Rate Changes

Rate changes highlight revisions to insurance company rating programs.

The Board sets rates for basic coverage (third party liability and accident benefits) and monitors pricing for additional or optional coverage (collision, comprehensive and endorsements that extend coverage such as for loss of use) on private passenger vehicles. Elsewhere on the website you can find more specific information on the Board’s mandate.

Basic Coverage - Change in Rates over Prior Year

Additional Coverage - Change in Rates over Prior Year

Application Decisions are documents that show the insurance company applications that the Board previously dealt with that were implemented during a particular quarter (January to March, April to June, July to September, October to December) and are posted within a of few days following each quarter. It states the company, the nature of the application, how the Board ruled and the date when the company implemented any approved changes. The document shows the list of notices that insurance companies submitted for changes that they implemented in a particular quarter. The notices can be for redistribution of premium for basic coverage, that is, companies can increase some premiums and decrease others as long as there is no overall increase in premium. Other notices are for changes in premiums charged for collision, comprehensive and specified perils coverage or changes to the pricing or limits of coverage for endorsements that extend coverage that include the family protection endorsement, loss of use or legal liability for damage to non-owned automobiles. See Getting Insurance for a brief explanation of commonly available coverage.

Industry-wide Adjustments are annual reviews of industry experience for basic coverage on private passenger vehicles. The Board conducts public meetings in June each year from which it gathers information on expected claim costs and administration costs. After factoring in a percent of premium for profit, the Board determines whether premium level should increase, decrease or remain unchanged.

The Board announces its decision on a rate change no later than August 1 of each year to be effective as of November 1. Insurers have up to three years from November 1 to implement all or any part of an increase. Insurers must implement any decreases as of November 1. Any increase or decrease also applies to the grid rating program.