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Tuesday, August 15, 2017

August 15, 2017

 

For Immediate Release

 

 

 

Liberals Who Taxed Auto Insurance Now Study ‎Reasons for High Costs

 

 

 

Kevin Parsons Opposition Critic for Service NL, said, "Today, the Liberals have attempted to convince the public that they are working towards lowering automobile insurance rates for consumers. The Government’s announcement is surreal considering that recent tax hikes on insurance occurred because of decisions made by the Liberal government.”

 

 

 

"In their 2016 Budget, the Liberals introduced a retail sales tax on insurance premiums of 15 per cent, taking an estimated $111 million a year in additional revenue from the province's consumers in addition to all the other tax increases their Budget imposed. ‎They also increased the tax on insurance companies, which translates to even higher costs for consumers."

 

"The Opposition caucus was on record in May calling on the Liberal Government to move ahead now with a complete review of automobile insurance. The Liberals have the ability, right now to accept our proposals to freeze increases in insurance costs and to cut the Liberal tax on insurance, which is one of the factors that has driven up the cost of insurance for consumers."

 

The PC Leader made the proposals during Question Period on May 16.

 

 

 

In 2007, the former administration was able to report that our province's automobile insurance premiums had become the third lowest in the country and our rates had seen a significant decrease. Now we pay some of the highest insurance rates and this is compounded by the Liberal tax on insurance that came as a result of Budget 2016.

 

"We have been on record calling for this review and we look forward to hearing the input that the public, stakeholders‎, independent experts and the PUB will provide, and seeing an objective comparison with the approaches and costs in other jurisdictions which will hopefully lead to a reduction in insurance costs for consumers.”

 

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