THUNDER BAY – The McGuinty Government has released figures that show average auto insurance rates decreased by almost 0.1 per cent, on average, in the third quarter of 2010. This marks the second consecutive quarterly reduction according to the government.
“Ontario’s auto insurance reforms took effect on September 1, 2010. These changes are meant to stabilize the costs on claims by reducing excess assessment and transaction costs. This will ensure more accident benefit dollars go to treating victims and keep auto insurance accessible and affordable for Ontario families”, stated Dwight Duncan the Minister of Finance.
“One of the goals of our government’s auto insurance reforms was to promote greater auto insurance price stability for Ontario drivers. While we anticipate this could take some time, recent rate stabilization indicates the plan is beginning to work,” continued Duncan.
- Average auto insurance rates decreased by a little more than one per cent, on average, in the second quarter of 2010.
- Under the McGuinty government, auto insurance rates are up less than five per cent since 2003. This is lower than the inflation rate for the same period of 12.5 per cent.