elite Insurance Company | 0.16% | 1-Jul-09 | 1-Jul-09 | 4.50% |
| Intact Insurance Company | 7.55% | 22-Jun-09 | 8-Aug-09 | 5.51% |
| Lombard Insurance Company | 1.03% | 15-Jun-09 | 15-Jun-09 | 5.10% |
| Nordic Insurance Company of Canada, The | 2.54% | 12-Jul-09 | 5-Sep-09 | 6.71% |
| North Waterloo Farmers Mutual Insurance Company2 | 0.00% | 1-Jul-09 | 1-Jul-09 | 5.78% |
| Novex Insurance Company | 0.50% | 8-Jun-09 | 25-Jun-09 | 5.81% |
| Personal Insurance Company, The | 3.10% | 24-May-09 | 24-Jul-09 | 8.00% |
| Pilot Insurance Company | 4.89% | 1-Sep-09 | 1-Sep-09 | 7.50% |
| Portage La Prairie Mutual Insurance Company | 0.19% | 1-Jun-09 | 1-Aug-09 | 6.10% |
| Primmum Insurance Company | 1.46% | 15-Aug-09 | 01-Sep-09 | 3.00% |
| S&Y Insurance Company | 0.60% | 1-Jul-09 | 01-Jul-09 | 3.90% |
| Scottish & York Insurance Company Limited | 1.46% | 1-Sep-09 | 1-Sep-09 | 10.00% |
| Security National Insurance Company | 5.57% | 15-Aug-09 | 1-Sep-09 | 3.00% |
| TD General Insurance Company | 2.20% | 1-Sep-09 | 15-Sep-09 | 10.00% |
| TD Home and Auto Insurance Company | 1.54% | 1-Sep-09 | 15-Sep-09 | 3.00% |
| Traders General Insurance Company of Canada | 3.14% | 1-Jul-09 | 1-Jul-09 | 5.00% |
| Waterloo Insurance Company | 0.64% | 1-Jul-09 | 15-Sep-09 | 3.02% |
| Total Market Share Represented: | 54.67% |
| Weighted Average Rate Change: | 5.86% |
- Introduction of a new rate program.
- First filing independent of Farm Mutual Reinsurance Plan Inc
Auto Insurance Rates for the Third Quarter of 2009
Rate applications approved during the third quarter of 2009 (July 1, 2009 to September 30, 2009) averaged +2.13%, based on the entire market.
In the third quarter of 2009, for the 34.38% of the market that had rate changes approved, the average rate change was +6.2%, when weighted by market share.
The rate changes approved in the third quarter of 2009 become effective in the third quarter of 2009 or later for renewal business.
The rate changes approved in 2004, 2005, 2006, 2007 and 2008 were -10.60%, -2.43%, -1.27%, +0.55% and +5.59%, respectively, for the entire market.
The approved rate change shown for each insurance company is the average for that particular company. The impact of a rate change on an individual consumer will vary depending on where the consumer lives, the type of car he or she is driving, and other risk characteristics.
FSCO will continue to ensure that insurance companies’ rate changes are reasonable and justified, and that the rates insurers charge are balanced with their ability to meet their future claims costs.
ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVEDJuly 1, 2009 – September 30, 2009 |
Insurer |
2008
|
Effective
|
Effective
|
Approved
|
| AXA Insurance (Canada) | 2.39% | 1-Sep-09 | 15-Oct-09 | 7.30% |
| AXA Pacific Insurance Company | 0.15% | 1-Sep-09 | 15-Oct-09 | 7.80% |
| Co-operators General Insurance Company | 4.57% | 23-Nov-09 | 23-Nov-09 | 4.98% |
| COSECO Insurance Company | 1.56% | 1-Dec-09 | 1-Dec-09 | -1.07% |
| Echelon General Insurance Company | 0.86% | 15-Aug-09 | 15-Sep-09 | 6.36% |
| Farm Mutual Reinsurance Plan Inc. 1 | 1.83% | 1-Nov-09 | 1-Nov-09 | 8.17% |
| Federation Insurance Company of Canada | 0.00% | 20-Jul-09 | 20-Sep-09 | -6.41% |
| Jevco Insurance Company 2 | 0.00% | 1-Oct-09 | 1-Oct-09 | 0.00% |
| Kingsway General Insurance Company 2 | 1.39% | 15-Jul-09 | 15-Aug-09 | 10.00% |
| Kingsway General Insurance Company 2 | 1.39% | 1-Nov-09 | 1-Dec-09 | 5.06% |
| Motors Insurance Corporation | 0.56% | 14-Sep-09 | 8-Nov-09 | 0.99% |
| Optimum Insurance Company Inc. | 0.19% | 1-Sep-09 | 6-Oct-09 | 5.21% |
| Pembridge Insurance Company Limited | 0.71% | 1-Sep-09 | 1-Nov-09 | 6.08% |
| Perth Insurance Company | 1.26% | 15-Jul-09 | 15-Sep-09 | 4.40% |
| Royal & SunAlliance Insurance Company | 1.59% | 1-Aug-09 | 20-Sep-09 | 4.93% |
| State Farm Mutual Automobile Insurance Company | 12.46% | 26-Oct-09 | 26-Oct-09 | 5.59% |
| Trafalgar Insurance Company | 1.10% | 15-Oct-09 | 15-Nov-09 | 6.16% |
| Wawanesa Mutual Insurance Company, The | 3.76% | 1-Nov-09 | 1-Nov-09 | 9.72% |
| Total Market Share Represented: | 34.38% |
| Weighted Average Rate Change: | 6.20% |
- On behalf of the Ontario Mutuals.
- Business transfer from Kingsway into Jevco.
Auto Insurance Rates for the Fourth Quarter of 2009
The Government has announced a number of automobile insurance reforms. These reforms will provide consumers with more choice and flexibility to purchase coverage that best meets their protection needs and budgets.
These reforms are in the process of being implemented and are not reflected in this quarter’s rate approvals.
Rate applications approved during the fourth quarter of 2009 (October 1, 2009 to December 31, 2009) averaged +2.49%, based on the entire market.
In the fourth quarter of 2009, for the 55.48% of the market that had rate changes approved, the average rate change was +4.49%, when weighted by market share.
The rate changes approved in the fourth quarter of 2009 become effective in the fourth quarter of 2009 or later for renewal business.
The rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%, -2.43%, -1.27%, +0.55%, +5.59% and +8.77%, respectively, for the entire market.
The approved rate change shown for each insurance company is the average for that particular company. The impact of a rate change on an individual consumer will vary depending on where the consumer lives, the type of car he or she is driving, and other risk characteristics.
FSCO will continue to ensure that insurance companies’ rate changes are reasonable and justified, and that the rates insurers charge are balanced with their ability to meet their future claims costs.
ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVEDOctober 1, 2009 – December 31, 2009 |
| Insurer | 2008 Market Share |
Effective New Business Date |
Effective Renewal Business Date |
Approved Rate Change |
| Belair Insurance Company Inc. | 0.12% | 15-Oct-09 | 09-Dec-09 | 5.10% |
| Certas Direct Insurance Company | 1.08% | 27-Nov-09 | 26-Jan-10 | 2.01% |
| Certas Home & Auto Insurance Company | 0.00% | 27-Nov-09 | 26-Jan-10 | 2.15% |
| CUMIS General Insurance Company | 0.26% | 01-Dec-09 | 01-Dec-09 | 4.98% |
| Dominion of Canada General Insurance Company, The | 4.75% | 01-Nov-09 | 01-Dec-09 | 7.79% |
| Farm Mutual Reinsurance Plan Inc.1, 2 | 1.83% | 01-Mar-10 | 01-Mar-10 | 0.00% |
| Farmer’s Mutual Insurance Company (Lindsay)1 | 0.25% | 01-Jan-10 | 01-Mar-10 | 0.00% |
| Farmer’s Mutual Insurance Company (Lindsay) | 0.25% | 01-Jan-10 | 01-Jan-10 | 8.99% |
| Guarantee Company of North America, The1 | 0.74% | 01-Feb-10 | 01-Mar-10 | 0.00% |
| Guarantee Company of North America, The | 0.74% | 15-Nov-09 | 01-Jan-10 | 4.01% |
| Intact Insurance Company | 7.55% | 27-Dec-09 | 27-Jan-10 | 3.75% |
| Nordic Insurance Company of Canada, The | 2.54% | 08-Oct-09 | 02-Dec-09 | 9.40% |
| North Waterloo Farmers Mutual Insurance Company1 | 0.00% | 01-Mar-10 | 01-Mar-10 | 0.00% |
| North Waterloo Farmers Mutual Insurance Company | 0.00% | 01-Dec-09 | 01-Dec-09 | 5.54% |
| Pafco Insurance Company | 0.41% | 01-Jan-10 | 01-Mar-10 | 3.20% |
| Personal Insurance Company, The | 3.10% | 13-Nov-09 | 14-Jan-10 | -0.03% |
| Primmum Insurance Company | 1.46% | 15-Jan-10 | 01-Feb-10 | 3.00% |
| RBC Insurance Company of Canada | 0.16% | 25-Oct-09 | 09-Dec-09 | 5.84% |
| Security National Insurance Company | 5.57% | 15-Jan-10 | 01-Feb-10 | 3.00% |
| State Farm Mutual Automobile Insurance Company1 | 12.46% | 21-Dec-09 | 21-Dec-09 | 0.00% |
| TD General Insurance Company | 2.20% | 15-Jan-10 | 01-Feb-10 | 10.00% |
| TD Home and Auto Insurance Company | 1.54% | 15-Jan-10 | 01-Feb-10 | 3.00% |
| Traders General Insurance Company | 3.14% | 01-Mar-10 | 01-Mar-10 | 15.00% |
| Unifund Assurance Company | 3.62% | 02-Nov-09 | 01-Jan-10 | 9.29% |
| Waterloo Insurance Company | 0.64% | 01-Mar-10 | 01-Mar-10 | 3.38% |
| Western Assurance Company | 0.80% | 01-Mar-10 | 15-Apr-10 | 6.79% |
| York Fire & Casualty Insurance Company | 0.89% | 01-Jan-10 | 01-Mar-10 | 9.86% |
| Zenith Insurance Company | 0.37% | 15-Nov-09 | 01-Jan-10 | 10.00% |
| Total Market Share Represented: | 55.48% |
| Weighted Average Rate Change: | 4.49% |
- Implementation of CLEAR update.
- On behalf of the Ontario Mutuals.
Auto Insurance Rates for the First Quarter of 2010
The Government has passed regulations to enact automobile insurance reforms effective September 1, 2010. The reforms will provide consumers with more choice and flexibility to purchase coverage that best meets their protection needs and budgets.
All auto insurance companies are required to file new rates with FSCO in April that take into account these reforms. The impact of these reforms will be reflected in upcoming rate approvals.
Rate applications approved during the first quarter of 2010 (January 1, 2010 to March 31, 2010) averaged +5.37%, based on the entire market.
In the first quarter of 2010, for the 97.18% of the market that had rate changes approved, the average rate change was +5.53%, when weighted by market share.
The rate changes approved in the first quarter of 2010 become effective in the first quarter of 2010 or later for renewal business.
The rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%, -2.43%, -1.27%, +0.55%, +5.59% and +8.77%, respectively, for the entire market.
The approved rate change shown for each insurance company is the average for that particular company. The impact of a rate change on an individual consumer will vary depending on where the consumer lives, the type of car he or she is driving, and other risk characteristics.
FSCO will continue to ensure that insurance companies’ rate changes are reasonable and justified, and that the rates insurers charge are balanced with their ability to meet their future claims costs.
ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVEDJanuary 1, 2010 – March 31, 2010 |
Insurer |
2008
|
Effective
|
Effective
|
Approved
|
| Allstate Insurance Company of Canada1 | 2.91% | 15-Feb-10 | 15-Apr-10 | 0.00% |
| Allstate Insurance Company of Canada | 2.91% | 15-Jan-10 | 15-Mar-10 | -1.01% |
| Arch Insurance Company1 | 0.00% | 01-Mar-10 | 15-Apr-10 | 0.00% |
| Aviva Insurance Company of Canada1 | 0.39% | 01-Apr-10 | 01-Apr-10 | 0.00% |
| Aviva Insurance Company of Canada | 0.39% | 22-Mar-10 | 22-Mar-10 | 14.00% |
| AXA Insurance (Canada)1 | 2.39% | 15-May-10 | 15-May-10 | 0.00% |
| AXA Pacific Insurance Company1 | 0.15% | 15-May-10 | 15-May-10 | 0.00% |
| Belair Insurance Company Inc.1 | 0.12% | 04-Mar-10 | 19-Apr-10 | 0.00% |
| Belair Insurance Company Inc. | 0.12% | 11-Mar-10 | 29-Apr-10 | 3.17% |
| CAA Insurance Company (Ontario)1 | 1.08% | 01-Apr-10 | 15-May-10 | 0.00% |
| CAA Insurance Company (Ontario) | 1.08% | 01-Jun-10 | 01-Jul-10 | -0.04% |
| Certas Direct Insurance Company2 | 1.08% | 09-May-10 | 08-Jul-10 | 0.00% |
| Certas Home and Auto Insurance Company2 | 0.00% | 09-May-10 | 08-Jul-10 | 0.00% |
| Chartis Insurance Company of Canada1 | 0.02% | 15-Feb-10 | 15-Apr-10 | 0.00% |
| Chubb Insurance Company of Canada1 | 0.52% | 01-Feb-10 | 01-Mar-10 | 0.00% |
| Co-operators General Insurance Company1 | 4.57% | 15-Mar-10 | 15-Mar-10 | 0.00% |
| Co-operators General Insurance Company | 4.57% | 18-Apr-10 | 18-Apr-10 | 2.49% |
| Coachman Insurance Company1 | 0.20% | 01-May-10 | 01-May-10 | 0.00% |
| Coachman Insurance Company | 0.20% | 01-May-10 | 01-Mar-10 | 6.10% |
| COSECO Insurance Company1 | 1.56% | 31-Mar-10 | 31-Mar-10 | 0.00% |
| COSECO Insurance Company | 1.56% | 05-May-10 | 05-May-10 | 10.53% |
| CUMIS General Insurance Company1 | 0.26% | 01-Apr-10 | 01-Apr-10 | 0.00% |
| Dominion of Canada General Insurance Company, The1 | 4.75% | 01-Feb-10 | 01-Apr-10 | 0.00% |
| Dominion of Canada General Insurance Company, The2 | 4.75% | 15-Feb-10 | 15-Apr-10 | 0.00% |
| Dominion of Canada General Insurance Company, The | 4.75% | 01-Jun-10 | 01-Aug-10 | 0.18% |
| Echelon General Insurance Company1 | 0.86% | 01-Apr-10 | 15-May-10 | 0.00% |
| Echelon General Insurance Company | 0.86% | 01-Apr-10 | 15-May-10 | 4.16% |
| Economical Mutual Insurance Company1 | 6.21% | 01-Feb-10 | 15-Apr-10 | 0.00% |
| Economical Mutual Insurance Company | 6.21% | 01-Apr-10 | 15-Jun-10 | 3.90% |
| Elite Insurance Company | 0.16% | 22-Mar-10 | 22-Mar-10 | 9.50% |
| Elite Insurance Company1 | 0.16% | 01-Apr-10 | 01-Apr-10 | 0.00% |
| Federated Insurance Company of Canada2 | 0.02% | 01-Mar-10 | 01-Mar-10 | 0.00% |
| Federated Insurance Company of Canada1 | 0.02% | 01-May-10 | 01-May-10 | 0.00% |
| Federation Insurance Company of Canada1 | 0.00% | 15-Feb-10 | 15-Apr-10 | 0.00% |
| Gore Mutual Insurance Company | 1.15% | 01-Feb-10 | 01-Apr-10 | 6.00% |
| Gore Mutual Insurance Company1 | 1.15% | 15-Apr-10 | 15-Apr-10 | 0.00% |
| Hartford Fire Insurance Company1 | 0.00% | 15-Mar-10 | 15-Mar-10 | 0.00% |
| Intact Insurance Company1 | 7.55% | 01-May-10 | 01-Jun-10 | 0.00% |
| Intact Insurance Company | 7.55% | 01-May-10 | 01-Jun-10 | 0.60% |
| Jevco Insurance Company1 | 1.57% | 01-Mar-10 | 01-Apr-10 | 0.00% |
| Lombard General Insurance Company of Canada1 | 0.11% | 15-Feb-10 | 15-Mar-10 | 0.00% |
| Lombard General Insurance Company of Canada | 0.11% | 15-Feb-10 | 15-Mar-10 | 10.96% |
| Lombard Insurance Company | 1.03% | 15-Feb-10 | 15-Mar-10 | 5.19% |
| Lombard Insurance Company1 | 1.03% | 15-Feb-10 | 15-Mar-10 | 0.00% |
| Motors Insurance Corporation1 | 0.56% | 01-Feb-10 | 28-Mar-10 | 0.00% |
| Nordic Insurance Company of Canada, The | 2.54% | 11-Mar-10 | 29-Apr-10 | 7.36% |
| Nordic Insurance Company of Canada, The1 | 2.54% | 04-Mar-10 | 19-Apr-10 | 0.00% |
| Novex Insurance Company1 | 0.50% | 01-May-10 | 01-Jun-10 | 0.00% |
| Novex Insurance Company | 0.50% | 01-May-10 | 01-Jun-10 | 2.10% |
| Optimum Insurance Company Inc.1 | 0.19% | 01-Feb-10 | 10-Apr-10 | 0.00% |
| Optimum Insurance Company Inc. | 0.19% | 23-Feb-10 | 10-Apr-10 | 4.73% |
| Pafco Insurance Company1 | 0.41% | 15-Feb-10 | 15-Apr-10 | 0.00% |
| Pembridge Insurance Company1 | 0.71% | 15-Feb-10 | 15-Apr-10 | 0.00% |
| Pembridge Insurance Company2 | 0.71% | 20-Mar-10 | 20-May-10 | 0.00% |
| Personal Insurance Company, The2 | 3.10% | 09-May-10 | 08-Jul-10 | 0.00% |
| Perth Insurance Company1 | 1.26% | 01-Feb-10 | 15-Apr-10 | 0.00% |
| Perth Insurance Company | 1.26% | 01-Apr-10 | 15-Jun-10 | 9.70% |
| Pilot Insurance Company1 | 4.89% | 01-Apr-10 | 01-Apr-10 | 0.00% |
| Pilot Insurance Company | 4.89% | 22-Mar-10 | 22-Mar-10 | 18.50% |
| Portage La Praire Mutual Insurance Company2 | 0.19% | 01-May-10 | 01-Jun-10 | 0.00% |
| Portage La Praire Mutual Insurance Company1 | 0.19% | 01-May-10 | 01-Jun-10 | 0.00% |
| Primmum Insurance Company1 | 1.46% | 16-Feb-10 | 16-Apr-10 | 0.00% |
| Primmum Insurance Company | 1.46% | 01-Sep-10 | 01-Sep-10 | 10.84% |
| RBC General Insurance Company | 2.80% | 08-Feb-10 | 25-Mar-10 | 5.43% |
| RBC General Insurance Company1 | 2.80% | 08-Feb-10 | 25-Mar-10 | 0.00% |
| RBC General Insurance Company | 2.80% | 20-May-10 | 20-May-10 | 0.62% |
| RBC Insurance Company of Canada1 | 0.16% | 24-Jan-10 | 10-Mar-10 | 0.00% |
| Royal & SunAlliance Insurance Company of Canada1 | 1.59% | 01-Apr-10 | 22-May-10 | 0.00% |
| S & Y Insurance Company | 0.60% | 22-Mar-10 | 22-Mar-10 | 8.60% |
| S & Y Insurance Company1 | 0.60% | 01-Apr-10 | 01-Apr-10 | 0.00% |
| Scottish & York Insurance Co. Limited | 1.46% | 22-Mar-10 | 22-Mar-10 | 20.10% |
| Scottish & York Insurance Co. Limited1 | 1.46% | 01-Apr-10 | 01-Apr-10 | 0.00% |
| Security National Insurance Company1 | 5.57% | 16-Feb-10 | 16-Apr-10 | 0.00% |
| Security National Insurance Company | 5.57% | 01-Sep-10 | 01-Sep-10 | 7.80% |
| Sovereign General Insurance Company, The1 | 0.00% | 01-May-10 | 01-May-10 | 0.00% |
| Sovereign General Insurance Company, The | 0.00% | 01-May-10 | 01-May-10 | 11.16% |
| State Farm Mutual Automobile Insurance Company | 12.46% | 15-Mar-10 | 26-Apr-10 | 7.24% |
| TD General Insurance Company1 | 2.20% | 16-Feb-10 | 16-Apr-10 | 0.00% |
| TD General Insurance Company | 2.20% | 01-Sep-10 | 01-Sep-10 | 27.30% |
| TD Home and Auto Insurance Company1 | 1.54% | 16-Feb-10 | 16-Apr-10 | 0.00% |
| TD Home and Auto Insurance Company | 1.54% | 01-Sep-10 | 01-Sep-10 | 13.30% |
| Traders General Insurance Company1 | 3.14% | 01-Apr-10 | 01-Apr-10 | 0.00% |
| Trafalgar Insurance Company of Canada | 1.10% | 15-Jan-10 | 01-Mar-10 | 9.42% |
| Trafalgar Insurance Company of Canada1 | 1.10% | 01-Mar-10 | 01-Mar-10 | 0.00% |
| Unifund Assurance Company | 3.62% | 01-May-10 | 01-May-10 | 2.27% |
| Waterloo Insurance Company | 0.64% | 01-Jun-10 | 15-Aug-10 | -0.10% |
| Waterloo Insurance Company1 | 0.64% | 01-Jun-10 | 15-Aug-10 | 0.00% |
| Wawanesa Mutual Insurance Company, The | 3.76% | 01-May-10 | 01-May-10 | 8.98% |
| Wawanesa Mutual Insurance Company, The1 | 3.76% | 01-Apr-10 | 01-Apr-10 | 0.00% |
| Western Assurance Company1 | 0.80% | 01-Apr-10 | 22-May-10 | 0.00% |
| York Fire and Casualty Insurance Company1 | 0.89% | 01-Mar-10 | 01-Apr-10 | 0.00% |
| Zenith Insurance Company1 | 0.37% | 15-Feb-10 | 15-Mar-10 | 0.00% |
| Zurich Insurance Company1 | 0.01% | 01-Feb-10 | 01-Apr-10 | 0.00% |
| Total Market Share Represented: | 97.18% |
| Weighted Average Rate Change: | 5.53% |
- Implementation of CLEAR update.
- Rate changes with no overall impact.
How cyclists in accidents are treated by Insurance Companies.
Understanding Automobile Insurance (see the Financial Services Commission of Ontario’s information guide)
At Fault Determination Rules (Insurance Act – Ont. Regulation 668)
Auto Accident Claims Process (see Financial Services Commission of Ontario website)
To Submit a Complaint against your Insurance Company: If you have a complaint against your insurance company or if you have an issue with your automobile insurance policy with your insurance company, contact The Ontario Financial Services Commission or call (outside of Toronto @ 1-800-668-0128) or in Toronto @ 416-250-6750.
Auto Insurance Claims Forms (OCF Forms): Down Load Forms
Ten (10) Tips to Save on Automobile Insurance (this is an old list found in the Toronto Star – but highly relevant in these tough economic times).
Update: June 11/09 – Insurance Companies exercise genetic discrimination.
Update: July 19/09 -Insurance Rates Skyrocket in Ontario; see post.
Update: October 5, 2009 – Ontario Liberals Support Auto Insurance Profits; see post.
Update: November 5, 2009 – Liberals Take Care of Ontario’s Auto Insurance Companies; see post.
Update: November 13, 2009 – Home Insurance Skyrockets in Ontario; see post
Update: January 19, 2010 – In addition to earlier insurance increases approved in 2009, the Financial Services Commission of Ontario (FSCO) said increases will average 8.77 %, up from 5.59 % for increases approved in 2008.
