Auto insurance news ontario
Here are some recent auto insurance news and updates from Ontario:
1. Ontario's Auto Insurance Rates to Decrease in 2023
In October 2022, the Financial Services Regulatory Authority of Ontario (FSRA) announced that auto insurance rates in the province will decrease by an average of 2.5% in 2023. This is the first rate decrease in several years, and it's expected to benefit over 9 million policyholders.
2. New Auto Insurance Reform Measures
In June 2022, the Ontario government introduced new auto insurance reform measures aimed at reducing rates and improving the claims process. The reforms include:
- A new "standard" auto insurance policy that will simplify the process and reduce costs
- A ban on "no-fault" clauses that allowed insurers to deny claims without investigating
- Increased transparency and accountability for insurers
3. Electric Vehicle Discounts
In September 2022, the Ontario government announced that electric vehicle (EV) owners will be eligible for a 10% discount on their auto insurance premiums. This is part of the province's efforts to encourage the adoption of EVs and reduce greenhouse gas emissions.
4. Increased Fines for Distracted Driving
In August 2022, the Ontario government increased the fines for distracted driving from $490 to $1,000. The province also introduced a new "zero-tolerance" policy for drivers who are caught using their phones while driving.
5. New Telematics Program
In July 2022, the Ontario government launched a new telematics program that allows drivers to earn discounts on their auto insurance premiums by using a device that tracks their driving habits. The program is designed to promote safe driving and reduce accidents.
6. Changes to the Ontario Auto Insurance Act
In June 2022, the Ontario government introduced changes to the Auto Insurance Act that aim to improve the claims process and reduce costs. The changes include:
- A new "claims resolution process" that will help resolve disputes between insurers and policyholders
- Increased transparency and accountability for insurers
- A ban on "unfair" claims practices
7. Increased Use of Artificial Intelligence in Auto Insurance
In May 2022, the Ontario government announced that it will be using artificial intelligence (AI) to improve the auto insurance claims process. The AI system will help insurers identify and prevent fraudulent claims, and will also help policyholders navigate the claims process more easily.
These are just a few of the recent auto insurance news and updates from Ontario. If you have any specific questions or concerns about auto insurance in Ontario, feel free to ask!