Ontario Motorists have overpaid for insurance by $5 billion
Published on May 10, 2018
According to a report by Dr. Fred Lazar, drivers in Ontario may have overpaid by as much a $5 billion on their auto insurance premiums over the past 5 years. This works out to be an overpayment of $143.00 per year for auto insurance policy holders.
While Ontario drivers have been overpaying for auto insurance, the profits for insurance companies have grown to $1.5 billion in 2016.
As a result of the above, there is a call from interested parties for greater transparency from the insurance companies so that consumers can be better protected, informed and treated fairly.
See the report here: