GUELPH, ON, Sept. 12, 2012 /CNW/ - Co-operators General Insurance Company has introduced another overall reduction in auto insurance premiums for its clients in Ontario. During 2012, the company has reduced its overall premiums for private passenger vehicles in the province by 9.9 per cent.
Over the past two years, the Ontario government has been introducing changes aimed at controlling auto insurance costs, particularly those related to Statutory Accident Benefits, and the impact of fraud. Accident Benefits are provided when someone is injured in a car accident, regardless of fault. They cover such things as medical and rehabilitation assessments and treatment, attendant care, caregiver and housekeeping benefits, and income replacement. The largest rate reductions The Co-operators has introduced in Ontario have been related to Accident Benefits.
"As efforts to control claims costs produce results, we are very pleased to pass savings on to our clients," said Kathy Bardswick, President and CEO of The Co-operators. "Drivers in Ontario have many options when it comes to insurance. It's a good idea to check with your advisor to make sure you're comfortable with your coverage options and deductibles, and that you're getting any discounts you're eligible for."
In September, 2010, the Ontario government introduced a series of changes designed to control costs while ensuring that motorists remain adequately protected. To address the serious problem of fraud, particularly in the Greater Toronto Area, it announced a new Auto Insurance Anti-Fraud Task Force in the 2011 Ontario Budget. The task force's final report is expected in the fall of 2012.
The Financial Services Commission of Ontario reviews filings from auto insurance companies operating in the province to ensure that their proposed rates are justified, based on their claims experience and other costs. Every three months, it publishes each company's rate changes on its website: www.fsco.gov.on.ca/en/auto.rates.
The impact of the rate changes introduced by The Co-operators will vary from one driver to another depending on a number of factors, including their location and the type of vehicle.
About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $36 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the 50 Best Employers in Canada and Corporate Knights' Best 50 Corporate Citizens in Canada. As a proud member and supporter of the co-operative sector, The Co-operators is pleased to celebrate 2012: The International Year of Co-operatives. For more information visit www.cooperators.ca.
SOURCE: The Co-operators