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

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SHORT DESCRIPTION

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).

LONG DESCRIPTION

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.

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