Car Insurance Rates To Skyrocket
Posted July 16, 2009 12:00 pm.
This article is more than 5 years old.
There’s a new danger on the roads: car insurance rates are set to skyrocket.
According to a published report, drivers in the province will soon be facing a huge increase in their premiums.
Ontario temporarily froze rates back in 2003, but that has now been lifted.
In the past 12 months, regulators have approved increases – and the average size is 7.8 per cent.
Companies say that the reason for the hike is two fold: The auto insurance business lost money in the past year, and insurers are now paying more for medical and rehabilitation services.
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