This October, the Ministry of Finance issued a statement confirming all insurance companies including the Facility Association are required to provide a winter tire discount as of January 1, 2016. This was mandated by the Ontario Government in 2014 as part of their commitment to reduce insurance premiums.
The actual discount is up to the insurance company, but regulators approve them – we’ve seen ranges from 2% to 5%. Some insurers will offer the discount only at certain times throughout the year. Each insurer is different so get in touch with us for any clarification.
While each company has communicated different requirements, it appears most companies are taking an honour system approach. While there’s no indication insurers are looking to scrutinize drivers for detailed information, we suggest holding on to proof of winter tire installation up front so you’re protected in the instance of a claim dispute. Proof of winter tire installation could include:
As always, if you have any questions get in touch with us today! 1-888-268-2408