Insurance By Province
10-04-2015, 08:35 PM
#17
Banned
Join Date: May 2014
Posts: 1,322
Likes: 0
Received 0 Likes
on
0 Posts
I get it. They're in the business of making money. I also understand the pooling of funds...
But the truth is that their job is to make as much money as possible, and to pay out as little as possible, and the little guy is always left holding the bag.
I'm sure everyone on this forum can tell a personal story or that of a friend or family member who has been gouged on premiums or screwed on a claim.
But the truth is that their job is to make as much money as possible, and to pay out as little as possible, and the little guy is always left holding the bag.
I'm sure everyone on this forum can tell a personal story or that of a friend or family member who has been gouged on premiums or screwed on a claim.
10-05-2015, 01:25 PM
#18
Rennlist Member
I don't know about other provinces but in Ontario premiums are weighted by factors such as your record, driving experience and where you live, literally by postal code. Basically if your neighbours suck at driving and always crashing into stuff then insurers look at your risk and think, maybe he'll be next.
10-05-2015, 01:37 PM
#19
Drifting
Bingo! They told my Dad who hasn't had an accident/claim or ticket in 25+ yrs that his postal code is to blame for his recent increase. They like airlines make up the rules as they go!
10-05-2015, 04:24 PM
#20
Banned
Join Date: May 2014
Posts: 1,322
Likes: 0
Received 0 Likes
on
0 Posts
Other certain area codes have more traffic.
No one is making up rules the rules are governed by FSCO so the insurance companies cannot do whatever they want to do.
House insurance prices are being adjusted based on area code just because of the Chance of flooding in that particular area as well.
10-07-2015, 01:55 PM
#21
Burning Brakes
So one of the other threads touched on car insurance costs in the various Provinces
I was quite shocked at range of prices from area to area
So, all other things equal, which are the most/least expensive areas?
Sounds like Toronto is pretty steep by all accounts - is it the worst?
As I understand it in BC (perhaps other provinces too) all insurance is provided by "ICBC" (Government run) so does the lack of competition result in higher prices?
I was quite shocked at range of prices from area to area
So, all other things equal, which are the most/least expensive areas?
Sounds like Toronto is pretty steep by all accounts - is it the worst?
As I understand it in BC (perhaps other provinces too) all insurance is provided by "ICBC" (Government run) so does the lack of competition result in higher prices?
10-07-2015, 02:34 PM
#22
Drifting
Join Date: Sep 2006
Location: Toronto, C eh! N eh! D eh!
Posts: 2,281
Likes: 0
Received 0 Likes
on
0 Posts
What bothers me is the thief, crooks, ar$eholes, and jerks who game the system for their own benefit. This leads to an increase in costs and overall percieved liability and thus increase rates.
We have to keep in mind that auto insurance is one product of many that underwriters can use as a source of cash flow. The cash flow is then directed towards an investment and finance pool that leverages the large amount to hopefully gain profit through appropriate risks and planning. Insurance companies make a complex bet using claims, cash flow, investments, assets, and operation costs to hopefully land on a profit. The premiums and claims have only a minor impact on the overall story of how they make money. To state that an insurance company makes too much or too little based on your premiums and their profit is like blaming McDonalds that you are a fat piece of $h00t...somehow...
We have to keep in mind that auto insurance is one product of many that underwriters can use as a source of cash flow. The cash flow is then directed towards an investment and finance pool that leverages the large amount to hopefully gain profit through appropriate risks and planning. Insurance companies make a complex bet using claims, cash flow, investments, assets, and operation costs to hopefully land on a profit. The premiums and claims have only a minor impact on the overall story of how they make money. To state that an insurance company makes too much or too little based on your premiums and their profit is like blaming McDonalds that you are a fat piece of $h00t...somehow...
10-07-2015, 10:57 PM
#26
Drifting
Doubtful, they will argue your risk is increased coming down the hill everyday and especially in Winter. Then there is the increased risk from wind damage to your house and cars from falling tree limbs being so high up. Only real savings potential is flood ins but you can be sure they will find a way to screw you there too. 
