Auto insurance | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Auto insurance
May 21, 2019
6:44 pm
hotmony
Member
Members
Forum Posts: 436
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

Has anyone noticed their rate dropped like a rock. Could it be the new Ontario gov.

May 21, 2019
6:54 pm
semi-retired
Member
Members
Forum Posts: 124
Member Since:
April 15, 2015
sp_UserOfflineSmall Offline

Mine went up 10%.Time to shop around.

May 22, 2019
5:07 am
gicjunkie
Ontario
Member
Members
Forum Posts: 275
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

hotmony said
Has anyone noticed their rate dropped like a rock. Could it be the new Ontario gov.  

Whose rate dropped? The new Ontario government only raises consumer costs and cuts social services. But that's getting into politics too much.

May 22, 2019
7:32 am
Brimleychen
Member
Members
Forum Posts: 221
Member Since:
September 5, 2013
sp_UserOfflineSmall Offline

My car insurance dropped 10% but home insurance up 10%. Not sure what to celebrate.

May 22, 2019
2:21 pm
Alexandre
Member
Members
Forum Posts: 96
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

hotmony said
Has anyone noticed their rate dropped like a rock. Could it be the new Ontario gov.  

Good for you. I also live on Ontario, my car insurance went up by about 20% on June 1st on renewal, clean driving record for over 15 years, low mileage. No claims. RBC Insurance Co.
My house insurance went up by "modest" 12%.

May 22, 2019
2:59 pm
Londonguy
Member
Members
Forum Posts: 213
Member Since:
May 27, 2016
sp_UserOfflineSmall Offline

Alexandre said

Good for you. I also live on Ontario, my car insurance went up by about 20% on June 1st on renewal, clean driving record for over 15 years, low mileage. No claims. RBC Insurance Co.
My house insurance went up by "modest" 12%.  

I'm a long time RBC Insurance (now Aviva) Ontario client as well. My house policy is going up 19.5% for no coverage change, and my auto policy is going up by 13.1% even though we both continue to be claims-free 9-star-rated drivers and have the same 2 sedans whose insurable value is obviously less than the year before. Isn't everybody glad to hear that there's no inflation?

I'm not very happy about it, but I'm also not surprised that I'm seeing these increases now that Aviva has their snout in the trough. Since in my experience it's been the banks over the last decade or two that always had the lowest auto rates as long as you qualified, it might be time to step sideways over to TD Meloche.

May 22, 2019
3:27 pm
semi-retired
Member
Members
Forum Posts: 124
Member Since:
April 15, 2015
sp_UserOfflineSmall Offline

Londonguy Went to RBC for a quote this morning. Very pleasant insurance broker. Got a quote for my 3 vehicles. Threw it in the trash before I got back to my car. Off to CAA tomorrow.

May 22, 2019
4:29 pm
pooreva
Member
Members
Forum Posts: 14
Member Since:
April 2, 2018
sp_UserOfflineSmall Offline

hotmony said
Has anyone noticed their rate dropped like a rock. Could it be the new Ontario gov.  

Ha, ha! Good one. Did you check your eye prescription lately? Or too much mushrooms in your diet?
Even with 24% discount using Adjusto, I pay about $900 for 16 years old car with no claims.

What really dropped today is CIBC share value. They lost almost $5/share. I never saw such drop but in 2008.

May 22, 2019
4:41 pm
Doug
West Kelowna
Member
Members
Forum Posts: 2601
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

I don't drive, but here's what my mom paid to ICBC (government monopoly over Basic auto insurance) for May 2019-May 2020 on a Volkswagen City Golf Hatchback model year 2007:

- Basic ($250,000 third party liability and underinsured motorist protection $1,000,000) - $791 (base cost is $1387 and her claim-rated scale discount is 43%)
- Third party liability (to $3,000,000; so $2,750,000 additional coverage) - $199
- Extension Underinsured Motorist Protection (to $2,000,000; so $1,000,000 additional coverage) - $25
- Collision (deductible $1000) - $92
- Comprehensive (deductible $500) - $47
- RoadsidePlus (like BCAA, but way better and cheaper; minimum non-refundable premium $30) - $48
Total: $1,202

plus annual license/tag fee: $53

Total Cost: $1,255

The Basic insurance premium amount includes the following non-insurance costs:
- Road safety including enhanced law enforcement: $10.73
- Driver and vehicle licensing, vehicle registration, and other services (i.e., operating costs): $39.09
- Premium tax (4.4%): $34.80

That last one seems wrong to me! Count on government to apply a separate tax on normally tax-exempt insurance! 😉

So much for ICBC offering some of the cheapest auto insurance rates! I wonder how that compares to Peter (in Metro Vancouver) or AltaRed (in my area)? Note my mom's vehicle use is "pleasure" and will not be used for work-related purposes more than 6 days in a calendar month.

Cheers,
Doug

May 22, 2019
5:56 pm
BillieBob
Member
Members
Forum Posts: 25
Member Since:
November 6, 2018
sp_UserOfflineSmall Offline

I'm in Ontario. Our home/auto policy with Intact renewed in April and our auto insurance only increased by 0.75% and the house just over 2%.

May 22, 2019
6:50 pm
Doug
West Kelowna
Member
Members
Forum Posts: 2601
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

BillieBob said
I'm in Ontario. Our home/auto policy with Intact renewed in April and our auto insurance only increased by 0.75% and the house just over 2%.  

House insurance does go up quite a bit, but I've been very impressed by Sonnet Insurance, a direct-to-consumer, bypass the insurance broker company that is owned by Economical Group. Our house insurance had previously been close to $1,000 per year (with both Intact and Canadian Northern Shield, which is owned by RSA Group). Now it is just under $500 - for the second year in a row, too - for the same or even more coverage. 😉

Cheers,
Doug

May 22, 2019
8:39 pm
hotmony
Member
Members
Forum Posts: 436
Member Since:
February 20, 2018
sp_UserOfflineSmall Offline

What do you guys think of these new TD insurance Auto Centres i saw one they look after everything including body work repairs on client cars. Seems convenient, cuts out questionable body shops seems, what's the catch? Like an installer recommended by home depot i might trust a td collision center more than "joe's body shop"

https://www.tdinsurance.com/products-services/auto-car-insurance/claims-centre#/

May 23, 2019
12:28 am
Rick
Member
Members
Forum Posts: 804
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline

Doug said
I don't drive, but here's what my mom paid to ICBC (government monopoly over Basic auto insurance) for May 2019-May 2020 on a Volkswagen City Golf Hatchback model year 2007:

- Basic ($250,000 third party liability and underinsured motorist protection $1,000,000) - $791 (base cost is $1387 and her claim-rated scale discount is 43%)
- Third party liability (to $3,000,000; so $2,750,000 additional coverage) - $199
- Extension Underinsured Motorist Protection (to $2,000,000; so $1,000,000 additional coverage) - $25
- Collision (deductible $1000) - $92
- Comprehensive (deductible $500) - $47
- RoadsidePlus (like BCAA, but way better and cheaper; minimum non-refundable premium $30) - $48
Total: $1,202

plus annual license/tag fee: $53

Total Cost: $1,255

The Basic insurance premium amount includes the following non-insurance costs:
- Road safety including enhanced law enforcement: $10.73
- Driver and vehicle licensing, vehicle registration, and other services (i.e., operating costs): $39.09
- Premium tax (4.4%): $34.80

That last one seems wrong to me! Count on government to apply a separate tax on normally tax-exempt insurance! 😉

So much for ICBC offering some of the cheapest auto insurance rates! I wonder how that compares to Peter (in Metro Vancouver) or AltaRed (in my area)? Note my mom's vehicle use is "pleasure" and will not be used for work-related purposes more than 6 days in a calendar month.

Cheers,
Doug  

yeah...our 12 year old car was 1800 for a year. Pretty sad. When I moved to Vancouver area in 76, ICBC was cheaper than Alberta insurance. Now it's reversed. Governments using it as a piggy bank to rob when ever they felt like it, artificially low rates for years, top-heavy ICBC brass, uncontrolled spending, spiraling repair costs and settlements all contributed to sky high rates while they try to clean up the mess. Should just take ICBC out behind the barn and put it out of our misery. Not a fan of privatizing, but successive governments could not have made a bigger mess of our car insurance if they tried. Now along with the highest gas prices, housing prices, liquor prices, and cost of living, we now have the highest car insurance rates in the country.
Try 3rd party for optional...saved us a couple hundred.

May 23, 2019
4:57 am
Londonguy
Member
Members
Forum Posts: 213
Member Since:
May 27, 2016
sp_UserOfflineSmall Offline

hotmony said
What do you guys think of these new TD insurance Auto Centres i saw one they look after everything including body work repairs on client cars. Seems convenient, cuts out questionable body shops seems, what's the catch? Like an installer recommended by home depot i might trust a td collision center more than "joe's body shop"

https://www.tdinsurance.com/products-services/auto-car-insurance/claims-centre#/  

It's not entirely a bad idea but it presents the same kind of problem created by insurers having a "preferred/approved" list of repair shops that they try to steer you toward (although in Ontario at least it's your right to go where you want). TD's "in-house repair system" makes it harder for snake repair shops to milk the insurance claim, but OTOH you have to wonder if the "approved" shop is working for you or the insurer when it comes to properly fixing your car (because that shop has more allegiance to who's paying their bill).

That conflict of interest can result in less than ideal outcomes, e.g. receiving used replacement parts (which wear out sooner) when they should have been new, partial repainting (the effects of which shows up a few seasons later), and even outright incomplete fixes (especially when damaged components are hard to see to the untrained eye). Any insurer wants to get off the hook as cheaply as possible, so you still have to be vigilant at whatever repair shop you choose.

Many years ago my wife got sideswiped in her almost brand new Cobalt by a semi on the 401. The trucker got charged and was 100% at fault, and I wanted the car restored back to its original condition. I called up AXA (our carrier at the time) and they spent 15 minutes trying to dissuade me from taking the car back to the original GM dealership to get it fixed, claiming it wasn't on their approved list!. Bottom line is that they wanted me to go to Carstar because it would cost AXA less money by cutting corners on the repair job (refer my previous paragraph). I wouldn't fall for their bully tactics but it just shows you how far certain insurers will push it

June 12, 2019
4:02 pm
semi-retired
Member
Members
Forum Posts: 124
Member Since:
April 15, 2015
sp_UserOfflineSmall Offline

semi-retired said
Londonguy Went to RBC for a quote this morning. Very pleasant insurance broker. Got a quote for my 3 vehicles. Threw it in the trash before I got back to my car. Off to CAA tomorrow.  

Insured all 3 of my vehicles with CAA.Saved almost 600$.Would have saved way more with our house insurance by bundling with them but overland water damage is capped at 10,000 $.Switched house insurance from Desjardin to Allstate & saved over 500$ It sure pays to shop around.

June 13, 2019
3:44 am
Loonie
Member
Members
Forum Posts: 5088
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I'm sorry to hear ICBC has deteriorated so much. I had insurance with them, in Vancouver, in 1977, and it was way cheaper than Toronto at that time. It sounds like it would now cost me more there than here, and here is bad enough.
Someone else may be more up to date than I, but I heard somewhere that they are supposed to be eliminating the postal code discrimination in Ontario, whereby you are charged according to your postal code, which I think has something to do with the prevalence of accidents in your postal code. I will be glad to see the end of that as we are among those discriminated against.

I would go for quality of service over cost any day, but it is hard to evaluate this if you don't need to use the service. If I am offered a substantially better rate at one company over another, I like to know why they are doing this as all the policies are supposed to be the same. Where are they cutting corners? Are they really that much more efficient or are they just going to make it more difficult to process a claim?

Membership organizations like CAA can be a good bet if the ratings are based on the driving characteristics of the member group.

Another place to look is university alumni group insurance. To the extent that graduates of a university may be less accident-prone, they can, as a group, get better rates. I've never done it but have heard good reports from those who have. The ones I know of work through TD.

Please write your comments in the forum.