Ontario drivers see average of $150 savings; minister says more should be done
TORONTO - Insurance companies have provided $685 million in relief to Ontario drivers using their cars less during the COVID-19 pandemic, but the province's finance minister says more should be done.
The regulatory body says about 70 per cent of policy holders are receiving some form of relief, with an average savings of $150.
The Financial Services Regulatory Authority says the $685 million in relief amounts to about five per cent of the total annual premiums Ontario drivers pay.
Finance Minister Rod Phillips says 10 out of the 14 major insurance companies have provided rebates to customers.
Phillips announced a regulatory change in April to enable the companies to provide auto insurance premium rebates to consumers for up to 12 months after the emergency has ended.
Phillips says he will look at the companies not supporting their customers and will publicly name them if necessary.