Reforming Auto Insurance for the People

Published on January 11, 2019

Reforming Auto Insurance for the People

The Government is Seeking Input on How to Make Auto Insurance More Affordable

 

NEWS                                                                                                                                  January 11, 2019

 

  1. THOMAS— This week, the Ontario government announced that it is taking another step to get auto insurance costs in Ontario under control. Drivers, consumers, and businesses are encouraged to share their views on how the auto insurance system can be modernized and improved.

 

"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.

 

“Lower auto insurance rates will keep more money in taxpayers’ pockets. Our government continues to deliver on its promises to find greater efficiencies and introduce more innovation in the system," said Jeff Yurek, MPP for Elgin-Middlesex-London.

 

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:

 

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

https://www.ontario.ca/page/have-your-say-making-auto-insurance-more-accessible-and-affordable-ontario

 

Media Contact: Delany Leitch | Executive Assistant to Jeff Yurek, MPP | delany.leitch@pc.ola.org