Most Ontario motorists should save $150 in annual auto insurance premiums due to the COVID-19 pandemic, according to a confidential government document obtained by the Star. The internal briefing note to Finance Minister Rod Phillips from the Financial Services Regulatory Authority of Ontario (FSRA), an independent regulator, calculates that insurance companies should be passing along $685 million in reductions. “Ontario insurers reported in May that the total financial relief provided or promised is $685 million, which is 4.9 per cent of the total annual premium Ontario drivers pay for auto insurance,” it continued. The internal briefing note calculated that $275 million of the $685 million in savings is because of that decision. That has led to fewer people on the roads and a reduction in auto accidents and insurance claims.

Source: thestar June 16, 2020 21:56 UTC