Ontario budget to feature auto insurance reforms – report
Ontario budget to feature auto insurance reforms – report | Insurance Business Canada
Motor & Fleet
Ontario budget to feature auto insurance reforms – report
Changes may include increased ‘optionality’
Motor & Fleet
By
Terry Gangcuangco
The government of Ontario is poised to unveil significant auto insurance reforms in its forthcoming budget presentation on Tuesday, according to insider information obtained by CBC News.
The reforms are expected to broaden the range of options available to Ontario motorists by increasing ‘optionality’ to reduce auto insurance costs. Consumers will have greater freedom when picking and choosing coverage, according to the report.
When approached for confirmation, a representative for Finance Minister Peter Bethlenfalvy did not explicitly confirm the report but highlighted the government’s ongoing efforts to enhance consumer options and efficiency in the auto insurance sector.
Earlier this year, the Canadian government announced further investment into the country’s fight against auto theft, a factor also impacting insurance rates. The federal funding, unveiled in February, amounts to $15 million, $9.1 million of which is allocated to provincial, territorial, and municipal police forces.
At the time, Insurance Bureau of Canada president and chief executive Celyeste Power said: “IBC commends the federal government’s $15 million investment to support the important work law enforcement is doing to fight auto theft.
“[It] builds on the work already happening, including the previous investment in strengthening Canada Border Services Agency and a commitment to modernize the Canadian Motor Vehicle Safety Standards to include stronger theft deterrents.”
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