A recap of auto insurance prices in Ontario this year
It is widely known that Ontario sees the highest auto insurance prices in the country, with some provinces costing half as much as premiums in Ontario. But how did 2017 fair in terms of the numbers this past year? As the year comes to a close, let’s have a look back.
Looking back on 2017
To look back on the year behind us, let’s take a look at some of the numbers.
Throughout the year, we saw a slow yet steady decline in the rates of auto insurance premiums. Unfortunately the last quarter’s numbers are not yet available, but here is a break down of the first three quarters of 2017. And, to give you some context as to the prices in Ontario verses the rest of the country, here is a breakdown of the average price of an auto insurance policy per province, thanks to Fair Benefits Fairly Delivered.
Ontario rate changes in 2017
2017 Q3 (July 1 - Sept. 30) | -0.10% |
2017 Q2 (Apr. 1 - June 30) | +0.76% |
2017 Q1 (Jan. 1 - Mar. 31) | +1.24% |
Prices by Province Ontario |
$1,458 |
British Columbia | $1,316 |
Alberta | $1,179 |
Newfoundland & Labrador | $1,090 |
Manitoba | $1,001 |
Northwest Territories | $974 |
Nunavut | $968 |
Yukon | $806 |
Nova Scotia | $783 |
Saskatchewan | $775 |
New Brunswick | $763 |
Prince Edward Island | $755 |
Quebec | $724 |
What to look forward to in 2018
So what does the future hold for the year ahead? If the trends we saw throughout 2017 are any indication, and we are lucky, we may see a continual decline in auto insurance prices. The Government of Ontario is hoping to combat high insurance prices by making some changes to the system, targeting the high rate of insurance fraud. The Ontario Finance Minister Charles Sousa believes that much of the high Ontario pricing can be attributed to the high rates of auto insurance fraud in the province. Sousa’s hopes are that the proposed changes will help combat fraud and in turn lower premiums.
Saving in the New Year
No matter how the prices go in the upcoming year, know that there are always ways to save on your auto insurance. Be sure to shop around in the new year, and see what different providers have to offer you. Even if are not in the market for new auto insurance, it is wise to add getting insurance quotes to your list of New Years resolutions. Doing this will expose you to possible discounts and keep your current policy from getting stale. Getting quotes are a risk-free way to save some money as they can be done at no cost to you, and hold no obligation, so you are able to stay with your current coverage if you do not find a better deal.