TORONTO ? Car insurance companies in Ontario should be forced to cut rates 15 per cent to pass along savings from regulation changes that drastically lowered industry costs, NDP Leader Andrea Horwath said Monday.
Major changes to auto insurance regulations in 2010 ?dramatically? reduced benefits for drivers and turned out to be a huge ?bonus? for companies, added Horwath.
?In 2011, the value of statutory accident payouts fell by just under $2 billion, an astonishing 50 per cent reduction from 2010, but that same year Ontario?s auto insurance rates still increased by five per cent,? she told reporters.
?Fifteen per cent is reasonable when you consider that their payouts were reduced by 50 per cent.?
Drivers have yet to see any real reductions in their rates, so if the industry [...]
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Source: http://www.ipolitics.ca/2013/02/04/ontario-ndp-want-auto-insurance-rates-cut-15/
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