CFN – The NDP Motion to reduce car insurance rates by 15% in Ontario passed recently; but is that really enough or just a token gesture by politicians feeling the wrath of consumers and drivers in Ontario?
There are major issues with the auto insurance industry in Ontario. Being able to move economically from company to company – how cases are resolved speaking of which it’s now Day 43 and counting.
The bigger question is that is this situation an anomaly or do big insurance companies with the help of actuaries simply have this formulated out so that 90% of claims get paid out at reduced values and the few the can wait it out get paid while the insurance companies fight it kicking and screaming?
CEO Karen Gavan still has not responded to our emails either.
And of course what happens to clients after the ordeal can also be mystifying. I called another broker and they said because of my claim and in spite of it being the first in over 30 years of driving, my rates would be tripled if I moved to their company; at least for the first few years. So essentially consumers are locked where they are and are at the mercy of the very company that just beat them up.
Sounds like Ontario does need auto insurance reform and as nice as it was for the NDP to push for the 15% reduction we need more.
What do you think Ontario, you can post your comments below.