Car Insurance in Quebec: What’s Happening With Rates?

Car Insurance in Quebec: What’s Happening With Rates?

Auto insurance rates have increased, on average 0.60 per cent in Q2 2015. In comparison in the previous quarter, rates decreased (on average) 0.95 per cent. This change in direction has put the brakes on the government’s promise two years ago to lower auto insurance premiums by 15 per cent by this coming August.

• Backgrounder: Ontario’s Insurance Rate Reduction Plan Aims For 15% in Two Years
• Backgrounder: A Timeline For Rate Reduction in Ontario

What’s happened to the lower car insurance rates promised?

According to FSCO in the Toronto Star, car insurance rates have gone down in the last two years on average about 6.56 per cent.

Will everyone now see higher car insurance rates?

Not necessarily. Given that these rate changes are “on average” some drivers may see an increase, a decrease, or no change at all.

“An individual policyholder may experience a rate change that is either higher or lower than the industry-wide average rate change, or the average rate change for a particular insurer, depending on several factors,” says FSCO. These factors may include: the vehicle, where the driver lives, their driving and insurance history, as well as coverage options chosen, to name a few.

As a result, FSCO encourages consumers to shop around for their Ontario car insurance coverage.

“Ontario has a very competitive marketplace,” FSCO says. “Rates for the same coverage vary based on each insurer’s claims experience and the insurer’s rating system.”

Get car insurance quotes today and compare for a better rate

Compare car insurance quotes at minimum annually before you renew, or when rates are changing like they are now. It’s probably the best way to lower your car insurance rate. If you don’t compare auto insurance quotes semi-regularly, there’s a good chance you’re overpaying.