Ontario Liberals Anticipated to Reduction in Auto Insurance Rate Plan

This article was last updated on April 16, 2022

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The minority Liberals in Ontario are anticipated to make an announcement to reduce the auto insurance rates by 15 per cent on Tuesday, i.e. only few days before they are scheduled to table the Ontario budget. The Finance Minister of Ontario, Charles Sousa, has stated that the government will be unveiling its plan at an 11:45 a.m. news conference, while the NDP’s support for the minority government’s Thursday budget could hinge on the rate cut.

Earlier this month, NDP Leader Andrea Horwath stood beside taxi and limousine drivers at Pearson airport, where she alleged that “we’re going to do everything we can to see a reduction in Ontario auto insurance rates by 15 per cent for personal auto insurance.” She further added that “there are concerns about the insurance they pay in their work…they’re getting hit on both ends.” There is still very little to speculate on how soon these savings might actually take to go through the system and be implemented. Analysts have projected that a 15-per-cent cut will eventually end up saving the average driver almost $226 a year.

The Liberals currently occupy 51 seats at Queen’s Park, i.e. only three short of a majority, so they need the support of the NDP to pass the budget and avoid a spring election. Horwath has also announced to call for job opportunities for young people and home care guarantees for seniors that the government tackled in recent days with its youth job strategy and investments in home and community care.

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