This week the Ontario government announced a number of measures to improve the province’s auto insurance system.
The proposed legislation is designed to provide you, our client, with greater protections. This includes a revamp of the claims process to improve care for accident victims, increase transparency, reduce fraud, and develop efficient modern regulations.
The announcement also included a note about the potential reduction to auto insurance premiums. While the intent is to reduce the overall cost of insurance, the proposed legislation will only address the systemic issues that factor into those costs. This being the case, it will take time for any cost savings in the auto insurance system to trickle down to your premiums.
As your broker, we believe if successfully implemented the Ontario Fair Auto Insurance Plan will benefit you. Not only will the claims process be more transparent, the expectation is that over time this plan will reduce what we are all paying for auto insurance.
Remember we’re always here to chat. Feel free to contact your broker if you would like more information and to talk about your policies.