American Vs Canadian insurance

[gsxr guy]

We have the safest roads in North America but we pay 50% on average more than the rest of our own country. The excuse I've been told is doctors and Lawyers cost more in ontario. I don't buy that.

 

[Delboy]

See, the thing is, you're almost certainly comparing apples to oranges.

US insurance is very much a "you get what you pay for" thing, and although you can most certainly get insurance for dirt cheap since the statute minimum coverage amounts are often laughably low - as low as $30,000 in some states.

When people get into major accidents and get sued for FAR more than that, guess who's on the hook and end up going bankrupt, losing everything, and owning millions for the rest of their life? Surprise, that cheap insurance wasn't really that forward thinking when the **** hit the fan. The internet is littered with sob stories - here's one for example of someone with a cheap $100,000 policy who's getting sued for $1.3M.

On the flipside in Ontario most policies are for $1MIL minimum in liability - legally you can go as low as $200,000 but it may be hard to find an insurance company to write that low (most insist on $1M minimum and recommend $2M)...and even at $200,000 that's still nearly 7 times higher than that "cheap" $30,000 liability policy.

Typically our medical coverage is far better as well, including long term coverage amounts that aren't capped at laughably low figures as many cheap US policies are.

So, take that guys $200/year quote, multiple that times 7, add 30% in USD/CDN exchange, and then keep in mind our better medical coverage amounts, and you're getting closer to comparing apples to apples.

Yes, our insurance system here still has issues, I'm not making complete excuses for it, but your comparison is simply off base.





You should read up on how risk pools work.

I was paying ~$1300 CDNfor the R1200GS in Ontario. 1MM Liability, $3500 in Minor Accident Benefits + Specified perils. This year I paid $478 USD for $4MM Liability, $4mm Accident Benefits + specified perils.

Apples to Apples it is cheaper. Apples to Oranges I could probably get on the road for under $200.

 

[bigpoppa]

I was paying ~$1300 CDNfor the R1200GS in Ontario. 1MM Liability, $3500 in Minor Accident Benefits + Specified perils. This year I paid $478 USD for $4MM Liability, $4mm Accident Benefits + specified perils.

Apples to Apples it is cheaper. Apples to Oranges I could probably get on the road for under $200.

.

Well now thats interesting.

 

[thorongil]

I had a 'full coverage' policy in AK, from a large, national insurance company, with max liability level that was available/offered in that state - I think in was 500k - for a BMW R1200 - it was less than 300 USD annually.
I agree that ON rates are silly.

 

[J_F]

That's what I hate about Ontario. You are forced to pay for Accident Benefits then forced to use your own benefits if anything happens.

If you have another misshap like a sports injury and your benefits are gone you are then SOL. The car insurance company won't pay for that

yup, total scam from the ProvGov to shift health care responsibility from tax payer funded to your own private insurance
older members will recall a time when there were no accident benefits portion of your insurance, and rates were half what they are now

not only did our rates go up to save the gov some money, but it's the accident benefits that opened up the industry to massive fraud, and our rates go up again because of it