AUTO INSURANCE STUDY REVEALS OVERSPENDING BY $5 BILLION MAY 2, 2018

May 02, 2018

By Michelle Saunders

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According to a new report drivers in Ontario have overpaid by approximately 5 billion dollars on auto insurance over the past five years. The report, commissioned by the Ontario Trial Lawyers’ Association suggests insurance companies might have made about 5 billion in pre-tax income between 2011 and 2016. Given the levels of excessive profitability, motorists almost certainly paid too much for coverage with estimates of the over payments amounting to about 143 dollars per policy, per year. As she did in the 2014 provincial election campaign NDP Leader Andrea Horwath is promising to change this as well as ensure the auto insurance industry cannot base your rate on where you live. Libby speaks with NDP Leader Andrea Horwath, the President of the Ontario Trial Lawyer’s Association, Claire Wilkinson and Steve Kee from the Insurance Bureau of Canada about this important topic.

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