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FSRA Says $1B Available to Ontario Drivers Due to COVID-19

Ontario drivers are eligible to receive nearly $1 billion in car insurance rate relief from insurers due to the COVID-19 pandemic, according to the Financial Services Regulatory Authority (FSRA). That’s a 45% increase (or more than $300 million) provided by 13 of the largest insurers since May 2020. This is equivalent to 7.1% of total annual auto insurance premiums made available to the 6.6 million drivers in Ontari…

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FSRA Says $1B Available to Ontario Drivers Due to COVID-19

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Ontario drivers are eligible to receive nearly $1 billion in car insurance rate relief from insurers due to the COVID-19 pandemic, according to the Financial Services Regulatory Authority (FSRA).

That’s a 45% increase (or more than $300 million) provided by 13 of the largest insurers since May 2020. This is equivalent to 7.1% of total annual auto insurance premiums made available to the 6.6 million drivers in Ontario.

Insurance companies’ pandemic relief measures vary. They may include rebates, rate reductions, waiving non-sufficient fund fees for nonpayment, risk re-ratings, and premium deferrals.

For more information visit https://www.insurancehotline.com/resources/fsra-says-1b-available-ontario-drivers-due-covid-19/

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