Auto insurers to hike rates in March
Posted Jan 20, 2010 06:29:31 AM.
This article is more than 5 years old.
Auto industry officials in Ontario say they have no choice but to hike premiums.
They blame an escalating rise in the cost of accident benefit claims.
The Toronto Star reports 22 insurers have been given the okay to increase premiums – in one case – by 15% starting in March.
On average, the hikes are in the 4.5% range.
But, with rate increases approved in 2008, the overall average hike could be around 8%.
The McGuinty government promised back in November changes aimed at keeping increases reasonable.
The province is considering 40 changes to the auto insurance system including caps on benefits paid out, but concrete details have yet to be worked out.
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