All insurances going UP

[Topaz]

Apparently, in Ontario, our car and house insurances are going to go up because the insurance companies in Ontario lost money again in the stock market. Well, guys, so did your customers and no one is giving back our money that we lost!! This is a rip off and the only person's insurance that should go up are the ones that make a claim and the rest of us shouldn't have to pay for others or for poor investments on the insurance companies part. I'm still looking for a link for this story but haven't found one. I just happen to turn the radio on, and the Windsor, On radio is talking about this. If anyone can find a link I like to see it.

[M.Dancer]

, On radio is talking I'm still looking for a link for this story but haven't found one. I just happen to turn the radio on, and the Windsor, On radio is talking about this. If anyone can find a link I like to see it.

Perhaps you should have waited till you found a link, then your post wouldn't be rife with errors.

http://www.thestar.com/Business/article/667105

Edited July 16, 2009 by M.Dancer

[stranger little]

Expect your taxes to sky rocket as well. The Green Energy Act is going to ruin us.!!!!

[Alta4ever]

Apparently, in Ontario, our car and house insurances are going to go up because the insurance companies in Ontario lost money again in the stock market. Well, guys, so did your customers and no one is giving back our money that we lost!! This is a rip off and the only person's insurance that should go up are the ones that make a claim and the rest of us shouldn't have to pay for others or for poor investments on the insurance companies part. I'm still looking for a link for this story but haven't found one. I just happen to turn the radio on, and the Windsor, On radio is talking about this. If anyone can find a link I like to see it.

Obviously you have no idea how insurance works.

[Jerry J. Fortin]

The insurance racket is very profitable. They take your money, invest it and make money for themselves. If they have to spend any money they pass along the costs to the consumer. It all makes sense when you see that the scheme has been legislated and legalized by the government. Mandatory insurance is such a great idea!

At least it could be, if the government owned the monopoly like in BC and other provinces. Rates are much lower and litigation is better controlled through other legislative acts.

[Bonam]

At least it could be, if the government owned the monopoly like in BC and other provinces. Rates are much lower and litigation is better controlled through other legislative acts.

False. I live in BC and I pay through the teeth for car insurance. When I was in Quebec I payed WAY less, because I could pick the lowest costing insurance provider out of dozens of competitors. I pay more than double here what I payed there.

[punked]

False. I live in BC and I pay through the teeth for car insurance. When I was in Quebec I payed WAY less, because I could pick the lowest costing insurance provider out of dozens of competitors. I pay more than double here what I payed there.

That is a story you have some real numbers to cite? I don't really trust people when they say "well this story proves my point".

[Craig1]

That is a story you have some real numbers to cite? I don't really trust people when they say "well this story proves my point".

I don't trust a punk who can't refute a 16 year old in a thread they started to slander others!

Bring it dip stick!

Not that anything is wrong with that since your PM sets a bad example for SLANDER .....PS Harper likes little boys

1

Edited July 20, 2009 by Craig1

[Molly]

I'd be happy to see public insurance in Ontario. The present system now is ... frankly, broken.

I note that our 'cheapest option' is a company in which SGI is heavily invested... so my Ontario premiums serve to reduce the cost of insurance in Saskatchewan.

[madmax]

Apparently, in Ontario, our car and house insurances are going to go up because the insurance companies in Ontario lost money again in the stock market.

So thats why Guysers gone into hiding.....

Guyser Guyser Guyser

Where are you?

....

[madmax]

Obviously you have no idea how insurance works.

Since Guysers gone into hiding...

I am all ears.. Please tell me how insurance works.

[punked]

I don't trust a punk who can't refute a 16 year old in a thread they started to slander others!

Bring it dip stick!

Not that anything is wrong with that since your PM sets a bad example for SLANDER .....PS Harper likes little boys

1

What are you talking about?

[madmax]

False. I live in BC and I pay through the teeth for car insurance. When I was in Quebec I payed WAY less, because I could pick the lowest costing insurance provider out of dozens of competitors. I pay more than double here what I payed there.

Public auto insurance

From Wikipedia, the free encyclopedia

Jump to: navigation, search

Publics auto insurance is a government owned and operated system of automobile insurance operated in the Canadian provinces of British Columbia, Saskatchewan, Manitoba and Quebec. According to studies by the Consumers' Association of Canada, rates charged for auto insurance in these four provinces are lower than in provinces that use a private auto insurance system

[punked]

Public auto insurance

From Wikipedia, the free encyclopedia

Jump to: navigation, search

Publics auto insurance is a government owned and operated system of automobile insurance operated in the Canadian provinces of British Columbia, Saskatchewan, Manitoba and Quebec. According to studies by the Consumers' Association of Canada, rates charged for auto insurance in these four provinces are lower than in provinces that use a private auto insurance system

That is what I was thinking. Less needs for profit and the vote making it so that the rates don't blow up.

[madmax]

That is what I was thinking. Less needs for profit and the vote making it so that the rates don't blow up.

Larger Provinces tend to have higer rates. A Province like Nova Scotia should have pretty low insurance rates like in Sask or Manitoba.

My own personal preference is that the benefit not be abused, people have to cover those costs as a collective and rates will go up. The other thing is that no one should be screwed over because of an accident or have insurance priced out of the range of a lower middle class income. My other pet peeve is when someone receives two speeding tickets, one at 15 km over and the other at 29 km over the limit and finds themselves with a $6,000 premium even though they have never once cost the insurance company a penny in over 20years.

Insurance companies are the most protected business next to the banks. Few people have this luxury to print money.

[zinc]

Did they really have to pick this time to do it?

[madmax]

Did they really have to pick this time to do it?

Much like the 90s Recession, insurance companies increase their rates when revenues from investments decline.

Guyser actually commented earlier this year, that the rate increase was coming.

He's probably on a yatch holidaying in various ports of call.

[Bonam]

Public auto insurance

From Wikipedia, the free encyclopedia

Jump to: navigation, search

Publics auto insurance is a government owned and operated system of automobile insurance operated in the Canadian provinces of British Columbia, Saskatchewan, Manitoba and Quebec. According to studies by the Consumers' Association of Canada, rates charged for auto insurance in these four provinces are lower than in provinces that use a private auto insurance system

I'm sure its possible that on average people end up paying less here somehow, but what I know is that here it costs me just over $2000 a year to insure my car with ICBC, whereas in Quebec I was paying ~$900. Same car, same type of driving. Slightly different insurance though since in BC the rules are a bit different than they are in Quebec, but both were basically the minimum allowed in my case in either province.

[madmax]

I'm sure its possible that on average people end up paying less here somehow, but what I know is that here it costs me just over $2000 a year to insure my car with ICBC, whereas in Quebec I was paying ~$900. Same car, same type of driving. Slightly different insurance though since in BC the rules are a bit different than they are in Quebec, but both were basically the minimum allowed in my case in either province.

I hear yah!!! drives me crazy. ICBC forces you to take extra coverage, or shall I say provides extra coverage whether you want it or not. Quebec keeps it on the cheap.

In Ontario, its not unusual for someone to pay $2,000 for auto insurance and have minimum coverage, no collision,

no theft etc.

Its a ripoff.

Insurance must be affordable.

For years, however, BC had the lowest insurance rates and when there is more money taken in then claims, you get rebates.

I heard BC insurance rates have climbed during the Campbell administration.

meanwhile in Ontario

five years after McGuinty took office, they started climbing again in 2008 -- and continue to do so.

"The private auto insurance companies have demonstrated that they've been excessively greedy," Cran said.

Ontario residents would likely be forgiven for thinking similar thoughts to Cran's this past week when the Financial Services Commission of Ontario (FSCO), the arm's length body of the provincial government that regulates auto insurance, announced its auto insurance rate increases for the second quarter of 2009.

Of the 90 auto insurance providers in Ontario, 25 firms received approval to hike rates, including four companies that jacked their fees by 10% or more. CAA Insurance Co. imposed a 12.10% hike, COSECO Insurance Co. came in with an increase of 10.4%, Scottish & York Insurance Co. Ltd. boosted rates 10%, and customers of TD General Insurance Co. will pay an additional 10%.

Only one company, Belair Insurance Co. Inc., asked for a rate cut and received it -- a 0.47% decrease.

The news came just weeks ahead of the provincial government's unveiling of auto insurance reform.

Finance Minister Dwight Duncan is set to announce before fall the government's response to a list of 39 recommendations submitted by FSCO in March to the finance ministry, said his spokesman Alicia Johnston.

She wouldn't indicate how the government would act, but she did suggest consumers could see some breaks, given the economic climate.

'TOUGH TIMES'

"We're especially cognizant of these tough economic times and the pressures people are under," Johnston said, declining to comment as to whether Duncan is growing frustrated with the insurers.

They say they don't make money from auto insurance in Ontario, and reportedly lost $390 million in their auto insurance divisions last year -- despite a $2.3-billion overall profit for property and casualty insurers.

If they don't make money on Auto, you would think the insurance companies would be happy to dump this money loser...

[Bonam]

I hear yah!!! drives me crazy. ICBC forces you to take extra coverage, or shall I say provides extra coverage whether you want it or not. Quebec keeps it on the cheap.

I'm glad you agree. As you can see, that speaks clearly against your earlier statement that insurance is cheaper in provinces with government insurance monopolies. It may be true in some cases, but certainly comparing BC to Quebec it is not.

Also from your article:

Only one company, Belair Insurance Co. Inc., asked for a rate cut and received it -- a 0.47% decrease.

I must of made a good choice, that was the company I got car insurance from when I was in Quebec, they were already the cheapest then (that I could find at the time) and apparently are still cutting rates relative to others. Also TD quoted me something like $11,000/year haha, I pretty much ignore all their products since then. Good to have choices.

[Sir Bandelot]

They can raise my insurance, and other prices. I'm just gonna keep spending less, and less, and ...

[Topaz]

Perhaps you should have waited till you found a link, then your post wouldn't be rife with errors.

http://www.thestar.com/Business/article/667105

Hey Dancer, was the errors? I asking for a link and btw, how's the garbage in TO?

[M.Dancer]

Hey Dancer, was the errors? I asking for a link and btw, how's the garbage in TO?

Try learning to read and write at a high school level and find out for yourself.

[madmax]

I'm glad you agree. As you can see, that speaks clearly against your earlier statement that insurance is cheaper in provinces with government insurance monopolies. It may be true in some cases, but certainly comparing BC to Quebec it is not.

You are comparing two public insurance systems against one another. You can compare BC to Manitoba or Sask and will have similar results.

Also the reason for Belair asking to have their rates adjusted lower was because they had priced themselves out, although only marginally and that minor adjustment is mere bookkeeping.

Quebec based insurance companies in Ontario, are some of the highest rates and take full advantage of the private system in Ontario.

If you deregulate Auto Insurance in BC, the result will be like other Provinces and the rates will go even higher.

Perhaps that is because we MUST have insurance.

[punked]

I'm glad you agree. As you can see, that speaks clearly against your earlier statement that insurance is cheaper in provinces with government insurance monopolies. It may be true in some cases, but certainly comparing BC to Quebec it is not.

Quebecs system is public not private. Société de l'assurance automobile du Québec is the government insurer. One might say it is mixed becuase the government insures against injuries to people, and private insurers cover you for property damage. However the government is taking on most the cost becuase the people are where the money goes when their is a accident.

Edited July 22, 2009 by punked