Ontario Government working to lower auto insurance costs

The 3 key takeaways

Ontario’s 2023 budget outlines plans to make auto insurance more affordable for drivers by introducing several regulatory changes and promoting increased competition.
The budget proposes the creation of a regulatory sandbox for new and innovative insurance products, enabling insurers to test novel offerings in the market and providing consumers with more options.
Additionally, the government plans to introduce legislation to protect drivers from unexpected rate increases by ensuring insurers provide clear, accurate, and timely information about policy premiums and coverage.