Frank Cassano is frustrated with his annual insurance costs because, despite having no claims on his home and auto insurance and keeping a clean driving record, his insurance goes up every year.
“When I got my new rate for my car insurance, I freaked out,” said the Oakville resident.
Cassano shared that over the past three years, his home and auto insurance have almost doubled.
New statistics show rates have been climbing. According to Statistics Canada, from October 2024 to October 2025, home insurance premiums jumped 6.8 per cent while auto insurance went up 7.3 per cent.
Over the past five years, home insurance has risen almost 38.9 per cent, and auto insurance premiums have increased 18.9 per cent.
Cassano says someone who is claims-free shouldn’t constantly have to pay more.
“I don’t want to pay for anyone else’s insurance; I want to pay for my own. If I get in an accident and it raises my rates, ok, but if I am claims-free, I shouldn’t have an increase as it’s not my problem,” said Cassano.
The insurance industry says inflation, tariffs, and natural disasters such as wildfires, hailstorms, and flooding are leading to huge insurance payouts.
Homes are more expensive to rebuild and repair, and the price of new vehicles has increased. The cost to repair them has also gone up as cars become more technologically advanced.
“Year over year for both home and auto insurance, we saw increases,” said Steven Harris, an insurance expert with Lowestrates.ca.
The insurance industry says increases are likely to continue this year.
“What could be a minor fender bender back 10 to 15 years ago, such as a bumper repair, could be done for $500 dollars is now $1,500, $2,500, or potentially more,” Harris said.
While remaining loyal to your insurance company has benefits, if your premiums go up dramatically, you may be better off shopping around.
“Different insurance companies will have different experiences when it comes to claims, such as the rates you see on renewal will vary. So, it really is in the consumer’s best interest to take the time to shop that rate,” said Harris.
That’s what Cassano did.
He switched companies and saved over a thousand dollars on his premiums. Cassano says he still wants the Ontario government to investigate insurance companies to ensure consumers are not being overcharged when it comes to their home and auto insurance coverage.
