Ontario Parties Promise Big Auto Insurance Savings

While campaigning for the Ontario provincial election earlier this spring, the Ontario Parties laid out their auto insurance plans – most had savings in mind.

Liberals

The Liberal party indicated that it was proposing an 8% rate reduction by August 2014, and a further 7% (to 15% overall) reduction by August 2015. They also introduced Bill 171 in March 2014, which addressed a number of obstacles to rate reductions including amendments for change to the dispute resolution system, cost saving measures and increased protections from fraud and abuse. In order to do monitor more closely the fraud in the auto insurance industry they announced they would form a task force dedicated to investigating and prosecuting serious auto fraud if they won the election.

NDP

The NDP also made big promises in regards to lowering auto insurance rates; stating they’d have rates lowered by 15% within a year of taking office. They also referenced making transparent rate setting permanent and allowing consumers a strong voice in the process of setting rates. Unfortunately, they did not share a plan on how to implement these ideas.

PC

The PC plan seems to take a little from column A and B to come up with their plan. They proposed fighting insurance fraud and changing the dispute resolution system like the Liberals and making auto insurers accountable to consumers and consumers a bigger part of the process like the NDP. Finally they added that they were committed to eliminating red tape. There was no specific mention of a rate reduction that they would push for.

Vicky Sparks is a Paralegal student at Centennial College in Toronto studying professional communications with Omar Ha-Redeye.

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