Province announces plan to reduce car insurance

Posted By: Katie Franzios [email protected]  8/23/2013

The province has set targets to reduce car insurance rates over the next two years. 

Finance Minister Charles Sousa says he hopes Ontarians can save on average eight per cent by August 2014 and an average of 15 per cent by 2015. 

Sousa underlines the changes need to be approved by the province's auto insurance regular, which he thinks will happen in their January report. 

He says he believes there savings that can be found in the system by cracking down on fraud and tightening provincial oversight in the towing industry and with collision repair practises. 

Savings will likely be spread out across the province – with smaller communities such as Timmins likely to see higher savings, and areas like the GTA, lower ones. However, Sousa says he hopes all regions will benefit fairly from the savings.