Ontarians overcharged $5 billion for car insurance over five years
It's no secret that Ontarians pay some of the highest insurance premiums of all Canadians.
But wait till you hear just how much you're being overcharged by insurance companies.
A report, conducted by York University, for the Ontario Trial Lawyers Association, shows auto insurers made $1.5 billion in 2016, up nearly 60% over the last four years alone.
The report also shows that in 2011, average claims per vehicle dropped by 27%, while premiums barely budged.
The author of the study says over the last five years, overpayments on insurance have totalled $5 billion. That works out to an additional $143 per year, for every policy in Ontario.
The president of the OTLA, Claire Wilkinson says the indiustry is in need of a total re-think.
"With respect to auto insurance, Ontario serves only as a cautionary tale - a bad example to be avoided at all costs." says Wilkinson.
She suggests increasing transparency, so the government and consumers have a better understanding of just how much profit is being made by insurance companies in Ontario.