A report from the Schulich School of Business at York University says Ontario drivers “pay far too much” for car insurance. Business professors Fred Lazar and Eli Prisman are said to have been commissioned by the Ontario Trial Lawyers Association to do the study. The purpose is not stated. It is widely reported Friday (April 10, 2015) that the study shows that “in 2013 alone, consumers likely overpaid by $840 million.” A tidy sum. The professors are calling on the auditor-general to review the system. In 2014, the Liberal government passed legislation aimed at reducing car insurance premiums by 15 per cent on average by August of 2016. At the time, the government said the new bill, the Fighting Fraud and Reducing Automobile Insurance Rates Act, will help reduce costs and uncertainty in the auto insurance industry and protect more than nine million licensed provincial drivers as well as fight fraud.
