Ontario Car Insurance Rates


lone wolf
#1
I never objected to mandatory car insurance when it became law in Ontario in the early eighties. The problem was, insurance companies were given free rein. There are no controls. Greedy is as greedy does.

I can pull up a spotless abstract. In 35 years of driving, I have a record I will gladly match against any in the province. Yesterday, my insurance renewal came. I almost bit the postman when I read the bad news. The rate has gone from $541.78/yr to $938.33/yr! Pilot.... You just ran it onto the rocks.

Any other horror stories out there?
 
karrie
#2
Did you perhaps hit a new 'age bracket' wolf? Enter some new arbitrary risk category?

Gotta love insurance asses.
 
Tyr
#3
At least you can shop around. In BC, ICBC is the only game in town.
 
lone wolf
#4
Quote: Originally Posted by Tyr View Post

At least you can shop around. In BC, ICBC is the only game in town.


Oh, believe me.... I'm shopping!

If there is a new age bracket, they kept it a secret....
 
karrie
#5
Quote: Originally Posted by Tyr View Post

At least you can shop around. In BC, ICBC is the only game in town.

We'd been warned over and over before moving to BC that we'd get 'raked over the coals' by ICBC. Our insurance had never been lower. Privatization rocks sometimes.
 
Tyr
#6
Quote: Originally Posted by lone wolf View Post

Oh, believe me.... I'm shopping!

If there is a new age bracket, they kept it a secret....

Don't quote me, but I believe my Father's insurance dropped considerably when he turned 55
 
Tyr
#7
Quote: Originally Posted by karrie View Post

We'd been warned over and over before moving to BC that we'd get 'raked over the coals' by ICBC. Our insurance had never been lower. Privatization rocks sometimes.

possibly. Hope you never have to collect on it though. ICBC is in court more than the average criminal. Hmmmm. Maybe there's a relationship in there somewhere
 
lone wolf
#8
Comment:
How do you justify a rate increase of 98% for a driver with 35 years experience, claimsfree for over 15 years and no HTA offences?

--- On Tue, 2/24/09, ombudsman@avivacanada.com <ombudsman@avivacanada.com> wrote:

From: ombudsman@avivacanada.com <ombudsman@avivacanada.com>
Subject: Re: Fw: Media relations query from AvivaCanada.com 02/24/2009
To:
Received: Tuesday, February 24, 2009, 4:28 PM


Dear Mr. W------,
Our rates are adjusted and approved by the government to ensure that we cover anticipated claims costs for the subsequent years, if you would like to discuss your particular case, please contact our office.

Thank you

******* *****




A 98% increase is pure robbery and I intend to make the public aware of your company's greedy practices.

Thank you (for nothing)
Last edited by Ron in Regina; Jul 15th, 2009 at 04:10 PM..Reason: Removed Name as requested.
 
mit
#9
Your increase in your insurance has nothing to do with your age or driving record.
This is how insurance - Car - home - life insurance works.
Insurance companies use statistics to determine how much premiums they need to cover what they think they need to pay out and determine the rates. Then they take that premium and invest it. If they have a low payout year or their investments are profitable then those profits go back to the shareholders.
This is where things start to fall apart. Since profits go back to shareholders the kitty does not build up for a rainy day fund. The insurance act requires Insurance companies to keep in their holdings a certain amount of assets (cash - stocks - bonds) - If the investments tank and fall below the minimum reserves required then the insurance company only has one source of income - you - the policy holder. Normally insurance companies can blame a natural disaster for such premium hikes - they do not have one right now - Everyone will see their premiums spike - auto - home - life - mortgage all because somebody thought that putting money in stocks and toxic assets would yield a higher return. Normally when the stock market goes sour and goes down 20 or 30% premiums go up 10 to 20% and life goes on. Those insurance companies that heavily invested in subprime mortgages and the reinsurers (another story) that also invested in these smells bad - looks good shell games have seen their portfolios fall by 80 to 90% now must hike rates by 70 to 80% or go out of business.
If you think about it - car insurance rates should be falling in Ontario - We have seatbelts - air bags - 3rd brakelight - ABS brakes - 5mph bumpers - side impact beams - strict baby seat rules - increased fines for speeding - increased police presence on roads - billions invested in better highways - no fault insurance that limits claims and increases deductibles - The insurance companies are paying out less - and yet we pay more. Just one more way we get forked out of our earnings
 
VanIsle
#10
Quote: Originally Posted by Tyr View Post

At least you can shop around. In BC, ICBC is the only game in town.

That's true but it's not 100% true. You have to buy your basic insurance from ICBC but the rest you can buy privately. While there are some savings doing that, it's not a whole lot. We have done it but generally found it wasn't worth the hassle. ICBC does reward you for safe driving, by lowering your premiums.
 
darkbeaver
#11
The insurance companies should be burned to the ground and the owners run out of town.
 
VanIsle
#12
Quote: Originally Posted by darkbeaver View Post

The insurance companies should be burned to the ground and the owners run out of town.

I'd be more for that when it comes to house insurance then car insurance. The biggest rip off there is, is house insurance. Unless your house burns to the ground - it isn't worth having. $500.00 deductible! Now how often would you put in a claim with that? They should not be allowed over $300.00 deductible and even that is too high. It seems everytime I read in the paper that someone's house burned down it's always one that wasn't insured. People cannot get a mortgage without house insurance.
 
lone wolf
#13
Three quotes ... three figures far below that of Pilot/Aviva's gouge. Though none even come close to my last year's rate, you can bet when my contract with Pilot/Aviva expires, they can press their lips to my Royal Canadian butt and kiss my business goodbye. What a bunch of crooks!
 
bobnoorduyn
#14
Quote: Originally Posted by Islandpacific View Post

I'd be more for that when it comes to house insurance then car insurance. The biggest rip off there is, is house insurance. Unless your house burns to the ground - it isn't worth having. $500.00 deductible! Now how often would you put in a claim with that? They should not be allowed over $300.00 deductible and even that is too high. It seems everytime I read in the paper that someone's house burned down it's always one that wasn't insured. People cannot get a mortgage without house insurance.

I think that is true everywhere, but the ones who are not insured that I've seen either have clear title or are renters. Either way, as I've been told by insurance brokers, insurance is for losses you can't afford to cover yourself. I've had losses from breakins over $500, they even tried to steal our truck once causing a heckuva lot of damage. Now my best insurance is an alarm that barks and a deterrent that is capable of shooting large calibre chunks of copper jacketed lead at relativey low velocities.
 
bobnoorduyn
#15
A large part of insurance premium increases is the payouts on claims. Soft tissue injuries is a biggie. NS introduced a limit of $2500 on these injuries and the rates dropped by a good 30%. It sux if you happen to be a vicitm, but there are also insurance companies that will insure you for such injuries, along with disability and extended care. I think that is fair, only you know what you are worth and should insure yourself accordingly. There are a lot of insurance cheats out there who may not wish to be hit, but if they are, hopefully it is by someone well insured, and we all pay the price. If you want the big payouts, pay the big premiums.
 
VanIsle
#16
Quote: Originally Posted by bobnoorduyn View Post

A large part of insurance premium increases is the payouts on claims. Soft tissue injuries is a biggie. NS introduced a limit of $2500 on these injuries and the rates dropped by a good 30%. It sux if you happen to be a vicitm, but there are also insurance companies that will insure you for such injuries, along with disability and extended care. I think that is fair, only you know what you are worth and should insure yourself accordingly. There are a lot of insurance cheats out there who may not wish to be hit, but if they are, hopefully it is by someone well insured, and we all pay the price. If you want the big payouts, pay the big premiums.

I hope I never have to be concerned with big payouts. We pay the price regardless. For the person talking about Aviva. They used to be our insurer. They covered nothing. They had an excuse for everything so like you, we said ta ta.
 
mit
#17
20% increase this year for our auto insurance - not even a reason why - I am going to check out GreyPower now that I am 50
 
Goober
#18
Quote: Originally Posted by mit View Post

20% increase this year for our auto insurance - not even a reason why - I am going to check out GreyPower now that I am 50

Markets tumbled along with their equity - the need to maintain certain levels of cash for all the other products they have- and guess how they are making up their losses - It has just started - wait for you house insurance - next on the list -
 
L Gilbert
#19
ICBC rates sound pretty damned reasonable until you try claiming something. IOW, we used to be covered for a lot more than we are now. The good thing is that now we can opt for anything other than the basics from other insurance companies whereas when the Naive Dense Pussies brought ICBC in, they were the only game in town.
Ever get a ding in a parking lot? Don't ewxpect ICBC to cover it. Most parking lot dings aren't really a big expense, but ICBC only covers them after $300. So if your ding is $299, you fork over the dough plus you are out the use of your vehicle as it gets repaired plus you feel both as if you have been dumped on by the other driver and by ICBC. ICBC does NOT fight for you in case of a two party crash. It fights for itself. The decision of one adjuster concerning a crash is not necessarily thwe same decision about the same crash as another adjuster may have. IOW, their policies about crashes seem to be arbitrary and sometimes even ludicrous. I know of one instance when an adjuster basically told someone if they hadn't been there, there wouldn't have been a crash.
But they have us over a couple barrels; insurance is mandatory, and in case of liability, they are handy for forking over big wads of dough in case you do something wrong.
I hate the leeches, especially the monopolised ones..
 
lone wolf
#20
$300? That's a lot better than $1000.00 deductible and no fault in Ontario.... If somebody hits you, your rates go up....
 
L Gilbert
#21
lol $300 is only for the hit and run. Your regular deductible is separate. Either way, ICBC is cheap but don't expect em to cover anything if something happens. One of their favorite tricks is to arbitrarily assihn partial blame to both parties. It's cheaper for them. Both parties rates go up that way. Although you can have one booboo every 4 years where they don't raise rates on you.
 

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