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?

 

Ontario is a free for all. The Government will mandate a reduction and the insurance companies will just increase the rates by the same amount claiming higher costs, blah, blah, blah. It's a joke.

 

So is the insurance there government controlled?

 

This Spring I remember reading an article about prov vs prov. Ont was highest at $1200 avg and Quebec lowest at $685 avg.

Ontario is no like BC if that's what you were asking above.

 

So is BC the only Government regulated Province?

Does this mean less competition/higher prices as its effectively only a single supplier with a monopoly?

 

That's pretty much what ICBC is...

 

Go on insurance company websites and look at their financials and loss ratios. The insurers cannot just increase rates on auto. They have to apply and be given permission. The ice storm and floods in Ontario killed them the last 2 years.

 

Yeah, I have no sympathy for them. Sorry.

 

Because you don't like facts I guess. Look at the facts and then form the right point of view.

 

What f7cken losses are you talking about? They made a crap load of money for decades and then once they need to pay out for an ice storm, they claim losses. Bunch of BS. And those ARE the facts.

 

An insurance company can claim a loss in a particular year if they did lose money. Their previous profits are almost always reinvested or paid out as dividends

 

Wrong. Do some research.

http://www.theglobeandmail.com/repor...ticle11106497/

 

Still don't feel sorry for them.

That's why we have to make cash deals when we have a little fender bender... because the insurance companies don't try to screw you over for making a claim on a scratched bumper after years of claims free driving, right! Isn't that why we pay for coverage?

Anyway, I could go on and on, but I'm sure the insurance companies will be just fine!!!

 

If you selfishly look at it as me me me then you will never understand it is a pool you pay into. You might never need it but many others will need large amounts of money from it. Regardless of your claims experience even being zero for your whole life your premiums can only go so low to help pay for others claims. If your house burned down the insurance company won't get that money back from you in 10 lifetimes.
Also, imagine selling a product that you have no idea what it will cost you to produce. Try to run a business like that. That's what the insurance companies have to deal with.
You are just being emotional when you look at the facts you will see it's not some big money making rip off machine

 

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.