Lower car insurance rates coming for Ontarians

The Ontario government says auto insurers must give discounts to drivers who use winter tires.

The province announced a host of changes to vehicle insurance in its budget, released April 24, reports Advisor’s sister publication, Canadian Insurance Top Broker.

Read: Ontario budget highlights

It lowered monthly interest rates on unpaid insurance premiums from 3% to 1.3%. It also nixed premium increases for minor accidents when no one is injured, reports Canadian Insurance Top Broker.

The province also changed standard benefit levels and deductibles.

The government also says it will work with new ridesharing services, such as Uber and Lyft, to develop regulations.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.