Nine Insurers Just Cut Rates. Yours Probably Isn't One.
And the cut only reaches you if your renewal falls on the right side of a date.
Nine Ontario auto insurers have had rate reductions approved this fall.
That is real, and it is unusual.
It is also almost certainly not going to show up on your renewal.
Not because anyone is hiding it - because of how the approvals work.
Who actually cut
The approved reductions, with the dates they take effect:
The Personal - 5.3% - Nov 28
Heartland Farm Mutual - 4.62% - Aug 15
Co-operators - 3.73% - Sep 11
Certas and Certas Home & Auto (Desjardins) - 2% each - Nov 28
Aviva General - 1.64% - Sep 1
Allstate - 1.64% - Sep 15
Pembridge - 1.45% - Sep 15
Definity - 1.31% - Sep 1
Wawanesa - 0.23% - Sep 1
There are dozens of auto insurers operating in Ontario. Nine of them moved.
The date is the whole thing
An approved reduction applies to policies renewing on or after the insurer's effective date.
If you're with The Personal and your renewal lands Nov 27, you don't get the 5.3%. You get it the following year.
One day. A full year of the old price.
What this is worth knowing for
A rate cut is an average across a book of business. Yours could be larger, smaller, or nothing, depending on your vehicle, your postal code and your record.
What it does tell you is that some insurers are currently pricing to win business. That is the moment shopping is worth the ten minutes.
The Rate Board - week of Oct 10
Co-operators -3.73% · in effect since Sep 11
Allstate -1.64% · in effect since Sep 15
Pembridge -1.45% · in effect since Sep 15
The Personal -5.3% · takes effect Nov 28
Certas (Desjardins) -2% · takes effect Nov 28
A cut only reaches you if your renewal falls on or after the effective date. One day earlier and you wait a year.
✓ Find your renewal date - page one of your policy
✓ Check whether your insurer is on the list above
✓ If your renewal is within 45 days, that's the window
The cut is real. Whether it reaches you is a calendar question.
Reply with your insurer and your renewal month. I'll tell you whether any of this reaches you - one line, no pitch.