Ontario auto rates jump 8.5% in second quarter 2003

Ontario auto insurance rates went up an average 8.48% in the second quarter of 2003, based on rate applications approved by the Financial Services Commission of Ontario (FSCO).These changes came into effect prior to the implementation of regulations tied to Bill-198, which insurers say should have a positive impact on rates moving forward.Overall, the average cost of auto insurance was 18.62% higher at the end of June, 2003 than at the same time last year. And since the third quarter of 1996, when Bill-59 was passed, rates have gone up 23.36%.At the high end of the scale are Coachman Insurance Co. with a 27.8% increase, Primmum at 14.9%, and Lloyd’s at 11.9%. The Facility Association, the industry’s pool for high-risk drivers, was granted a 15.5% rate increase. Insurers granted rate increases represent about 57.35% marketshare.