May 4, 2012
The Financial Services Commission of Ontario (FSCO) is warning consumers that Discount Auto Insurance Brokers is not licensed to do insurance business in Ontario as either an insurance agency or an insurance broker.
This company placed advertisements in flyers offering consumers the chance to “Save more than 50% off Auto Insurance” and listing the following contact numbers:
The Registered Insurance Brokers of Ontario (RIBO) have also published a warning about this company.
If consumers purchase insurance from agents or insurers that are not licensed in the province, they are not protected under the Insurance Act and the regulations that govern Ontario’s licensed insurance companies and agents.
An Ontario insurance agent or broker can provide information and advice on the risks involved with purchasing different insurance products. The Registered Insurance Brokers of Ontario (RIBO)’s website contains a list of all brokers licensed to do business in Ontario.