Whether you are buying auto insurance or renewing your policy, FSRA’s role, as a regulator, is to ensure that insurance companies’ proposed rates are fair and reasonable, not excessive for consumers.

How auto insurance rates get approved

Auto insurers need the regulator’s approval to change the rates they use to calculate premiums for their customers.

The premiums the insurance company charges must be enough to cover its claims obligations, operating expenses and result in a reasonable profit. Premium increases or decreases can also be a result of changes in the customer’s own circumstances, such as moving to a new location, purchasing a new vehicle or being issued a speeding ticket.

Insurers seek approval to change their rates because market conditions change and this impacts the cost of auto insurance. FSRA reviews insurers’ rate change applications in detail and ensures the assumptions used by insurers are reasonable. For example, the regulator reviews current market conditions, benchmarks and the insurer’s operating expenses to evaluate against the insurer’s prediction of risk, such as the number of vehicles on the road, and claims costs, such as property damage.

Currently, FSRA is observing that several factors are driving costs up including inflation and people driving more. FSRA will continue to actively monitor these conditions and the possible impacts on rates.

Learn more about auto insurance and factors that impact your premium at our Auto Insurance Consumer Hub.

Rate approvals database

The Rate Approval database provides consumers with timely information about approved rate changes for every auto insurer in Ontario. Search the database for rate approvals. Approvals are updated regularly and date back to January 1, 2018.

We encourage consumers to use the database as a signal of a potential rate change coming their way. Approved rate changes may not impact all customers, and auto insurance quotes can vary widely among insurers. To get the best rate available, we encourage consumers to shop around.

View private passenger automobile emergency relief for a list of all emergency rate reductions and rebates.

Concerns or complaints about your premium or rate?

  • contact your insurance agent, broker or company to ask about your policy and the price you pay
  • shop around for a better price. You are under no obligation to accept your current insurer’s renewal offer, and you may find better prices with another company