No accidents no tickets in 22 years of driving and 7 years of riding motorcycles, my original rate was $325 a year with Jevco and now they incrrased it to $460 yr, why is this?
My Ins Rate Increased To $460 A Year, Why??
- Thread starter Pegassus
- Start date
Maybe the insurance company read your posts here.
In any case, hasn't Jevco (and Kingsway whose insurance business Jevco took over) been losing money over the past couple of years? I can see rates rising in response to that. No company can keep bleeding red ink for long and hope to stay in business. That, and a trend to escalating accident benefit claims costs in the GTA would be reason enough to raise rates for certain groups.
In any case, hasn't Jevco (and Kingsway whose insurance business Jevco took over) been losing money over the past couple of years? I can see rates rising in response to that. No company can keep bleeding red ink for long and hope to stay in business. That, and a trend to escalating accident benefit claims costs in the GTA would be reason enough to raise rates for certain groups.
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The liability coverage required in most US states is a small fraction of what is required here. Also unlike here, in most US states your minimum auto or bike insurance coverage covers liability and nothing more. If you want coverage for medical care, wage loss and rehab, that's extra, and very expensive. Here those "extras" are part of the mandatory minimum coverage.
3 Things:
1) This is actually the nicest most rational non-biased post I have ever seen from Turbodish.
2) Use the search function located in the top right hand corner of your screen for further information on the US vs. Canada topic that, quite frankly has been beaten beyond death into undeath. Which is why I think you've managed to raise it up again.
3) If said search function fails to deliver results, please refer to the ADVANCED search button just below it.
Jevco announced that there would be an increase to everyone this year. It was in Duffy's thread about Jevco updates for the year. Anyways, Jevco has not been losing money, but rather the parent company of Jevco, Kingsway had been the loser last couple of years.
One reason that could explain your increase is the postal code you live in. Your personal assessment might not make you more dangerous for having a good record, but the same can not be said for people living in your area. The area might've been rated more dangerous and probably had an increase for anyone living there.
But I agree with you; it's BS.
Wheelieboy
Well-known member
Dont you ask this question every single year and get the same response?
mike100
Well-known member
I would call them, percentage wise that is very high increase. Let them explain it.
invictus43
Well-known member
You're free to shop around and find a better rate if you so choose. Failing that, you're free to move to the States..
What I don't understand...your insurance rates go up and you complain...
the cost of your groceries go up...do you complain to the supermarket? call the manufacturer and complain? chalk it up to inflation in costs of production?
the cost of gas goes up...do you complain to the 18yr old gas attendant? or do you call suncor or whatever company you get your gas from and complain to them?
while it sucks i wholeheartedly agree. If you're going to complain about paying for something its simple...get rid of the item in question and look you wont be complaining anymore...otherwise stop complaining.
let me put it to you this way as to why rates increase
a company pays out 1mill in claims in a fiscal year but the premium they earn is only 800,000. the company just lost 200,000 which they have to recoup. guess who pays that. everyone they insure. now add on economical inflation as to medical costs, shop costs etc. which means that the company pays out more and to turn a profit(yes insurance companies are in it to make money just like your gas station and grocer) they have to charge more.
the simple way to look at insurance and how it's been working since before automobiles even existed is this simple quote:
"the many pay for the losses of the few".
sorry to rant but i deal with that question day in and day out.
the cost of your groceries go up...do you complain to the supermarket? call the manufacturer and complain? chalk it up to inflation in costs of production?
the cost of gas goes up...do you complain to the 18yr old gas attendant? or do you call suncor or whatever company you get your gas from and complain to them?
while it sucks i wholeheartedly agree. If you're going to complain about paying for something its simple...get rid of the item in question and look you wont be complaining anymore...otherwise stop complaining.
let me put it to you this way as to why rates increase
a company pays out 1mill in claims in a fiscal year but the premium they earn is only 800,000. the company just lost 200,000 which they have to recoup. guess who pays that. everyone they insure. now add on economical inflation as to medical costs, shop costs etc. which means that the company pays out more and to turn a profit(yes insurance companies are in it to make money just like your gas station and grocer) they have to charge more.
the simple way to look at insurance and how it's been working since before automobiles even existed is this simple quote:
"the many pay for the losses of the few".
sorry to rant but i deal with that question day in and day out.
It wasn't a single jump Mike, it has increased about $25 dollars every year since I got insurance in 2004. To the guy who made the comparison to supermarket prices let me tell you that if I go to NYC or Los Angeles to buy a box of pampers they will not cost just 25% of what it costs in Ontario, so why does insurance differ so much than other products/services? I'll tell you why, because insurance companies are like Rogers and Bell, they own us and have our politicians in their pockets.
Silver Ghost
Active member
Dude you need a life, whining about a 25 dollar a year premium increase, You must be fun at parties.
Do the math. His increase is $135 spread out over 7 years. Less than $20 a year and even less to complain about.
Wheelieboy
Well-known member
Buy a box of pampers in NYC, buy a box of pampers in Ontario, you're getting the same product.
Insurance coverage by 10's of thousands in NY vs Insurance coverage by the Millions in Ontario...not the same product.
That ticket was in April 2010. Then there is another post where he says he got a ticket in 2009. http://www.gtamotorcycle.com/vbforu...ant-to-share&p=1567769&viewfull=1#post1567769
This tread has fale on so meny levels.
