Will the Ontario Government’s new measures lead to a meaningful reduction in insurance. Is reducing costs simply a matter of more stringent administration?
In a news conference today at Queens Park in Toronto, Finance Minister Charles Sousa suggested insurance rates may fall 15% if his government’s bill is passed in Parliament. The government is not mandating the insurance cuts.
The new legislation was designed to combat fraud, make settlement disputes easier to solve and curb costs in the industry. As part of the proposed legislation, only licensed health service providers would eligible for payment direct by insurers.
PC MP Jeff Yurek says the big discounts are being realized with insurers who insure bad drivers, while good drivers are seeing their rates go up. Yurek’s sources were not mentioned. Yurek said in a global news report that “The NDP and the Liberals have given an extra discount to the bad drivers, and the good drivers – what I’m hearing from my office – their rates are still going up.”
The claim was made because previous legislation offered an across the board cut to rates, including rates for bad drivers who have higher rates. Their cut was more and Yurek suggested bad drivers shouldn’t receive a reduction on their car insurance rates.
Find out more about insurance fraud at the FSCO website.
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What are the factors involved in insurance quotes? Are you a student or other person renting a townhouse, house, condo, or apartment without renter’s insurance? There are risks you may not be considering and renters insurance can help give you peace of mind. Here’s what you should look for in renter’s insurance policies.
A good way to save on insurance is by finding out which cars are cheapest to insure. The differences are noteworthy.