Ontario auto insurance premiums fall: Regulator

News Ontario

By Jonathan Jenkins ,Queen’s Park Bureau

First posted: Friday, April 13, 2012 12:00 PM EDT

TORONTO – The average auto insurance premium in Ontario declined slightly last quarter.
The Financial Services Commission of Ontario (FSCO), the body that regulates auto insurance in the province, said the average premium fell 0.18%.

Individual users may see greater decreases or increases depending on their insurer and their driving record.
Auditor General Jim McCarter found Ontario’s insurance rates are the highest In Canada in his annual report last fall.
McCarter said much of the higher premium is because the average insurance claim costs $56,000 in Ontario — five times higher than any other province.

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