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Yes, that's a good observation. In September 2010 the Gov't (not the insurance industry) changed the benefits included in the standard insurance product. Just prior to the reform, many insurers needed double-digit increases just to get the premiums back up to adequate levels. When the reforms...

You're not getting ripped off by insurance companies -- you're getting ripped off by your fellow Ontarians making bonehead moves on the road or claiming when they shouldn't. The regulations are not a secret -- you're welcome to read through the Ontario rate filing guidelines...

Private companies can already spread the risk quite well, but there are certainly arguments for (and against) Gov't insurance programs. The biggest benefits are that the Gov't can subsidize insurance rates through general tax revenues, or have a less-risky group (such as 30-50yo operators) pay...

The insurance product, litigation environment, propensity to sue, and likelihood of a collision are *very* different between provinces. Heck, these factors vary widely within a province (eg. GTA vs the rest of Ontario) or even within a specific city (eg. Brampton/North York/Scarborough vs. the...

As your friend alluded to, there is still a lot of uncertainly in exactly *how* the 15% reduction is going to be allocated. All that we know at this point is that a 15% overall reduction in auto insurance premiums IS going to happen, but that doesn't mean that every person will see a 15%...

That's an unusual circumstance. When Intact bought Jevco, it sounds like they simply rolled all of the Jevco clients onto the Intact rating algorithm en masse (which was probably allowed by FSCO because the Intact algorithm was already in effect for their own policyholders and hence approved)...

Not that I would expect people outside of the insurance industry to be aware of it (since it's admittedly dry material), but Ontario is one of the most heavily regulated jurisdictions in Canada, if not North America. If you don't think they're regulating, then you're just not informed.

Insurance companies can, and do, lose significant amounts of money in some years. Insurance companies can also make significant amounts of money in other years Over the long run, insurance companies are certainly profitable or they would close shop. Contrary to popular belief, the level of...

Rossi -- have you ever heard of FSCO? Or how about OSFI? Insurance is probably one of the most regulated industries in all of Canada. Everything we do has to be justified with the regulator -- even DECREASING rates.

The rate increases would not have been approved by FSCO unless they were warranted. Companies can't increase rates on a whim -- it requires full actuarial justification. As I already mentioned, not all companies are doing the same thing. My employer had room to decrease rates over the last...

The mandatory insurance product is defined by FSCO -- the same regulatory body that will be enforcing the rate reductions. Insurance companies will not be able to change the level of benefits included in the mandatory insurance product.

My car stereo was stolen twice in a two-week period at a GO lot. I wanted to hide razor blades in my car as a nice surprise for their likely third attempt on my car, but I was worried about the liability. I would never consider leaving my bike there.

I'd be very surprised if that is the insurance company's policy. Classic/Antique insurance is really just for show bikes, not for general use. The annual mileage limit is just one of many restrictions.

Indeed it is -- this move is purely political. Mandated an across-the-board decrease is a little absurd, since the companies already operating on a tight profit margin will be forced to take rates that are inadequate to pay losses. It will be interesting to see how this plays out.

This potential increase has definitely been on our radars for a number of months now. In order for companies to have increased rates prior to this announcement, they would have had to justify it with the Financial Services Commission of Ontario (FSCO). My employer has actually taken...

The Ontario Gov't just announced a mandatory 15% average rate decrease for Ontario Auto insurance. This announcement is likely specific to Auto insurance, but I guess there's a chance it could impact Motorcycle insurance rates as well. The details haven't been provided yet...

Thanks for the posts everyone! I will likely be reviewing the motorcycle rates for my employer soon and I wouldn't mind attempting to bring in some ex-Jevco clients with premiums more comparable to what they paid in the Jevco days :)

Hi Everyone, Since Intact bought out Jevco, I'm sure that many Jevco clients have seem some pleasant, unpleasant, and downright nasty rate changes. If you were a Jevco client, could you please post: Operator Age: Years Licensed on Motorcycle: Claims or Convictions? First Three Digits of...

State Farm might be good in the first year because they credit your car-driving experience as motorcycle-riding experience -- this is why I listed it highest in the C9 list of the decision tree. The decision tree will give you many options to quote with, and the expectation is that you will...

The wife will not impact your rate in any way. It's standard practice that the insurer needs to know about all people in the household -- it's really not a big deal.