Will new auto insurance reforms save you money? Time will tell [Video]

Ontario has among the highest rates for auto insurance premiums in Canada — just below Alberta and Nova Scotia — however, the introduction of an insurance reform in the provincial budget could soon lower prices.

As part of its 2024 provincial budget, Building a Better Ontario, the Ford government announced plans to move forward with auto insurance reforms. Auto insurance reforms will make some mandatory aspects of accidental coverage optional, provide more access to benefits and create a more “modern” system enabling more consumer choice.

This is the government’s second attempt in the last five-years to lower insurance reforms, according to provincial budgets.

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In the meantime, rates have been increasing. A report by Ratesdotca suggests that insurance premiums in Ontario have risen about 12 per cent from 2021 to 2023, averaging at about $1,766.

That number has increased to an average cost of $2,299 for …