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NDP : Ontarians not getting Auto Insurance savings they deserve

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Published on April 16, 2015 with No Comments

Queen’s Park – Ontario drivers deserve to see promised savings on their auto insurance bills, but new data from the Financial Services Commission of Ontario shows the Liberals continue to drag their feet. New Democrats made a 15% reduction in auto insurance premiums a condition of supporting the 2013 Budget, now Ontario NDP Consumer Services Critic Jagmeet Singh, (MPP Bramalea-Gore-Malton) is concerned drivers may never see those savings.
“Ontario drivers are not seeing the savings they deserve on their auto insurance bill. I’m worried that drivers aren’t going to get the savings that the Liberals promised in the budget two years ago,” said Singh. “Rates aren’t coming down. In fact, there are lots of drivers are telling me their bills are going up. Insurance companies are making record profits, but drivers aren’t seeing any savings.”
Singh noted that last week an expert report by Schulich Business School professors showed that Ontario drivers have overpaid for their insurance by $3 billion over the last decade. The report shows that Insurance companies continue to enjoy guaranteed profits and savings which were derived from the reduction of accident benefits. Singh notes that Ontario drivers are paying the highest premiums in Canada, while insurance companies bank record profits.
“Yet again the Liberals are making sure that big insurance companies are getting savings instead of drivers,” continued Singh.
The rate announcement included some companies whose premiums are actually increasing, while for others new rates will not take effect until “Effective Dates” which are months away.


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