As the most populated province of Canada, Ontario hands over the largest revenue to Ottawa in form of taxes, yet we pay the highest auto insurance premiums in our province. The argument presented by the insurance industry that it is due to the large population is outdated and not justifiable. People are smart enough to understand the facts here. Ontarians are deprived an option to have a government funded basic coverage. And if we need extra coverage, private sector is always there with its 'gracious' rates. But not to have that option as Manitoba, Quebec, BC, and Saskatchewan residents have, is unfair and unjust to the people of Ontario.
The issue here is to have the option. Why don't we have it in Ontario? We are left at the mercy of privately owned auto-insurance companies. As the largest population of Ontario, we are tacked with the highest auto insurance rates in Canada. The commission that regulates these insurance companies -- Financial Services Commission of Ontario (FSCO) is chaired and co-chaired by prominent lawyers with corporate interests in mega law firms. While ordinary citizens struggle to pay the insane auto insurance rates, they don't know that the threshold for these rates are set by FSCO, and their regulated insurance companies make sure that they make that highest limit their starting point. FSCO -- a 100% taxpayer funded agency, doesn't think much about the taxpayers.
While we hand over the highest revenues to the province and to Ottawa, we are penalized by FSCO and the insurance companies...for being a large population. Then, we must also be handed back portion of the taxes we pay -- so we can afford these sky-rocketing auto insurance rates. Because, our government doesn't give us an option to chose from a government funded coverage. After all, isn't that what a government is supposed to do -- to look after its citizens' interests over the corporate?
