Fastboy

After 32 years of driving with no accidents--I had a fender-bender while exiting a parking lot when backing up to let another person go through a spot where only one car could fit (being the nice guy that I am). Long and short of it--I clipped the guy behind me, my fault- and stupidly went through insurance where (to my surprise) I had no forgiveness on an accident. So the insurance company, TD Insurance, says that I am being rated- and the cost of my 2003 996tt goes from $2000/y to $5100/year!!!!!
You read that right--one slow, lame accident in 32 years for trying to be a nice guy, and I'm rated the same as a guy who drives at 250 km/hr and t-bones a car through reckless driving (seriously--the circumstances of an accident dont matter--all that counts is whether you are "at fault" or not).
Needless to say--I am quite upset with TD. So I phoned around and found that RBC insurance will do it for $3200--and thats with no other cars insured with them (their rate goes down from there as I transfer my other car and my wifes van). Needless to say, RBC gets my business. Even still--I am amazed at the huge increase in premium based on such a non-event and first-ever accident.
So--my opinion of the insurance industry---scum-sucking vermin.
Thats my rant for the day.

Turbodan

after 32 years ...you just realized this?
sorry about the premium hike. you could have paid extra for your first accident to not count (not sure what they have named this ...also a scam but could have helped in your situation).

gtihop

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.

Torontoworker

If the 'Dalton' wants to win the next election - and that is not looking like it will be a shoe in - he may want to pull an Obama and kill off the auto part of the insurance industry here and create the system they have in BC. It isn't perfect out there - but it's better then the rape with out a kiss we get with the American based companies (generally the big five) we have up here now.

FYI Fastboy: You could be arrested right now in this Province with such a user name. LOL Probable Cause and all that jackboot stuff.

Zookie

wow it took you 32 year to realize that? i found that out when i insured my 2000 VW when i was 17, i was paying $560 Per Month... now im down to $245 Per Month on my Porsche as im 24 now... not bad looking at my Driving Record...

RBC is good with Insurance... My Premiums have Dropped every year, even after getting Speeding Tickets...

I have been told GTA has the Highest Insurance Rate in North America... is it True?

atr911

You should know that you have the option to pay the insurance company back for any claims they paid out for the accident and have them removed from your claim history. I ran into this when I got in an accident with my fathers car.

Either way, shop around, I have found that being a 'loyal' customer gets you nothing these days.

webbie

I just signed up with RBC as well. PC insurance quit the business and they signed me up with Aviva automatically. Rate went through the roof. RBC have big discount if you get the home insurance together. More saving for you.

I can feel your pain. I had the same experience exactly like you way back when I first got my license. Luckily it was a small damage and we settled it without going through insurance.

Gov should make this part of the new driver curriculum. Don't leave home without reading it. http://www.e-laws.gov.on.ca/html/reg...s_900668_e.htm

Christien

It is indeed a racket. You should write a letter to TD, enclosing a copy of your new policy, including rates, to say 'here, eat some ****'. Doubt it'd do any good, but it might.

How much damage was there? Not only are you dealing with the premium hike, you've now also got the accident on your record which, to some buyers, will lower the value of your car. Pull a Carproof report and there it is, insurance claim for $xxxx. When we see those cars at auction, we pass, even if it's a small amount.

My rule of thumb is, unless it's a write-off, I pay for damage out of pocket. Only happened once to the P-car ($2000 paid out of pocket), and once to the Honda (day my second daughter was born I crunched the driver's side door on a concrete post in the parking garage of the hospital - still haven't got it fixed...)

Nine11

Insurance, paying for something you never want to use. Yeah, it's a scam.

Bill N

What's more, we are required to buy it. And...have a look at the new regs that have been proposed by FSCO (the body that "oversees" insurance in order to "protect" the public that has to buy the product) and approved by the McGuinty Liberals...we have to buy the insurance, but insurance companies are now required to pay out less and less. It is a complete failure of oversight by a government that appears to be acting more in the interest of insurance companies than the public.

IXLR8

The insurance and banking industry as well as a few others have always been at the bottom of my list (or barrel). There is a reason why they own nice fancy buildings. You have to remember who controls them...no further comment.

Someone in the insurance industry once said, "the money you pay us is ours; if you have an accident, that will cost you extra".

IXLR8

Maybe they don't know about them.

pfitzsim

You have obviously come to this conclusion already however it sounds like you're with the wrong ins. co. I had a similar parking lot at fault approx. 15 months ago and although I dropped a rating (I believe 6 to 5) my premiums went up by $100 a year. I'm with the Personal Ins. Co (formerly CIBC and I think now owned by Desjardins-Laurentian). As a reference point I have 20 years driving experience.

IHATECLAIMS

I was in the claims industry for a good little while and while i can't defend them I can make up a list of why premiums are where they are in Ontario.

Companies write all kinds of risks and they get to a point where they realize that they have to much risk in a certain area, certain demographics etc.. and they need to shed some business. What they tend do do is either jack up premiums for certain individuals to a stupid amount or they lower their premiums hoping to attract new business needed to increase their revenues.


That quote they gave you might mean that they do not want your business and actually hope you are getting off risk....if you decide to stay they enjoy a nice increase so for them its a win win.

If you have been driving for 32 years with no accidents, convictions etc than it is likely that they are trying to get rid of you the only way they can. It looks a little crazy that they are more than doubling up your rates!

Glad you found someone with cheaper rates.

IXLR8

Might it be big profits?

So tell me, why is it insurance is so high where you don't have the right to sue (here in Ontario), yet in the US where you do have the right to sue thereby costing insurance companies millions, the rates in the vast majority of cases are drastically lower. Or is it that Canadian greed thing again similar to car parts, etc.

You might also tell me why I am paying Accident Benefits premiums when I can't collect on them. I'm insured through my workplace insurance for loss of income, medical, etc. Sounds like fraud to me.


Financial Data - Property and Casualty Insurance Companies