How about a break on Auto Insurance? | GTAMotorcycle.com

How about a break on Auto Insurance?

Mad Mike

Mad Mike

Well-known member
With so few cars on the road, no congestion and I haven't seen a crash for 2 weeks.... auto insurers in Canada must be bleeding green right now. I would expect claims to drop drastically for the next few months, I wonder if they get to keep this windfall?
 
Mad Mike said:
With so few cars on the road, no congestion and I haven't seen a crash for 2 weeks.... auto insurers in Canada must be bleeding green right now. I would expect claims to drop drastically for the next few months, I wonder if they get to keep this windfall?
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Their investments have tanked. Expect an increase.
 
as above. They have billions invested in everything under the sun, and most of it sucks. Now wait for all the defaults with all the leasing companies they fund and the construction loans and condo projects to slide over the edge.
 
That's the last place (business) I would expect a brake from.
 
why would they give the small people a break when they can increase their CEO's salary from 7 million to 8 million. You know that's money well spent right there.
 
Mad Mike said:
With so few cars on the road, no congestion and I haven't seen a crash for 2 weeks.... auto insurers in Canada must be bleeding green right now. I would expect claims to drop drastically for the next few months, I wonder if they get to keep this windfall?
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Lots of people running reds right now (covid related distraction/no cars in front to trigger their brain/just complete bleeping arseholes?). Cops are catching lots of 50+ too as the roads are wide open.
 
I've personally seen that. A segment of the population thinks they now have carte-blanche to ignore red lights and stop signs because (they're assuming) nobody's coming in the other direction anyhow.
 
Mad Mike said:
no congestion and I haven't seen a crash for 2 weeks.
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Accidents are down for sure.

A buddy owns a body shop. Most work is via insurance, very little walk ins.

As soon as the first attempt of a lock down was announced last week Monday, his guys had pretty much nothing to do. He was accepting work that he would normal refuse because it wasn't worth it.
 
oioioi said:
Accidents are down for sure.

A buddy owns a body shop. Most work is via insurance, very little walk ins.

As soon as the first attempt of a lock down was announced last week Monday, his guys had pretty much nothing to do. He was accepting work that he would normal refuse because it wasn't worth it.
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I expect far fewer crashes. There are less vehicles on the road driving less kilometers. The average crash that does happen will be substantially worse than the average crash two weeks ago (most fender benders eliminated, big crashes remain, possibly even bigger than normal as it is quite easy to properly race right now).
 
Ahh always a fun and frustrating topic... I see no change. But hey the industry is government legislated/regulated right. ?‍♂️
 
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We're ####ed.
Ins. co's will try to recoup some of their losses on the backs of consumers...

Similar situation happened a few years ago with an ins. co. I was a customer of.
They took a well publicized beating in the stock market and come renewal time.... Rates jumped 50% in one fell swoop. This was just for my house ins. Needless to say I did not remain a client.
 
Not auto, but my home insurance renewal this May indicates 230/yr increase.

Nothing significant happened around this area. Why such big increase? Because they lost money. Asshats
 
Oh yeah, my wife just got her renewal on a hyundai accent. 150/yr increase with no claims or anything. She's ******.

It's starting folks.
 
hard to say that they actually took a loss, more probable that they didn't hit the numbers they predicted...kinda like xmas holiday season sales when people talk about "sales are down" stores losing money blah blah blah it just means the company only made 5 million instead of the 7 million they forecasted. so now their top dogs will only get a 100 thousand dollar bonus instead of the 200k bonus they were hoping for. those poor guys. feel so bad for them. not.
 
I just moved in February and by geography my house wenmt down $96.00 and my two cars went down about $300 for the pair. Thank you Oakville! (left Milton , which is too close to Mississauga and Brampton, hot zone for fires and crashes)
 
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