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Private Passenger Automobile Insurance Rates Decline During First Quarter 1999
TORONTO (April 30, 1999) -- Ontario private passenger auto insurance rates decreased during the quarter ending March 31, 1999, according to the latest rate information published by the Financial Services Commission of Ontario (FSCO). This is the 11th successive quarterly decrease.
The decrease was 2.02 per cent for those companies with rate changes approved during the quarter when weighted by market share.
The average cost of auto insurance in Ontario at the end of the first quarter of 1999 was 11.79 per cent lower than at the end of the third quarter of 1996 (the last quarter prior to the implementation of Bill 59, the Automobile Insurance Rate Stability Act, 1996).
FSCO recently published the Shopping for Car Insurance booklet which includes insurance rate profiles that can help consumers make better choices among insurers. Consumers who are interested in getting the best value for their money should check with an agent, broker or insurance company and/or shop around to see how their premium compares in the marketplace. Consumers should also find out about the level of claims services offered by an insurance company before they buy. The publication features the results of the Commission's first claims satisfaction survey that revealed how satisfied the customers of 51 insurance companies were with the way their claims were handled.
Booklets are available by calling 1-800-263-7965 (English); 1-800-668-5821 (French) during normal business hours. The rate information is also available at FSCO's Website at www.fsco.gov.on.ca.
Media contact: Kathleen Harford, FSCO (416) 590-7230
ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVED
January 1, 1999 to March 31, 1999
Approved Rate Change
Allianz Insurance Company 0.84% Apr. 1, 1999 Jun. 1, 1999 -0.40%1
Allstate Insurance Company of Canada 3.90% Mar. 15, 1999 May.14, 1999 0.00%2
Canada Life Casualty Insurance Company 1.04% Mar. 1, 1999 May.1, 1999 -0.25%
Co-operators General Insurance Company 7.64% Mar. 8, 1999 Apr. 14, 1999 -0.47%
Co-operators General Insurance Company 7.64% Apr. 5, 1999 May.11, 1999 -1.94%
Facility Association 2.71% Jun. 1, 1999 Jun. 1, 1999 -2.00%
GAN Canada Insurance Company 0.45% Mar. 15, 1999 May.1, 1999 0.00%2
Gore Mutual Insurance Company 0.66% Feb. 15, 1999 Apr. 15, 1999 -4.87%
Kingsway General Insurance Company 0.63% Feb. 15, 1999 Apr. 1, 1999 -11.80%
Lloyd's Non-Marine Underwriters 0.81% Feb. 1, 1999 Apr. 1, 1999 -6.23%
Lombard Canada Ltd. 2.01% Apr. 1, 1999 Jun. 1, 1999 -0.53%
Pilot Insurance Company 5.53% Feb. 15, 1999 Apr. 15, 1999 -3.40%
Portage La Prairie Mutual Insurance Company 0.09% Mar. 1, 1999 Mar. 1, 1999 0.00%2
Royal & Sun Alliance Insurance 4.03% Mar. 1, 1999 May.1, 1999 -1.80%
Scottish & York Insurance Company Limited 0.77% Mar. 1, 1999 Apr. 15, 1999 -0.15%
State Farm Mutual Automobile Insurance Company 10.35% Apr. 1, 1999 Apr. 1, 1999 -3.10%
Trafalgar Insurance Company 1.54% Apr. 1, 1999 Jun. 1, 1999 -2.42%1
Western Assurance Company 0.57% Mar. 1, 1999 May.1, 1999 -0.10%
Zenith Insurance Company 0.17% Apr. 15, 1999 Jul. 1, 1999 0.15%
Zurich Insurance Company 4.85% Feb. 16, 1999 Apr. 2, 1999 2.86%
Total Market Share 48.60%
1 These filings dealt with the introduction of CLEAR.
2 These filings dealt with rating changes with no overall impact.
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