I am moving from thornhill to north York. From Parking the car outside over night, to an underground parking lot. My insurance company has increased my premium by $600. Does anyone know why?
|
|
|
Move 10 minutes, equal 600 dollar increase?
- Thread starter mastahjay69
- Start date
I am not really surprised about the increase except that it was double what the agent had first quoted me.
I'm moving from dufferin and 407 to Bathurst and steeles.
Platinum Cycle
Well-known member
One day you're 24 years old, the next day your 25 and your rates drop dramatically.
Similar story, different outcome.
Similar story, different outcome.
ATTS
Well-known member
That's your problem, most of Brampton has crappy rates
I moved from to east end toronto to downtown mississauga bel-air jacked my insurance by 760 bucks a year
I hope so... As this will be the case in 10 months.
I moved from north york (York Mills and DVP) to Yonge and Eglinton and my premium went down by 50 buks a month, so 600 a year. Sounds about right
Last edited:
Aleks Hara
Well-known member
The way insurance companies rate premium these days has drastically changed from the past. Anyone with common sense would assume that if you drive a cheaper, used vehicle, and you park it in a safe place, and you don't commute much, and you have a spotless record - that you should be paying less than someone with the opposite of that. Well, as it turns out, territory ratings (where you live) have become more and more prevalent over the last 10 years, and not because of traffic congestion, theft rate, or accident rate necessarily, but because of the Accident Benefit payouts for bodily injury resulting from car accidents. Insurance companies quickly realized that while a stolen or crashed car might cost them $20,000 to replace, a person's injuries could easily go up to much higher. As a result, they've targeted areas where there are higher instances of large accident benefit/bodily injury claims and are raising the premiums there to compensate for the larger claim payouts. It also doesn't help us in the GTA when you see the kind of stuff that goes on in certain physiotherapy clinics and law offices here - it's constantly in the news and the police are cracking down, but there will always be loopholes.
My practical advice is to always give yourself about a month before you move to do research on the insurance rates at your new address. With direct companies such as Belair, TD, Desjardin, RBC, SF, etc... it's just a matter of giving them a quick phone call with your new postal code. For those using brokers, your broker can actually look at other companies to see if it's worth it to switch insurance providers by comparing the cancellation fee of your current company to the potential savings with the new one.
My practical advice is to always give yourself about a month before you move to do research on the insurance rates at your new address. With direct companies such as Belair, TD, Desjardin, RBC, SF, etc... it's just a matter of giving them a quick phone call with your new postal code. For those using brokers, your broker can actually look at other companies to see if it's worth it to switch insurance providers by comparing the cancellation fee of your current company to the potential savings with the new one.
When I first got car insurance I was living at Dufferin and Sheppard on the base. Moved to Markham and rates went up. They've pretty much stayed the same year to year since even though I've moved around a bit.
|
|
|
|
|