Insurance Pemiums decreased again

P

Platinum Cycle

Well-known member

Great news for Ontario Motorists



Ontario consumers report decrease in auto rates

A quarterly review by Kanetix shows Ontario car insurance rates reported by shoppers decreased for the second quarter in a row.
Ontario rates were 6.2% lower in 2012 Q2 than in the first quarter of 2011, and 3.6% lower in 2012 QI than in the same quarter a year earlier, Kanetix reports.
In 2012 Q2, car insurance rates in Alberta decreased 4.1% while they increased 6.9% in Quebec, notes the company statement. The Quebec increase is largely influenced by significantly more shoppers including collision and comprehensive coverage options in their rates compared with last year.
"Consumers should take a look at what they're paying and ensure they have the best policy for the best price," says Janine White, vice president of Kanetix.ca’s Marketplace. “When rates are trending down, there’s a great opportunity to save money because rates do not uniformly change across all insurers at the same time.”
 
Mine went up as well..
 
Mine went up 2$ lol (prolly decreased a little and then inflation adjustment still made it go up)
 
"reported by shoppers" in other words they are only getting this data with that question about how much you pay now when using their online quoting system. In other words this data has only been collected from people who are actively seeking lower prices online.. many of whom may not have done so last year. So while those people may have found themselves a better deal, it does not mean rates have actually decreased any...
 
Overall rate changes for auto are no secret -- you can find the approved rate changes right on the regulator's website:

http://www.fsco.gov.on.ca/en/auto/rates/Pages/default.aspx

Bear in mind these are AVERAGE rate changes, so of course some people will see changes greater or less than the average. If you take a look at the first two quarters of 2012, there are some decreases going through.
 
Whoopee do, 3% lower than 2011? Great, I'll be saving $9 dollars a month from my vehicle's $350 monthly insurance fee.
 
$9/month is $108 a year.....considering that's after tax dollars that's like getting paid another $200/year. Better to be in your pocket rather than the insurers.

Besides, a 3% decrease after inflation is factored in is actually pretty good.

Imagine if the price of gas went down 3% (considering many of us pay $4000/year or so). What if your overall grocery bill went down 3% a year, that would be a good thing too.

I wish my damn Rogers bill would go down 3% instead of up way more.

You get my point. I can't believe people are complaining about a decrease in their insurance premiums, no matter how small.
 
I don`t understand it but my insurance actually decrease after insuring a second car and a second driver....it went from 200$ to 175$ a month.
 
gcrouse said:
dont kid yourselves. Decreased coverage is the reason your premiums are going down
Click to expand...

In part. I've heard that the Auto Reforms in Ontario are reducing claims better than expected. Hopefully this trend continues so that we can see more rate decreases in the future.
 
Wow - Ontario Premiums decreased on average. Okay, we've all read this thread.

For those who think government insurance is the way to go consider this. I bet those motorists in British Columbia (government insurance) aren't too happy.

I guess the government insurance scheme isn't as great as some think it is. (Where's Gympy when you need him, I'd love his spin on this)


ICBC receives approval for 11.2% rate hike

The British Columbia Utilities Commission, “after considering the evidence and arguments of all parties,” has given the green light to an 11.2% rate hike for universal compulsory automobile insurance in the province for 2012.
The approval of the double-digit increase for basic insurance follows a request from the Insurance Corporation of British Columbia (ICBC) and applies to the policy year starting Feb. 1, 2012, notes an Aug. 16 decision by the commission. In its application, the ICBC submitted the need for the increase is based on two primary factors:
* declining interest rates in a period of global economic uncertainty has significantly reduced the yield that ICBC is obtaining on invested premiums collected and Basic equity; and
* increasing bodily injury claims costs, with the main change from past years being higher claims frequency.
ICBC has previously announced a proposed shift to a risk-based auto insurance pricing model from the claims-rated scale (CRS).
Under the CRS, all new drivers pay a base rate for auto insurance and their premiums are adjusted up or down on the scale depending on their number of claims. With a risk-based pricing model, however, low-risk drivers would be offered lower premiums and higher-risk drivers would pay higher premiums.
 
This should be an intersting show for those who are unhappy with the price of Auto Insurance - which probably includes most people.

It will demonstrate the link between fraudulent insurance claims costs and the premiums we all pay.


The "price is wrong" for Ontario auto insurance: IBC

Insurance Bureau of Canada (IBC)’s public awareness campaign on Ontario auto insurance has listened to disgruntled consumers and now aims to promote understanding of the reasons behind stubbornly high rates.
“We wanted to find out what Ontarians were thinking about the high cost of auto insurance,” says IBC Ontario vice president Ralph Palumbo. “So we hit the road over the summer to listen to their concerns and encourage discussion about how to bring these costs down. Not surprisingly, Ontarians had a lot to say.”
That consumer feedback forms the basis of a 30-minute television special The Price is Wrong, which airs on OMNI TV Sept. 2 at noon. Canadian broadcaster and writer Peter Feniak answers common questions about auto insurance and explains how Ontario drivers are victims of what IBC reports as the growing abuse of the insurance system through fraud.
“What we pay for insurance is based on the cost of claims and in many cases the costs are ‘through the roof’ as a result of fraud and abuse in the system,” says Steve Kee, director of media relations for IBC. “Until we can get costs under control, we will continue to have premiums that we all agree are too high.”
IBC is continuing to visit markets across Ontario to gather consumer information about auto insurance as part of the awareness campaign.
 
My rates actually went down! I'm so happy; they literally went down 2 cents per month. I'm going to take that two cents and put it in a high yield savings account. Thank you insurance companies.
 
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