Thompson Hosting Auto Insurance Roundtable in Goderich
(Queen’s Park) —On September 5th, Lisa Thompson, MPP (Huron-Bruce) will be joined by PC MPP Jeff Yurek (Elgin-Middlesex-London), and Critic for Auto Insurance Reform and representatives from the Insurance Bureau of Canada and the Insurance Brokers Association of Ontario for a town hall to discuss auto insurance.
In the spring, Thompson had the opportunity to meet with leaders from the Insurance Brokers Association of Ontario and the Insurance Bureau of Canada to discuss potential changes to auto insurance rates by the Liberals and NDP. Thompson feels brokers and the public should also have a chance to ask the industry leaders how these potential changes will affect them.
The Liberals and NDP support an across the board 15% cut to the overall auto insurance rate. While it may sound like good policy, this is not the way to go. Head of the Financial Services Commission of Ontario Philip Howell said during a legislative committee on auto insurance rates that any arbitrary rate cut would be a dangerous move. He indicated new drivers and new Canadians would likely have a harder time finding insurance and have to pay higher rates through the insurer of last resort.
“It’s clear that the 15% reduction is nothing more than an empty promise without a plan behind it. Ontario drivers deserve a real plan that will reduce costs and bring down premiums for drivers,” said Thompson.
The Ontario PC’s introduced their Auto Insurance Action Plan in April. The four point plan proposes ways to reduce costs by addressing excessive bureaucracy in the rate setting process, reforming the dispute resolution system, fighting fraud, and increasing insurer accountability.
“We need to look at policies that prove to be an incentive for good driving habits,” said Thompson. “We have to create policies to combat insurance fraud—a major reason the rates have skyrocketed here in Ontario. The PC’s are committed to working together with the insurance industry to create clear policies that work for the industries and reward safe driving.”
The town hall meeting will be on Thursday, September 5th from 1:30-3:30 at the Sunset Golf Course in Goderich, with the first hour of discussion being geared to brokers and the second hour open to public comments and questions.