Sun. Apr 21st, 2024

L&rsquo ;auto insurance at the heart of the next Ontario budget

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Auto insurance premiums have skyrocketed in Ontario in recent years. (Archive photo)

Radio-Canada

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The annual budget that Doug Ford's Ontario government will table Tuesday should contain options to help drivers reduce their auto insurance premiums, according to anonymous CBC sources.

Ontarians, particularly in the Greater Toronto Area, pay some of the highest premiums in Canada.

The budget is not expected to contain targets for bonus reductions, according to industry sources whose anonymity CBC has agreed to remain anonymous, because these individuals do not have government permission to come forward. #x27;express on the measure.

However, the proposed reform should offer more insurance options, according to one of the sources , which reflects a promise made by the Progressive Conservatives during the 2022 election campaign.

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A spokesperson for Ontario Finance Minister Peter Bethlenfalvy says the province always looking for ways to increase choice for consumers. (Archive photo)

Finance Minister Peter Bethlenfalvy's office declined to comment. The government is always looking at ways to increase choice for consumers and reduce red tape, a spokesperson says.

The Progressive Conservatives proposed reform in 2019, but auto insurance premiums still increased on average by nearly 14% from 2017 to 2021, according to the Office of the Auditor General of Ontario.

Since January 1, 2024, Ontarians can waive part of their coverage (damages if the driver is not responsible for the accident). x27;accident), in order to reduce their premiums. However, this exposes them to more risks.

Auto insurance premiums have jumped in recent years across Canada, due to rising repair costs and car thefts, in particular.

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For John Shmuel of the rates.ca site, it would be advantageous for Ontario drivers to have more options, but on condition that x27;they are well informed of the repercussions.

Yes, insurance premiums in Ontario could be lower on average, he says. We can make the market more competitive […] and offer more options to consumers.

According to information provided byMike CrawleyofCBC News

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