Topic: Rates go up at every renewal

[No H2O]

Insurance companies are adding a $500 surcharge to vehicles that are regularly targeted by thieves, in an effort to recoup losses that amount to roughly $700 million in Ontario and a total of $1 billion across the country in 2022, according to the Insurance Bureau of Canada.

The IBC says a car is stolen every six minutes by organized crime.

Simple solution and you don't need to be much of an electronics tech to install an "ignition disable" in your vehicle. Sure, it can be put on a flat bed, but that takes time.

Other solution: set up bait cars and a sniper.

[ktm525]

Putting a master switch on the new motorcycle since it has no key. Like you said not hard to do.

[No H2O]

As for rates changing, they have been the same every year for my 2017 Acura RDX Elite that I bought new...$633 for full coverage.

Earlier this year, I got a quote for a Base Tesla 2WD, because I wanted to see the savings. A whopping $1529 per year. Yup, I can buy a lot of gas for $896 alone.

And worse yet, comparing the out the door price (allowing the rebate for the Tesla as well) of a Base Toyota Camry to a Base Testa 3 2WD, I could drive that Camry for 8 years on fuel cost-free based on 20K kms per year.

[No H2O]

Putting a master switch on the new motorcycle since it has no key. Like you said not hard to do.

Just over two decades ago, there was a YouTube video of motorcycle thefts in the UK (a serious issue there) which was later removed for the following reason.

They would park a sport bike in a questionable area in Manchester and also park their van a few car lengths away. When the thief stuck his flat-blade screwdriver in the ignition switch and was about to hit it with a hammer, 3 or 4 guys burst out of the van with baseball bats and did a number on the thief.

I loved it, but then I am not a bleeding heart Liberal. Sorry I did not download it. It was priceless!

[JohnnyMac]

As for rates changing, they have been the same every year for my 2017 Acura RDX Elite that I bought new...$633 for full coverage.

Earlier this year, I got a quote for a Base Tesla 2WD, because I wanted to see the savings. A whopping $1529 per year. Yup, I can buy a lot of gas for $896 alone.

And worse yet, comparing the out the door price (allowing the rebate for the Tesla as well) of a Base Toyota Camry to a Base Testa 3 2WD, I could drive that Camry for 8 years on fuel cost-free based on 20K kms per year.

I tend to think a base model Prius or Prius Prime would likely be the way to go for savings.

[No H2O]

As for rates changing, they have been the same every year for my 2017 Acura RDX Elite that I bought new...$633 for full coverage.

Earlier this year, I got a quote for a Base Tesla 2WD, because I wanted to see the savings. A whopping $1529 per year. Yup, I can buy a lot of gas for $896 alone.

And worse yet, comparing the out the door price (allowing the rebate for the Tesla as well) of a Base Toyota Camry to a Base Testa 3 2WD, I could drive that Camry for 8 years on fuel cost-free based on 20K kms per year.

I tend to think a base model Prius or Prius Prime would likely be the way to go for savings.

I looked at them back in 2016/2017. But I am not in the city enough for stop 'n go braking to charge up the batteries. I see them used as taxis in one of the places I vacation at which makes sense.

But if anything, a Hybrid because I still want an engine. But at 6.6-7.1 l/100 on the highway, a V6 isn't all that bad especially for the size of the SUV. My last fill-up was 755 kms with a steady foot.

[warp]

There we go again!!


https://www.cbc.ca/news/canada/toronto/car-premiums-rise-2024-1.7103029

Insurance premiums projected to rise 25% in 2024.

Car insurance premiums are expected to keep climbing in 2024, with inflation and rampant auto theft driving the charge, according to a new report.

In its 2024 auto outlook, Ratesdotca noted that Ontario's regulator has already approved rate increases for about two dozen insurance providers in the first quarter of the year.

"We are seeing increases as high as 25 per cent," said Daniel Ivans, Ratesdotca's insurance expert — much faster than usual.

But whether your car insurance is going up or not depends, he says, on "how last year played out for each individual provider."

More than 80,000 cars were stolen in Canada last year, per IBC. In Toronto, 12,200 auto thefts were listed in 2023 on Toronto police's major crime indicator dashboard.

Provincewide, claims for stolen vehicles rose 329 per cent between 2018 and 2022, going from $160 million to $700 million. The IBC estimates car thefts cost every Ontario driver about $130 a year.

The province and federal government are spending millions of dollars to crack down on auto thefts, but that's not likely to impact your premiums in the near future.

[ktm525]

Someone has to pay for all those exported Lexuses (Lexi?)

[JohnnyMac]

Do insurance companies ever go under?  Seems like a perfect gig, law requires every citizen to have it, little regulation on pricing, and you have an endless amount of excuses to raise premiums.  Plus all insurance companies buy their own insurance for when something major happens.

Slim of the earth they are, right up there with media providers in my book as far as companies I wish I never had to deal with.

[ktm525]

It's easy money. Start you own insurance company.

Unfortunately insurance is an evil and six pack joe insists on buying cars with loans and leases. That means Joe doesn't own sh!t and it's the bank's decision to insure because they don't trust (and nor should they) Joe.

In a perfect world people would self insure if they wished and you could choose not to. Write your car off into a pole? Too bad for you. Look at California.

[JohnnyMac]

I hate insurance companies.  Just got our quote for the next year, which is up 14%, which is unacceptable.  I'm perfectly fine paying what inflation is, but anything extra is not going to happen.  I'm going to be working with my broker to find a solution or I'll be shopping around myself.  No claims, vehicles losing value, and they want to increase our premiums to pad their bottom line, right off.

[quadzilla]

Somebody has to pay for all the auto theft in Quebec and Ontario 

Ok, that really sucks. Hope you can find a cheaper rate. Thankfully when I moved to a small town on the lake, my rate went down $300/year.

[OliverD]

I hate insurance companies.  Just got our quote for the next year, which is up 14%, which is unacceptable.  I'm perfectly fine paying what inflation is, but anything extra is not going to happen.  I'm going to be working with my broker to find a solution or I'll be shopping around myself.  No claims, vehicles losing value, and they want to increase our premiums to pad their bottom line, right off.

It's been a problem for years now, with houses and cars. Even when I bought my first house back in 2009, the very reasonable insurance rates jumped up quite quickly.

Cars are getting a lot more expensive to both buy and to fix. Even if your risk profile remains the same, it's likely that any claim will be higher now than before.

Keep in mind that in NB any rate increases go through the Insurance Board so unfortunately there is likely some justification.

[OliverD]

Somebody has to pay for all the auto theft in Quebec and Ontario 

Ok, that really sucks. Hope you can find a cheaper rate. Thankfully when I moved to a small town on the lake, my rate went down $300/year.

One thing I found really annoying is that when we moved from outside of the city to into the city our rates went up because it's more likely that we would get in an accident living in the city. Never mind that we commuted into said city all the time, and drive WAY less now.

[JohnnyMac]

Somebody has to pay for all the auto theft in Quebec and Ontario 

Ok, that really sucks. Hope you can find a cheaper rate. Thankfully when I moved to a small town on the lake, my rate went down $300/year.

That should be the Quebec and Ontario people, not people in NB where car theft is a rarity.  I subsidize so many people in this world with not having kids and being healthy, I shouldn't also have to support people who choose to live places where car theft is common.

I did tell the broker that I'm okay paying more, just match inflation.  I'm not unreasonable, I don't expect to get something at a loss to them, but I also don't think it's right that their only reason to increase our rates is because they want a higher stock price.  This is where corporate greed becomes a bad thing.  At what point do companies just choose to stop chasing higher and higher returns and just be happy with what they have.  I know, it's a strange concept and one that will never be produced in the corporate world.

[JohnnyMac]

I hate insurance companies.  Just got our quote for the next year, which is up 14%, which is unacceptable.  I'm perfectly fine paying what inflation is, but anything extra is not going to happen.  I'm going to be working with my broker to find a solution or I'll be shopping around myself.  No claims, vehicles losing value, and they want to increase our premiums to pad their bottom line, right off.

It's been a problem for years now, with houses and cars. Even when I bought my first house back in 2009, the very reasonable insurance rates jumped up quite quickly.

Cars are getting a lot more expensive to both buy and to fix. Even if your risk profile remains the same, it's likely that any claim will be higher now than before.

Keep in mind that in NB any rate increases go through the Insurance Board so unfortunately there is likely some justification.

Insurance board, it's likely the same as our energy and utilities board in that they are there to fight for higher rates for the companies than the individual.  It's only an appearance of giving a crap about citizens, in reality it's all a façade to keep the villagers from lighting their torches and picking up their pitch forks in protest.

[OliverD]

I hate insurance companies.  Just got our quote for the next year, which is up 14%, which is unacceptable.  I'm perfectly fine paying what inflation is, but anything extra is not going to happen.  I'm going to be working with my broker to find a solution or I'll be shopping around myself.  No claims, vehicles losing value, and they want to increase our premiums to pad their bottom line, right off.

It's been a problem for years now, with houses and cars. Even when I bought my first house back in 2009, the very reasonable insurance rates jumped up quite quickly.

Cars are getting a lot more expensive to both buy and to fix. Even if your risk profile remains the same, it's likely that any claim will be higher now than before.

Keep in mind that in NB any rate increases go through the Insurance Board so unfortunately there is likely some justification.

Insurance board, it's likely the same as our energy and utilities board in that they are there to fight for higher rates for the companies than the individual.  It's only an appearance of giving a crap about citizens, in reality it's all a façade to keep the villagers from lighting their torches and picking up their pitch forks in protest.

I see your tinfoil hat is firmly in place this morning.  Plenty of examples of the EUB pushing back on rate increases in the last few years. Not to mention the hearings are public record IIRC.

[JohnnyMac]

I hate insurance companies.  Just got our quote for the next year, which is up 14%, which is unacceptable.  I'm perfectly fine paying what inflation is, but anything extra is not going to happen.  I'm going to be working with my broker to find a solution or I'll be shopping around myself.  No claims, vehicles losing value, and they want to increase our premiums to pad their bottom line, right off.

It's been a problem for years now, with houses and cars. Even when I bought my first house back in 2009, the very reasonable insurance rates jumped up quite quickly.

Cars are getting a lot more expensive to both buy and to fix. Even if your risk profile remains the same, it's likely that any claim will be higher now than before.

Keep in mind that in NB any rate increases go through the Insurance Board so unfortunately there is likely some justification.

Insurance board, it's likely the same as our energy and utilities board in that they are there to fight for higher rates for the companies than the individual.  It's only an appearance of giving a crap about citizens, in reality it's all a façade to keep the villagers from lighting their torches and picking up their pitch forks in protest.

I see your tinfoil hat is firmly in place this morning.  Plenty of examples of the EUB pushing back on rate increases in the last few years. Not to mention the hearings are public record IIRC.

Have you been paying attention to the fact that they are charging NB'ers excess taxes to help fuel refiners who don't actually need help?  Again, it's a façade, it's only in place for appearance, the reality is they care very little about citizens and their actions align with corporate interests and not public needs.   

[ktm525]

Sealed halogen light $10. LED light assembly $1500. That sums up the car cost repair of modern vehicles.
Organized crime stealing cars and shipping
Meth heads stealing rides to do more crime
Increased injury awards through the courts.

Where did you think insurance rates were going?

[marcus_go]

Sealed halogen light $10. LED light assembly $1500. That sums up the car cost repair of modern vehicles.
Organized crime stealing cars and shipping
Meth heads stealing rides to do more crime
Increased injury awards through the courts.

Where did you think insurance rates were going?

This ^ 100%.

Sucks about the increase in rates, but a late model Honda CR-V is the #1 stolen vehicle in Canada for several years in a row now. Last year 5,620 were stolen. #2 spot went to the RAM 1500 at 2,600. Theft frequency is double on the CR-V compared to the RAM. Yes, you might live somewhere where theft is low or non-existent but that doesn't take away the risk owning a vehicle with a theft rate like that.

https://excaliburinsurance.ca/blog/top-10-most-stolen-vehicles-of-2023/

Also, a lot of these are being stolen and shipped away to far away countries never to be seen again, which means insurers are writing cheques for many tens of thousands of dollars. Not like the old days where they were swiped and used for a crime/joy ride but eventually recovered.