Tom Rakocevic, MPP for Humber River-Black Creek, slammed the Ford Conservatives for voting yesterday to let auto insurance companies keep gouging Ontario drivers.<\/p>\n
The Conservatives voted down Rakocevic\u2019s private member\u2019s bill, Lower Automobile Insurance Rates Act, on second reading. The bill proposed to bring Ontario drivers relief from sky-high auto insurance rates by capping excessive profit margins of auto insurance companies and also improving transparency in the industry.<\/p>\n
\u201cYesterday was a disappointing day for drivers in Ontario, who are desperate for relief from sky-high auto insurance rates,\u201d said Rakocevic. \u201cThis government had an opportunity to stop auto insurance companies from gouging Ontario drivers.<\/p>\n
\u201cInstead, the Ford Conservatives voted down the Lower Automobile Insurance Rates Act, ensuring auto insurance companies can keep overcharging drivers in Ontario.\u201d<\/p>\n
Ontario drivers were gouged by as much as $5 billion over five years, according to a study released last year. Rakocevic\u2019s bill was drafted in consultation with the study\u2019s author, Dr. Fred Lazar of the Schulich School of Business. Not only would the bill have capped auto insurers\u2019 profit margins, but it would have forced them to keep expenses that get passed on to drivers \u2014 like advertising and legal fees \u2014 in check.<\/p>\n
\u201cI have estimated in the past that just these two changes \u2014 reducing the after-tax return on equity of the auto insurance companies and their permissible operating costs \u2014 could reduce premiums in this province by $1 billion every year,\u201d said Lazar.<\/p>\n
Rakocevic\u2019s bill also would have forced auto insurance companies to crack open their books and shed more light on this through enhanced annual reporting requirements.<\/p>\n
\u201cDrivers in Ontario deserve so much better than to be taken for an expensive ride by auto insurance companies,\u201d said Rakocevic. \u201cAndrea Horwath and the NDP will keep fighting to lower auto insurance rates and to end postal code discrimination.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Tom Rakocevic, MPP for Humber River-Black Creek, slammed the Ford Conservatives for voting yesterday to let auto insurance companies keep gouging Ontario drivers. The Conservatives voted down Rakocevic\u2019s private member\u2019s bill, Lower Automobile Insurance Rates Act, on second reading. The bill proposed to bring Ontario drivers relief from sky-high auto insurance rates by capping excessive …<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[2023],"class_list":["post-20773","post","type-post","status-publish","format-standard","hentry","category-provincial","tag-lower-automobile-insurance-rates-act"],"publishpress_future_action":{"enabled":false,"date":"2026-04-20 14:07:46","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/posts\/20773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/comments?post=20773"}],"version-history":[{"count":1,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/posts\/20773\/revisions"}],"predecessor-version":[{"id":20774,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/posts\/20773\/revisions\/20774"}],"wp:attachment":[{"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/media?parent=20773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/categories?post=20773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wawa-news.com\/index.php\/wp-json\/wp\/v2\/tags?post=20773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}