Ontario Insurance Rip-off


lone wolf
+5
#1  Top Rated Post
So which one of Ontario's wannabe leaders is REALLY going to rein in the insurance fraud perpetuated on the public by insurance companies? Let me tell you a story about a certain insurance company who targets good drivers who raised my rate by the tune of $103.00 per year - from $861 to $964 (11%) because I've changed vehicles from a 19-year-old two-door, manual shifting semi-performance car to a much safer 9-year-old four-door Echo - both Toyotas - I have a 40 year driving history that I will proudly compare with any in the province yet it costs more to insure the vehicle than it actually does to drive it.

I'm really starting to believe insurance companies get ripped off and scammed because they deserve to be. If it wasn't a lucrative scam, the banks wouldn't be getting in on the action. Is anyone else tired of the Ontario unrestrained but mandatory insurance tyranny?
 
Retired_Can_Soldier
+4
#2
I'll tell you honestly Wolfy, I don't think any party will rein in these bandits.
 
lone wolf
+3
#3
I'm all for Provincial insurance for people who meet strict criteria. We're being milked. Let the lousy drivers pay for their lousiness
 
pgs
+2
#4
Quote: Originally Posted by lone wolfView Post

I'm all for Provincial insurance for people who meet strict criteria. We're being milked. Let the lousy drivers pay for their lousiness

Good luck with that I live in Bring Cash and my basic rates are way higher than yours before the increase .
 
tay
#5
Auto insurance rates are rising in Ontario, moving the Liberal government even further away from a self-imposed target of an average 15-per-cent reduction.


The Liberals promised in 2013 to cut auto insurance premiums an average of 15 per cent by August 2015, but after that deadline came and went, Premier Kathleen Wynne later admitted that was what she called a "stretch goal."

Approved rates in the third quarter of 2016 increased by an average of 1.5 per cent, according to the Financial Services Commission of Ontario.

That knocks the average decrease since August 2013 — which at one point was over 10 per cent — back down to about 8.35 per cent, or a little over halfway to their goal.

Finance Minister Charles Sousa said programs that will reduce rates further have yet to come into effect, so even though reductions are taking time, "they're happening."

"Our target to reduce rates doesn't change," he said. "Our desire to have a sustained approach over a long period of time, that's what we're trying to establish."

The government still wants to see rates cut by an average of 15 per cent, Sousa said, though there's no longer a deadline attached to the goal.

Premier Kathleen Wynne called the work on rates so far a "success."

"We're going to continue to work with the industry to find other ways to take costs out of the system," she said.

The promise in 2013 came as part of a deal to get NDP support for that year's budget when the Liberals were still a minority government.


NDP Leader Andrea Horwath said the government is putting the interests of insurance companies over those of Ontario drivers.

"It's no doubt that the Liberals have betrayed the discussions that we had during that minority parliament, but more importantly they're betraying the people of the province yet again," she said.

A spokesperson for Sousa noted that the government has lowered the maximum interest rate that an insurer can charge for monthly auto premium payments and prohibited minor at-fault accidents from boosting premiums


Auto insurance rates rise in Ontario (external - login to view)
 
IdRatherBeSkiing
+1
#6
I have seen no reduction in rates. My understanding is there is a large decrease in payouts so I am sure the insurance companies are much more profitable now. But no rate decreases.
 
Danbones
+1
#7
insurance companies are a license to print money
all you can do is like I did
buy stocks
the dividends CAN possibly (lol) make up for the rates /investment income tax plus some
 
TenPenny
#8
Quote: Originally Posted by lone wolfView Post

So which one of Ontario's wannabe leaders is REALLY going to rein in the insurance fraud perpetuated on the public by insurance companies? Let me tell you a story about a certain insurance company who targets good drivers who raised my rate by the tune of $103.00 per year - from $861 to $964 (11%) because I've changed vehicles from a 19-year-old two-door, manual shifting semi-performance car to a much safer 9-year-old four-door Echo - both Toyotas - I have a 40 year driving history that I will proudly compare with any in the province yet it costs more to insure the vehicle than it actually does to drive it.

I'm really starting to believe insurance companies get ripped off and scammed because they deserve to be. If it wasn't a lucrative scam, the banks wouldn't be getting in on the action. Is anyone else tired of the Ontario unrestrained but mandatory insurance tyranny?



That's funny, because I pay $746 per year here in NB for my 2011 Explorer, with $2million liability on it.
 
Cannuck
+2
#9
I owned property that was hit by a massive hail storm in 2011. In 2013, I purchased another property in a different town. When I went to purchase insurance for the new place I had a 10% surcharge because of my previous claim. Their argument was that the previous claim suggests a higher risk. They could not explain how I'm a greater risk to them than my next door neighbour who isnt paying a surcharge. Using their logic, my house has a greater chance of getting hailed on because I was hailed on. That's nonsense. Insurance companies are legalized scams
 
lone wolf
#10
Quite a while back, my car insurance rates with the company who'd insured me for almost ten years went up because, according to the talking head on the other end of the line, though my record with then was excellent, statistically, my luck was about to run out. They didn't even thank me for all the free money when I dumped them for cheaper rates and better coverage with a local underwriter. A couple of years later, they took over the local guy....
 
Johnnny
#11
Co operators?
 
lone wolf
#12
Wawanesa
 
Remington1
+1
#13
My car ins. have gone up, the excuse was due to "changes". One thing I've always wondered about is the small sticker on my plate!! Someone at the vehicle branch told me years ago it was to assure my car was 'fit for the road', which I do get, but how would they know? Every 2-yrs this is what I do; I park outside the vehicle motor branch; go in, pay them $240 and go outside by "myself" and put the sticker on the corner of my plate. I would think that someone would come out and inspect your car, like brakes, wipers, body, etc.. but no, they don't even try to hide this one disgusting cash grab.
 
bobnoorduyn
+2
#14
Quote: Originally Posted by Remington1View Post

My car ins. have gone up, the excuse was due to "changes". One thing I've always wondered about is the small sticker on my plate!! Someone at the vehicle branch told me years ago it was to assure my car was 'fit for the road', which I do get, but how would they know? Every 2-yrs this is what I do; I park outside the vehicle motor branch; go in, pay them $240 and go outside by "myself" and put the sticker on the corner of my plate. I would think that someone would come out and inspect your car, like brakes, wipers, body, etc.. but no, they don't even try to hide this one disgusting cash grab.


Well, you could move to NS where in addition to paying for your sticker you have to take your vehicle to an MVI inspection station, (most mechanics are so licensed) every two years and pay another fee to have them put a blue sticker on your windshield. I think its $25 plus HST in addition to any work that has to be done. One year for me it kicked the $h!t out of 2 grand.

I don't know the situation in ON, but when I first moved to NS from SK, insurance rates were nearly $300 more. What the government did was limit the soft tissue injury claim to $2500. Ambulance chasers were driving the insurance costs through the roof with civil suits and getting outrageous awards for their clients. That came to a grinding halt and my insurance rates dropped to around $1300/yr for two vehicles, from over $1800.


Now in AB I just got a quote from Belairdirect for $1400 give or take, (their e-mail didn't get to me so I don't have exact figures) for full coverage on an 08 Chev coupe and a 13 Chev crew cab. I have a 70 mile round trip commute which I do on average 6 - 8 times a month that affects the rate, so the car is actually more expensive than the truck. Bundled together with home ins., (which nearly always gives you a better rate) brings my home ins. down to around $1800, which includes among other things, overland flooding. Still more than NS, but not by much, plus they didn't offer flood ins in NS for fairly obvious reasons.


This may be an offer through SunLife Financial, that's why I went that route but the agent I talked to didn't mention it. I may also get a deal through Cooperators, I'll check with them next. But it pays off to shop around, you may get deals either through your employer or a financial or insurance company you deal with. The Cooperators deal is through our union, so that's another possibility.
 
Johnnny
#15
Quote: Originally Posted by lone wolfView Post

Wawanesa

Go Co operators I got like 7 demerits and still only pay under 100$ a month lol seriously
 
bobnoorduyn
#16
Quote: Originally Posted by JohnnnyView Post

Go Co operators I got like 7 demerits and still only pay under 100$ a month lol seriously


Wow, what do you have to do to get that? I've never had one. The last moving violation I got was for running a stop sign, (it was a Hollywood stop) just outside of Stratford. He also pinched me for having an open case of beer in the back seat, total $26. That was in 1978. There were no demerits for that at that time. But yeah, Cooperators will be my next call.
 
petros
#17
Quote:

I don't know the situation in ON, but when I first moved to NS from SK, insurance rates were nearly $300 more. What the government did was limit the soft tissue injury claim to $2500. Ambulance chasers were driving the insurance costs through the roof with civil suits and getting outrageous awards for their clients. That came to a grinding halt and my insurance rates dropped to around $1300/yr for two vehicles, from over $1800.

And that is why you now have two options in SK. No fault and tort.

Quote: Originally Posted by bobnoorduynView Post

Wow, what do you have to do to get that? I've never had one. The last moving violation I got was for running a stop sign, (it was a Hollywood stop) just outside of Stratford. He also pinched me for having an open case of beer in the back seat, total $26. That was in 1978. There were no demerits for that at that time. But yeah, Cooperators will be my next call.

Yes, go CO-OP.
 
lone wolf
#18
Best one I ever got was one from the people where a simple question shouldn't lead to a complicated answer....

It's so far back in the archives here I doubt even Ron could fish it out (considering he did once to remove the silly bugger's name off the e-mail - at *ahem* my request )
 
tay
#19
Ontario has the most expensive auto insurance premiums in Canada despite also having one of the lowest levels of accidents and fatalities, a report has found.

“While the number of automobile accidents in Ontario — especially very serious ones — have consistently come down, the cost of claims has consistently gone up. Ontario also has one of the least effective insurance systems in Canada,” said the report by David Marshall, Ontario’s auto insurance adviser.

The average auto insurance premium in Ontario is $1,458, which is almost 55 per cent higher than the average of all other Canadian jurisdictions, Marshall found. If Ontario’s premiums were closer to the Canadian average of about $930, it would save Ontario drivers almost 40 per cent — or about $4 billion a year, he wrote.

The problems in the system are structural, Marshall wrote, not excess insurance company profits or the behaviour of claimants or lawyers.

“While Ontario’s benefits, taking into account both the no-fault and tort portions are, on the whole, fair, they are not being fairly delivered,” he wrote. “The main cause is that the system does not promote a timely, conflict-free means of deciding what care is needed and providing it to accident victims.”

The system favours cash settlements in lieu of care, Marshall found. Sprains and strains — the majority of claims — often take more than a year to settle and about one-third of overall benefit costs goes toward competing expert opinions, lawyers’ fees and insurer costs to defend claims instead of going to treatment, he wrote.

Marshall’s recommendations include adopting a “care not cash” approach, exploring better ways to care for people who are catastrophically injured, making lawyers’ contingency fees more transparent.

The government says it will consult with stakeholders on the recommendations.

It has already lowered the maximum interest rate that an insurer can charge for monthly auto premium payments, prohibited minor at-fault accidents from boosting premiums and introduced a winter tire discount.

The government-commissioned report was quietly posted online last week to Ontario’s government news release site in a way that does not alert subscribers. A spokeswoman for Finance Minister Charles Sousa said it was not issued as a news release because “there really was no news to announce.”

NDP deputy leader Jagmeet Singh said it looks like the government was trying to “bury” the report.

In the past several years the government has reduced benefits, Singh said, such as reducing coverage for catastrophic injuries from a maximum of $2 million to $1 million.

“Every change has systematically cut the coverage that Ontarians receive and benefited not the people but insurance companies,” he said.

Ontario’s auto insurance system ‘one of the least effective’ in Canada | Ottawa Citizen (external - login to view)
 
Jinentonix
#20
Quote:

NDP Leader Andrea Horwath said the government is putting the interests of insurance companies over those of Ontario drivers.

F*ck off Andrea. It was Bob Rae and the NDP who cut the reins on the insurance industry in the first place, let them write up the regulations for themselves and screwed every person in Ontario for the benefit of insurance industry profits.
 
taxslave
#21
Quote: Originally Posted by tayView Post

Ontario has the most expensive auto insurance premiums in Canada despite also having one of the lowest levels of accidents and fatalities, a report has found.
“While the number of automobile accidents in Ontario — especially very serious ones — have consistently come down, the cost of claims has consistently gone up. Ontario also has one of the least effective insurance systems in Canada,” said the report by David Marshall, Ontario’s auto insurance adviser.
The average auto insurance premium in Ontario is $1,458, which is almost 55 per cent higher than the average of all other Canadian jurisdictions, Marshall found. If Ontario’s premiums were closer to the Canadian average of about $930, it would save Ontario drivers almost 40 per cent — or about $4 billion a year, he wrote.
The problems in the system are structural, Marshall wrote, not excess insurance company profits or the behaviour of claimants or lawyers.
“While Ontario’s benefits, taking into account both the no-fault and tort portions are, on the whole, fair, they are not being fairly delivered,” he wrote. “The main cause is that the system does not promote a timely, conflict-free means of deciding what care is needed and providing it to accident victims.”

Quote has been trimmed, See full post: View Post
Sounds like the system is working as designed.
 
lone wolf
#22
Quote: Originally Posted by JinentonixView Post

F*ck off Andrea. It was Bob Rae and the NDP who cut the reins on the insurance industry in the first place, let them write up the regulations for themselves and screwed every person in Ontario for the benefit of insurance industry profits.

Dunno about that. Rae wasn't alone.... Davis made it mandatory and Peterson took away restraints with no-fault. Insurance is a profitable industry and the more for them, the more greedy Ontario gets


Ontario's 25-Year No-Fault Journey - Canadian Underwriter (external - login to view)

Rae promised provincial insurance and couldn't deliver.....
Last edited by lone wolf; 1 week ago at 11:02 AM..
 
Jinentonix
+1
#23
Quote: Originally Posted by lone wolfView Post

Dunno about that. Rae wasn't alone.... Davis made it mandatory and Peterson took away restraints with no-fault. Insurance is a profitable industry and the more for them, the more greedy Ontario gets


Ontario's 25-Year No-Fault Journey - Canadian Underwriter (external - login to view)

Rae promised provincial insurance and couldn't deliver.....

Ah, my mistake, it was the crossover period that got me. I wasn't living in Ontario at the time so... oops me. My apologies to Andrea and Bob even though they'll probably never see this.
You're right, he was supposed to deliver a provincial option and choked on it.
 

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