daught
Well-known member
Ya really, I am trying to figure out where my union and all other unions stood when that **** passed. We should really organize and refuse that fee.
Ontario drivers have overpaid up to $4 billion in auto insurance, new study finds
- Thread starter CafeRay
- Start date
Ya really, I am trying to figure out where my union and all other unions stood when that **** passed. We should really organize and refuse that fee.
Reducing rates by "At least 7.9%" as the article suggests would be great, but it would only scratch the surface of how much we are surcharged in Ontario, especially the GTA. For me, that would equate to about $80 a year for each of my vehicles. I could save more by moving to a different area.
We shouldn't lose sight of that by thinking that this would make everything even with other provinces. There still needs to be a crackdown on fraud.
We shouldn't lose sight of that by thinking that this would make everything even with other provinces. There still needs to be a crackdown on fraud.
Re: This is news?
The decrease doesn't apply to recreational vehicles so you get double shafted.
ukeright:
They raised my insurance this year, when one ticket rolled off my record and both bikes (and me) are a year older. And last fall, they were saying that insurance was supposed to go down 15%, anyone remember that?
The decrease doesn't apply to recreational vehicles so you get double shafted.
A study was done that shows Ontarians have over paid on insurance? :sign5:
They needed a study to determine this? :sign5:
This article and politicians squaking about what they're going to do us laughable, nothing will change, other than our premiums going up and up and up.
They needed a study to determine this? :sign5:
This article and politicians squaking about what they're going to do us laughable, nothing will change, other than our premiums going up and up and up.
Apparently the study summation left out an important part. The part that was left out was that the study took into account only those companies that did not lose money on auto insurance, and it purposely left out the companies that lost money.
Some would think that including all of the players and not just the money winners is kind of important of you are going to make judgement on an industry's overall profitability.
http://www.canadianunderwriter.ca/n...U&utm_medium=email&utm_campaign=CU-EN04142015
That maybe, but how does that justify the money winners, year after year after year.......... Do they have some kind of insurance pool to susidize who does better/worse than the other?
"Ya we had to rape everyone to make up for the insurance companies that lost out, you know, cause we need to stick together"
I haven't looked at this but I do remember in the past where insurance companies count investment losses (insurance premiums are invested) as not making money.
kwtoxman
Well-known member
The reason is explained in that article and it makes sense.
Welcome to the vagaries of a regulated sector where basic economic theory does not apply. It skews the whole system... where well run companies end up grossly profiting from the public and poor run companies are not held accountable for their poor performance. But hey, that's what government is often known for.
Can't wait for the Ontario carbon tax (cap and trade) now adopted by the liberals most of you voted for.
Welcome to the vagaries of a regulated sector where basic economic theory does not apply. It skews the whole system... where well run companies end up grossly profiting from the public and poor run companies are not held accountable for their poor performance. But hey, that's what government is often known for.
Can't wait for the Ontario carbon tax (cap and trade) now adopted by the liberals most of you voted for.
They do count investment losses as not making money, but at the same time they also count investment gains as making money.
So the study was just agenda driven and scewed to make a point and people will judge it based on their own bias. That's why we can't have nice things.
Re: This is news?
The insurance product is stipulated by the government.
There is only one product.
The same insurance companies do business in other countries and guess what? Premiums are much lower.
So thats your government.
There is fraud. Why? Because the government regulates how claims are handled and paid.
Insurance companies can not suspend or stop payment to benefits or coverages unless the claimant was convicted of doing something that disqualifies them from coverage or convicted of fraud.
Not charged or suspected of doing something criminal.
They do investigate fraud. But the majority of cases are paid out because it's cheaper than proving the case of fraud.
So it's an industry created by, the government.
Scratch you bumper and have a body shop repair. Couple of hundred bucks. Claim in insurance? Thousands.
We could have cheap insurance like they do down south.
There would be some folks that don't have enough coverage. Or have their benefits suspended because the insurance company see fit to do so.
The regulations for premiums, risk and claim reserves exist. They are pretty uniform.
Tracking profit by product isn't easy.
But I can tell you the real money is in commercial causality and other products like life or property. Auto, fleet can be a loss leader at times.
That's why you get bundled products at a discount.
Bike insurance is a disaster. Why? Its the same coverages and benefits as the automotive.
Bikes average claim, total loss and benefits claims are exponentially higher.
Just a tip over. Boom.
Fall and break and ankle? Boom.
Someone turn left into a bikers path? Boom.
I'm not defending insurance companies. But they work off the same business models in other places and the only difference is the product itself.
The insurance product is stipulated by the government.
There is only one product.
The same insurance companies do business in other countries and guess what? Premiums are much lower.
So thats your government.
There is fraud. Why? Because the government regulates how claims are handled and paid.
Insurance companies can not suspend or stop payment to benefits or coverages unless the claimant was convicted of doing something that disqualifies them from coverage or convicted of fraud.
Not charged or suspected of doing something criminal.
They do investigate fraud. But the majority of cases are paid out because it's cheaper than proving the case of fraud.
So it's an industry created by, the government.
Scratch you bumper and have a body shop repair. Couple of hundred bucks. Claim in insurance? Thousands.
We could have cheap insurance like they do down south.
There would be some folks that don't have enough coverage. Or have their benefits suspended because the insurance company see fit to do so.
The regulations for premiums, risk and claim reserves exist. They are pretty uniform.
Tracking profit by product isn't easy.
But I can tell you the real money is in commercial causality and other products like life or property. Auto, fleet can be a loss leader at times.
That's why you get bundled products at a discount.
Bike insurance is a disaster. Why? Its the same coverages and benefits as the automotive.
Bikes average claim, total loss and benefits claims are exponentially higher.
Just a tip over. Boom.
Fall and break and ankle? Boom.
Someone turn left into a bikers path? Boom.
I'm not defending insurance companies. But they work off the same business models in other places and the only difference is the product itself.
Re: This is news?
The 3 - 4 billion is over 12 years. The actual cost per policy is probably well under $100.00 a year so don't go shopping for a liter bike thinking premiums are going to drop through the floor if this study gets traction. This is just one brick in the insurance wall.
The 3 - 4 billion is over 12 years. The actual cost per policy is probably well under $100.00 a year so don't go shopping for a liter bike thinking premiums are going to drop through the floor if this study gets traction. This is just one brick in the insurance wall.
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Re: This is news?
This drives me crazy. Do they attempt to explain the number of increased claims? Because it doesn't take a freakin' genius to realize that more drivers means more cars, and more cars means more incidents. Naturally, that means an increase in claims.
If the increase keeps this driver inflation in mind, then it may hold weight. Otherwise, it's just a BS line.
What am I saying - it's a BS line in any case.
This drives me crazy. Do they attempt to explain the number of increased claims? Because it doesn't take a freakin' genius to realize that more drivers means more cars, and more cars means more incidents. Naturally, that means an increase in claims.
If the increase keeps this driver inflation in mind, then it may hold weight. Otherwise, it's just a BS line.
What am I saying - it's a BS line in any case.
Re: This is news?
So about 10 years ago I got back into street riding. For insurance I went to a heavy advertiser and cheap. He worked me over like a used car salesman trying to get all my other policies. I used him 1 more year and then got fed up with him pinning me down in the corner office with his babbling BS. "I'm almost wasting my time writing this up I'm not making any money here but I like you(WTF?) Instead of "thanks for your business". Now I'm seeing and hearing this twat around. "I've got a garage full of bikes"+"This new Monster is my 53rd bike" What a tool this guy is cutting into a conversation I was having with another rider just so he could drop that horse****. I wonder if he recognized me.
So about 10 years ago I got back into street riding. For insurance I went to a heavy advertiser and cheap. He worked me over like a used car salesman trying to get all my other policies. I used him 1 more year and then got fed up with him pinning me down in the corner office with his babbling BS. "I'm almost wasting my time writing this up I'm not making any money here but I like you(WTF?) Instead of "thanks for your business". Now I'm seeing and hearing this twat around. "I've got a garage full of bikes"+"This new Monster is my 53rd bike" What a tool this guy is cutting into a conversation I was having with another rider just so he could drop that horse****. I wonder if he recognized me.
