Consumers beware of Assureway Protection Corporation
TORONTO, Feb. 26, 2026 /CNW/ – The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers about Assureway Protection Corporation.
Assureway Protection had been providing consumers with Guaranteed Asset Protection (GAP) insurance in connection with the purchase of new and used vehicles.
FSRA has specifically identified that some of these GAP products name an insurer despite no licensed insurer having issued the policy. Assureway Protection is not, and never has been, a licensed insurance company and is not authorized to engage in the insurance business in Ontario. This means any existing or future policies and claims may not be honoured
Consumers should not purchase GAP insurance products from Assureway Protection or from any of its agents or representatives.
GAP insurance is intended to protect consumers if they can no longer use their vehicle due to theft, an accident, or mechanical defect. It generally covers the financial shortfall between the amount remaining on a vehicle loan and the vehicles actual cash value.
Consumers may file a complaint with FSRA to help support our understanding of the scope and impact of Assureway’s unlicensed activities. Complaints may also inform any regulatory action FSRA may take. However, FSRA cannot recover premiums, issue refunds, or secure the payment of claim related to Assureway GAP products.
Consumers can file a complaint with FSRA here and may also contact FSRA at 1-800-668-0128 or by email at ContactCentre@fsrao.ca
Motor vehicle dealerships in Ontario are regulated by the Ontario Motor Vehicle Industry Council (OMVIC). Consumers with concerns about how the Assureway Protection product was offered or sold at an OMVIC registered dealer can contact OMVIC at 1-800-943-6002.
For media inquiries:
Lilian Kim
Sr. Media Relations Officer
Financial Services Regulatory Authority
(416) 617-8513
Email: Lilian.Kim@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario
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