TORONTO — Ontario drivers could soon cut their insurance costs by opting for less coverage, under reforms proposed in the provincial budget tabled Tuesday.
"This would provide drivers with an opportunity to lower their premiums by taking advantage of a wider range of coverage options to meet their needs," the government wrote in the budget. "I don't think this is where we have any sort of specific numbers in terms of the rate of increase or a decrease," he said.The government is also trying to encourage innovation and competition in the market, which could help on prices, Bethlenfalvy said.
That is already happening, said Laurie Tucker, the president of the Ontario Trial Lawyers Association. The government should have instead fulfilled a commitment it made in 2019 to restore the benefit limit for people seriously injured in collisions to $2 million from $1 million. Making this move instead helps the insurers instead of drivers, Tucker said.
The Progressive Conservatives have also announced auto insurance reforms in previous budgets, and premiums have actually gone up, Stiles noted.