Oct 19, 2016
By Michael Kramer
Another rise in insurance rates for Ontario drivers.
You may remember the Liberal government promising three years ago – to cut premiums by an average of 15 per cent – by the summer of 2015.
With that deadline well and truly past, Premier Kathleen Wynne later admitted that was “a stretch goal.”
The Financial Services Commission of Ontario says approved rates in the third quarter of this year – increased by an average of 1.5 per cent – putting the average since August 2013 back down to 8.3 per cent – or a little over halfway to the government’s self-imposed goal.
Finance Minister Charles Sousa says programs that will reduce rates further – have yet to come into effect – but even though reductions are taking time “they’re happening.”
He says the government still wants to see rates cut by an average of 15 per cent – though there’s no longer a deadline attached to that goal.