FSRA will now be posting rate filing decisions within days of approval. Combined with new search features, the new database provides consumers with:
- timely information about approved rate changes for every auto insurer in Ontario;
- improved transparency of approvals; and
- greater accountability among auto insurers for the rates they charge consumers.
You can now search approved rate filings by an auto insurers’ master brand name (public facing company name). Approvals will be updated regularly to the database which also includes approvals dating back to January 1, 2018.
FSRA encourages consumers to use the database as a signal of a potential rate change coming their way. Consumers can decide whether to contact their insurer for more information, shop around for a better deal, or both.
Factors that impact auto insurance rates include risk, market conditions, and legislation/regulation. Learn more about auto insurance and factors that impact your premium at FSRA’s new Auto Insurance Consumer Hub.
2020 Rate Changes
As of August 31, there were 74 rate applications approved.
Most related to COVID-19 and the impact of fewer drivers on the road. Auto insurers filed these changes using FSRA’s Emergency rate filing process to enable rapid implementation. Emergency rate filings include rebates, rate reductions and the delay, change or withdrawal of pre-Emergency approved increases.
These filings do not appear in the rate filing approval database due to the features of the emergency filing process. Since the beginning of the pandemic, auto insurers have reported $992 million in consumer relief. FSRA’s report on consumer relief provides more detail.
Rate approvals prior to the Emergency generally reflected higher physical damage costs and, to a lesser degree, higher injury related costs.
FSRA will now be reporting average premiums in dollars. This provides consumers with a basis of comparison to what they are actually paying.