Insurance is a scam
05-31-2010, 04:49 PM
#31
Race Car
What about appraised value?
My insurance company (TD) made me get an appraisal 5 years ago.
Spesking with them this year they tell me I would get market value and not appaised value. WTF? You charge me on the appaised value and give me less?
My insurance company (TD) made me get an appraisal 5 years ago.
Spesking with them this year they tell me I would get market value and not appaised value. WTF? You charge me on the appaised value and give me less?
05-31-2010, 06:01 PM
#33
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As we discovered last month it really pays to shop for insurance. We had been insured through PC and word has it they want out of the business. That was pretty clear when we got a renewal 40% higher than the previous year, with no changes to our information ( $ 1950) for two cars.
Because it is a scam. They can't force the cyclist/pedestrian to buy insurance, so they put the 100% driver at fault in the fault determination rule. Problem solved.
05-31-2010, 07:41 PM
#35
Rennlist Member
Yes, insurance does work here in BC without flimflamery but we pay for it. I have no idea what insurance is like in TO but insuring a p-car in Vancouver costs around $2,500-$3,000. If you own multiple cars, you pay that per car. In the US, insuring a p-car costs less than $1,500 and if you have multiple cars you only pay that rate for all cars. They very logically assume you can only drive one car at a time. When I had three sport/luxury cars, I was paying nearly $10/yr in car insurance per year. Talk about rape without a kiss...
06-01-2010, 01:18 PM
#36
Drifting
Careful what you wish for...
Yes, insurance does work here in BC without flimflamery but we pay for it. I have no idea what insurance is like in TO but insuring a p-car in Vancouver costs around $2,500-$3,000. If you own multiple cars, you pay that per car. In the US, insuring a p-car costs less than $1,500 and if you have multiple cars you only pay that rate for all cars. They very logically assume you can only drive one car at a time. When I had three sport/luxury cars, I was paying nearly $10/yr in car insurance per year. Talk about rape without a kiss...
Yes, insurance does work here in BC without flimflamery but we pay for it. I have no idea what insurance is like in TO but insuring a p-car in Vancouver costs around $2,500-$3,000. If you own multiple cars, you pay that per car. In the US, insuring a p-car costs less than $1,500 and if you have multiple cars you only pay that rate for all cars. They very logically assume you can only drive one car at a time. When I had three sport/luxury cars, I was paying nearly $10/yr in car insurance per year. Talk about rape without a kiss...
“This is the largest independent study ever to have been conducted on auto insurance rates in Canada”, said Bruce Cran, president of the Ottawa-based Consumers' Association. “The study found that consumers in Ontario pay 45% more for their auto insurance than B.C. consumers”, said Cran. The average auto insurance rate in Ontario was $2,383 while it was $1,324 in B.C.
He had a co-worker at work screwed by ICBC this way and now a lot of people in BC record any and all calls or visits from these people.
06-01-2010, 02:06 PM
#37
Rest In Peace Jaak
Cable Guy
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Got renewal for the Edge and Beepster ... it dropped $600 for the year. I turned 55 and no points or at fault accidents for over 30+ years. I pay $2,300 with $1,000 deductable on collision ... am with Economical. When the Beepster is stored ... it drops to fire & theft only which brings it down even lower. 
06-01-2010, 03:25 PM
#38
Rennlist Member
Torontoworker: Thanks for the info. Didn't know you guys had it so bad. That said, I don't know anyone who pays $1,300 for insurance in Vancouver. Most cars, even econo boxes run close to $2k per year with full discount in Vancouver. The disparity may come from lower rates in smaller towns and cities. Maybe rates are more consistent across cities in ON. Never heard of such ICBC antics but that's pretty low and thanks for the heads up.
06-01-2010, 03:50 PM
#39
Drifting
Torontoworker: Thanks for the info. Didn't know you guys had it so bad. That said, I don't know anyone who pays $1,300 for insurance in Vancouver. Most cars, even econo boxes run close to $2k per year with full discount in Vancouver. The disparity may come from lower rates in smaller towns and cities. Maybe rates are more consistent across cities in ON. Never heard of such ICBC antics but that's pretty low and thanks for the heads up.
Just in today: http://www.vancouversun.com/business...226/story.html
Your rates go even lower while ours rates go higher and higher and agents through 'rate scare' - pressure you to increase the deductable to the point where most people with a 5+ year old entry level car decide to risk it and only have the mandatory public liability ...
The other stupid thing out here is the 12 month insurance 'demand' on motorcycles. Excuse me? Now why would I need insurance for a bike that sits in the garage for 6 months? It is explained away as, 'Well the industry would just charge you at the 12 month rate for 6 months anyway. Can you picture the problems if we were to apply that 'logic' in all other areas of life?
No one in the industry can tell me the WHY part of the 12 month liability insurance on bikes. I can take my P Car off the road in Nov and only pay fire and theft during the winter and right beside the P Car under a cover for the same length of time is the motorcycle (now 2 of them) with coverage as if it is ready to be used in two feet of snow. Silence and a shrug from State Farm when you ask. The usual reply is, 'I donna know...'?
06-07-2010, 11:13 AM
#40
this is one of the things in this country that truly sucks
Canada is so backwards when it comes to this.
I have a full no claims bonus 10+ years, you build up a certaion percentage
if I have an accident now and its not protected, I would loose a FEW percent's not the whole wack.
as a 45 year old, I have insurance for 2 cars
4000k a year 944 s2 cab, garaged, no limitations as to what I can use the car for, shopping, backup, commuting, cost a year £300 a year
daily driver, 94 estate GM/VAUXHALL, 12000+ a year, £280 a year
both fully comprehensive, legal assistance, windscreen cover-£50 excess, £100 excess on accidents/thefts, £200 on fire claims.
my insurance on the s2 in this example would probably go up by no more than £20
Canada is so backwards when it comes to this.
I have a full no claims bonus 10+ years, you build up a certaion percentage
if I have an accident now and its not protected, I would loose a FEW percent's not the whole wack.
as a 45 year old, I have insurance for 2 cars
4000k a year 944 s2 cab, garaged, no limitations as to what I can use the car for, shopping, backup, commuting, cost a year £300 a year
daily driver, 94 estate GM/VAUXHALL, 12000+ a year, £280 a year
both fully comprehensive, legal assistance, windscreen cover-£50 excess, £100 excess on accidents/thefts, £200 on fire claims.
my insurance on the s2 in this example would probably go up by no more than £20
I had that about 10 years ago with Johnson. Went from 1100 to 2800 a year for plpd. Called them and told them that I could get it through another company for 1800. I have 4 cars and house insurance and all those would go as well. Guess what? They magically dropped the price back to 1100 to keep the business. You are right, they are complete scam artists, and they also know that you have to have insurance to drive. I have absolutely no faith in insurance companies whatsoever.
06-07-2010, 11:38 AM
#41
I am with Silverwheels and my 928 turned 25 yrs old this year so my rate is $168/yr. They base the rate purely on appraised value, mine is $15000. At $40000 appraised value rates would be $670 for 15 -24 yr old cars and $370 for 25+ years old. The car cannot be used as a daily driver and you have to have another car with insurance as your DD.
06-07-2010, 01:17 PM
#42
Captain Obvious
Super User
Super User
As soon as my DD is back on the road, I'm doing the same. Paying $115/month on a car worth less than $10K and only driving it on the weekends is nuts.
06-07-2010, 02:25 PM
#43
Race Car
Funny how unhappy we all are with the highly regulated industries. A little unfettered competition where companies don't have to employ a massive bureaucracy to deal with a massive regulatory bureaucracy - both of which we pay for - might give us some of those more reasonable US rates........ oh ya, and as a shareholder my wealth is not rising fast enough to pay my escalating rates!
06-07-2010, 07:10 PM
#44
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I agree 100%, these companies scam us, but we don't have a helluva alot of choices... except maybe you could plate your cars in QC... I pay around 300 a year for my 89 S2. At least Qc. has something going for it, cheap insurance.
02-24-2012, 11:22 AM
#45
1st Gear
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Silver Wheel clients BEWARE! I have experienced a theft and 4 months later I'm still waiting! I have had 3 interviews, 1 recorded by tape, 1 verbal, 1 typed, and now have been requested for 1 under oath. I'm a hard working guy thats not into scamming, worked hard to get what I have and have built my car with my own two hands. I drove the car to highschool and have owned it for over 18 years.Trailered the car to the U.S and it was stolen right off of my trailer. Now talking to Pat O'Neil (president) of silver wheels and nobody can help me! Said it's being investigated by Rick Szumlanski
for the past 3 months! I get an e-mail yesterday that he needs a statement under oath and that will take 2 weeks from now and my theft happened in Oct! This insurance is a scam! 4 months without my car or even any coverage! STAY AWAY from Silver Wheels!
for the past 3 months! I get an e-mail yesterday that he needs a statement under oath and that will take 2 weeks from now and my theft happened in Oct! This insurance is a scam! 4 months without my car or even any coverage! STAY AWAY from Silver Wheels!