Update on auto insurance rates
Let’s go back to 2004 and check out what happened same time that year:
Today, The Island Regulatory and Appeals Commission announced that its current review of auto insurance rates in the province is nearing completion. According to them out of the 31 insurance companies that have filed their rates, the Commission has completed its review of 21 and has authorized rate reductions that will take effect on April 1, 2004.
Maurice Rodgerson, Commission Chair said that they will complete its review of the remaining 10 filings within the next few weeks. The insurance companies’ rate filings reflect recent amendments to the Insurance Act that will limit liability claims for minor personal injury to $2,500. The amendments would reduce, on average, auto insurance rates by as much as 13 percent as indicated by the insurance industry
