wheres vifferfun?, we need you to explain insurance in ontario to us just one more time please. making it 10,001 times. you mentioned something about higher payouts in ontario then in the US which is why out insurance is higher.
My Ins Rate Increased To $460 A Year, Why??
- Thread starter Pegassus
- Start date
You just explained it in a nutshell -- if people want more details, they can do a search.
Write your MPP. I was a bit ****** off when RBC came back and qouted me $600 dollars more for my car when my driving record has improved since the previous year AND I was getting less coverage thanks to the Ontario government stepping into the picture last September.
A few phone calls later and I told them what they can do with their rate increase by adding my name to the list of lost customers for 2011.
A few phone calls later and I told them what they can do with their rate increase by adding my name to the list of lost customers for 2011.
OP, move to the US if you feel they offer better prices for insurance and pampers diapers. I hate people who ***** and complain but sit back and do nothing.
So your insurance has increased by around $20 every year over 7 years? And your whining about that because....?
So your insurance has increased by around $20 every year over 7 years? And your whining about that because....?
What are you? An insurance company plant?
Why can't he complain about rising prices? I do, you do, your parents do.
Can I ask you why the government allows increases of over 12% when they know darned well that salaries are indexed to the cost of living?
I think he's got a right to complain.
LOL, definitely not a plant.
The OP just went on and on about US pricing compared to Canadian pricing, how they have it much better blah blah. Just reminded me of someone whose parents came over from another country but once they got here, whined about everything here - how they hate it here and can't stand Canada.
OP was also busted regarding never receiving a ticket.
The OP just went on and on about US pricing compared to Canadian pricing, how they have it much better blah blah. Just reminded me of someone whose parents came over from another country but once they got here, whined about everything here - how they hate it here and can't stand Canada.
OP was also busted regarding never receiving a ticket.
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Actually, if you do the math it turns out that the OP's increases worked out to about 5% per year, not 12%.
While that's about double the average CPI increase in that same time span, it's still a pretty nominal amount and far less than the average % increase in accident benefit claims payouts that the insurance companies operating in Ontario have experienced in the same time frame.
Here is what i dont understand about insurance companies. the complain and complain about how there losing money in Ontario and claim payouts are high etc... BUT when the public option is put on the table, they will lobby against it.
If there is no money in insurance then leave, fold up shop and go.
As much as i hate govt controlled industries, im starting to think that a public option might not be all that bad. Cap out the payouts and be done with it.
If there is no money in insurance then leave, fold up shop and go.
As much as i hate govt controlled industries, im starting to think that a public option might not be all that bad. Cap out the payouts and be done with it.
We make money, but only because we are forced to increase rates to match the increasing payouts. If the Gov't would cap payouts, then you would see a drastic decline in insurance premiums whether it is private or public. With the products being the same, the average policyholder will pay less in the private system than the public system. The people who benefit from public systems are those deemed high risk, since the low-risk operators will subsidize them by paying higher premiums than they should.
I dont think what you said is 100% true.
Insurance companies also take into consideration their return on investments in the markets as well. So even if payouts were to decline, but stock market returns dropped, rates would still go up.
Why are'nt inusrance companies lobbying for a cap payout for accidents? Because its the client that pays the difference and not the insurance companies.
I still think that we will be in a public system at some point, thats the only way I see it being possible for the govt to cap accident payouts.
Even taking caps into place, whats the difference in a policy were the insurance companies liability is limited to 250K vs 1 million or 10 million? its not substanial, maybe 10% of total premium.
Insurance companies also take into consideration their return on investments in the markets as well. So even if payouts were to decline, but stock market returns dropped, rates would still go up.
Why are'nt inusrance companies lobbying for a cap payout for accidents? Because its the client that pays the difference and not the insurance companies.
I still think that we will be in a public system at some point, thats the only way I see it being possible for the govt to cap accident payouts.
Even taking caps into place, whats the difference in a policy were the insurance companies liability is limited to 250K vs 1 million or 10 million? its not substanial, maybe 10% of total premium.
Where have you been? Insurance companies have been lobbying to stricter caps, and the Ontario government responded in their latest adjustments to lower statutory accident benefits as required under the standard OAP-1 vehicle insurance policy.
He's speaking Jamacian.
How can u tell?
Hahahaha. U funny mon
Irie. I mean, Erie...
That's the same ticket I'm talking about but I confused the years, and that was in 2010, so why were they increasing my rates from 2004 to 2009 with no tickets? Thread fail? I think not.
ALSO BE QUIET already about how U.S. insurance companies only "partially" covers you, who cares, I'll take $900 a year with partial $200,000 coverage than $4,000/yr with a $2 million policy. Will I really use those $2 million or ever will? If U.S. bikers are fine with their partial insurance coverage why not me?
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So now you admit one ticket, while in another recent post you claimed to be accident AND ticket-free. Which is it? No ticket? One ticket? Two? Three?????
At least you admit being confused. Enough said right there.
You are confused. Ontario's statutory minimum is only $200,000, not $2 million. If you don't want $2 million coverage, then don't buy it! Just be aware that if you do have a crash, that minimum $200,000 liability coverage can get used up very quickly.
As far as most US states, minimum liability coverage there is only $40,000 to $50,000. Cost to mend a broken arm down south can be $3,000 to $5,000 for plaster and xrays. Cost of your first day in hospital $1,000 to $2,000, and $500 a day after, and that does not include actual medical treatment received while in the hospital. Cat scan and minor road rash cleaning, $3,000. If the person you put in hospital loses time at work, add in lost wages. It doesn't take much to exceed your liability coverage, and then the excess starts coming directly out of your pocket.
If you like the tough of such partial coverage so much, please move there.
Really? Most supersports riders here can cover all those expenses you wrote up with what they pay for their current insurance premiums and still come up with a profit, and you expect all of them to crash right? I'll take $40,000 coverage for insurance at $65/month on an R6 anytime of the day.
