Statement by Jagmeet Singh, Ontario NDP Deputy Leader and Government and Consumer Services Critic on Auto Insurance Rates

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Statement by Jagmeet Singh, Ontario NDP Deputy Leader and Government and Consumer Services Critic  on the Financial Services Commission of Ontario (FSCO)’s quarterly report on auto insurance rates.   “Friday’s report from FSCO shows that Ontario drivers will continue to be squeezed by sky-high insurance rates as they wait for any kind of meaningful change to their premiums from this Liberal government. The latest figures show that rates have only come down by 0.15 per cent. That’s not good enough. Worse yet, according to this report, some insurance companies are actually raising their premiums as high as 12 per cent,” said Singh   According to the Insurance Bureau of Canada, Ontario has the highest auto insurance rates in Canada—45 per cent higher compared to Alberta and about twice as high as those in the Maritime Provinces. In fact, in 2014, Ontario consumers overpaid for auto insurance by $700 million. Despite the high costs faced by Ontario drivers, the government continues to slash  their benefits and coverage, leaving them more vulnerable.   “Ontarians don’t need to be reminded that we pay the highest auto insurance rates in the country, while the insurance industry continues to enjoy significant cost reductions and historic profits. Or that more than two years have passed since the Premier promised to bring rates down by 15 per cent, and she still hasn’t even reached half her goal. And, Ontarians certainly won’t forget that instead of rates going down, they actually went up during the second quarter of 2015. The Premier has the power to make premiums more affordable for Ontario drivers. She simply refuses to take concrete action, and it’s Ontario families that are paying the price,” said Singh. [author ]Jagmeet Singh, Ontario NDP Deputy Leader and Government and Consumer Services Critic[/author]

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