Past winter kept auto insurance companies busy
Posted Mar 20, 2014 03:10:09 PM.
This article is more than 5 years old.
For some, it’s a time they never thought would come, spring is finally here! Among the many frustrated this past winter were those on the roads with less than favorable conditions the entire season.
President of Advocate Insurance, Doug Heaman tells 570 News they had reports of 57 auto collisions in February alone.
“We’ve seen an increase in the number of accidents and that’s certainly been evident on the road…the numbers are up, and the numbers in claims paid out are up.”
Heaman adds the increase in collisions does result in an increase in auto insurance premiums. However, he does note that the provincial government is working to reduce auto insurance rates by 15% in the next two years.
“Even if the claims paid out at this point will have exceeded what was taken in, the government is mandating that the rates be reduced.”
Earlier this month, Finance Minister Charles Sousa says rates have dropped 5% on average across Ontario.
