Yet another regular bill is about to get more expensive in Ontario amid inflation
The pressures of inflation are taking a toll on every aspect of daily life in Canada this year, with the price of groceries, takeout, transportation, rent, accommodation — basically, everything — hitting highs not seen in a while, and in some cases, in decades.
People living in already-exorbitantly expensive cities like Toronto are definitely feeling the burn on their wallets, and while the rate of price increases is gradually slowing down, for one bill, it's about to get worse.
Canadians who drive may notice that in the coming months, their car insurance may be costing them a lot more, with a potential increase of up to 12 per cent with some providers.
It follows a recent approval by the Financial Services Regulatory Advisory of Ontario for certain companies to do so, after premiums lowered during lockdown. People were staying home while traffic levels and thus accidents were way down. (Insurer rates are influenced by the payouts they have to give during a given period.)
Some special offers and rebates that popped up during the pandemic are also no longer on the table.
While companies like Intact and Aviva have recently raised rates by around 3 per cent, some, like Zenith, have boosted theirs by over 10 per cent.
Funny, my car insurance didn’t go down 12% during the pandemic?— Randall Stephens (@Schwartzie4Ever) September 20, 2022
Meanwhile, drivers are also experiencing higher costs to repair and otherwise pay for their vehicles (and buy new ones) amid general inflation.
Just another reason to try and take public transit more often, especially as we move into the colder months when cycling and walking are less feasible options — at least the cost of the TTC is thankfully staying put, for now.
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