PbPedis

I remember reading that rates are supposed to go down by 15% (although possibly not all at once). Has anyone seen this? Just got my renewal and it has gone UP (no accidents or tickets). Just wondering if I should waste time calling around for quotes.

Rob993

I was stunned by my rate. 2007TT, $2m liability, glass, full everything, $1000 deductible and fulll year in Edmonton was $805 Company is Canadian Direct Insurance. two other quotes were closer to $2K from other companies. Signed policy about a month ago although not sure if it went down as I just purchased the vehicle.

Tommy 5

The government would have to give the Financial Services Commission Of Ontario the mandate to require all insurers to submit rating filings decreasing their rates by the required amount. So far this has not happened.

The Ontario Superintendent Of Financial Institutions will also have to get involved as there will likely be a few insurers who will have solvency issues if a 15% rate decrease is mandated.

No doubt the insurance industry will be lobbying strongly, citing solvency issues / industry profitability. The usual fare.

As both the government and the insurance industry move at a glacial pace, I suspect we will have a provincial election before you will see a mandated rate decrease.

If it were up to me, I'd say we should raise driver licensing standards and retest everyone. (Yeah, I know; the cost and the time...) Raise the bar so that the fail rate is 20%. Driving is a privilege, not a right, after all. Get 20% of the worst drivers off the road would result in less road congestion, fewer accidents, and should therefore equal lower insurance costs. And while I'm dreaming I'd like a Porsche 918....

ronnie993tt

There's an article in this issue R&T regarding this. Accident rate among the young same in UK and Germany which have tuffer testing and more training. Apparently experience is the key and best way to get this, safely, is with simulators. That way they can experience a wide variety of situations and the consequences of various actions. It seems to work for pilots....

KillPhil

Was with Aviva for 12 years and the renewal rate (June 20, 2013) was about the same after a couple of big jumps in the past. i had a couple of minor speeding tickets on record so i couldn't switch back then. i also asked about the 15% and it never came to pass. i still shopped around and called Grey Power - saved $600.00 on two cars and my tenants package. I'd say that's worth a call anyway. Cheers,