Topic: Rates go up at every renewal

[ktm525]

Yeah that works for newer vehicles but it really sucks if you have a nice one-owner 10 year old sled that gets nicked.

[JohnnyMac]

Well I finally heard back from our broker, they took about $200 off our auto insurance but did nothing for the home coverage.  So now I'm going to get a quote from a couple of other brokers/company.  First was with Inova (through Costco membership) and they have already beat our current company.  So last year we paid $3,336 for two vehicles and home, and Inova is offering the same coverage for $3,350, which is around a $238 discount from our current years revised quote from our current provider. 

I'm not going to stop there though, I want at least one more quote before making a decision. 

[ArticSteve]

Well you have all the time in the world to squeeze that last drop of blood from that stone.  Go for it.

[blur911]

Well I finally heard back from our broker, they took about $200 off our auto insurance but did nothing for the home coverage.  So now I'm going to get a quote from a couple of other brokers/company.  First was with Inova (through Costco membership) and they have already beat our current company.  So last year we paid $3,336 for two vehicles and home, and Inova is offering the same coverage for $3,350, which is around a $238 discount from our current years revised quote from our current provider. 

I'm not going to stop there though, I want at least one more quote before making a decision.

Always be sure you're comparing apples to apples, like liability limits, deductibles, rental coverage, etc.

[ArticSteve]

^^^
So can't discuss insurance rates on a forum.  So many moving parts.  Where the rubber really meets the road is at claims time.

[OliverD]

^^^
So can't discuss insurance rates on a forum.  So many moving parts.  Where the rubber really meets the road is at claims time.

Yes, which is why I've been reluctant to move away from TD Insurance despite rising rates. Was always well taken care of at claim time and they don't care at all that my house has some knob and tube wiring remaining.

[JohnnyMac]

Well I finally heard back from our broker, they took about $200 off our auto insurance but did nothing for the home coverage.  So now I'm going to get a quote from a couple of other brokers/company.  First was with Inova (through Costco membership) and they have already beat our current company.  So last year we paid $3,336 for two vehicles and home, and Inova is offering the same coverage for $3,350, which is around a $238 discount from our current years revised quote from our current provider. 

I'm not going to stop there though, I want at least one more quote before making a decision.

Always be sure you're comparing apples to apples, like liability limits, deductibles, rental coverage, etc.

Yeah I make sure to have my old plan to compare and ensure they are quoting me a price for that or better.  This new one actually has a higher liability of $2m as opposed to the $1m of our current one.

[warp]

Well I finally heard back from our broker, they took about $200 off our auto insurance but did nothing for the home coverage.  So now I'm going to get a quote from a couple of other brokers/company.  First was with Inova (through Costco membership) and they have already beat our current company.  So last year we paid $3,336 for two vehicles and home, and Inova is offering the same coverage for $3,350, which is around a $238 discount from our current years revised quote from our current provider. 

I'm not going to stop there though, I want at least one more quote before making a decision.

That's where the market is at after last year's big jump. $5400 for 3 vehicles + home coverage.

[ArticSteve]

Yes, which is why I've been reluctant to move away from TD Insurance despite rising rates. Was always well taken care of at claim time and they don't care at all that my house has some knob and tube wiring remaining.

Excellent point.  One can really open up a can of worms by switching providers.  And if you do there is no going back.  You'll be treated as a new applicant.  I'm talking about houses.  Vehicles are not so important because IMO non fault sucks and they all operate about the same.  I'm with INTACT, a giant carrier, and my broker had a bit of resistance getting me and the wife 5 MIL liability.  That was a while ago.  Maybe it's easier now with inflation like it has been.

[JohnnyMac]

Final quote came in, this one is down even further.  The only real difference is the deductible on the house is $2,500 as opposed to $1K, not a big deal and certainly worth the extra savings.  Final quote is $2,897, which is a savings of around $900 from the original quote from our current provider.  It certainly does pay to shop around, just wish it wouldn't happen so God damn often.

[Allen]

The bigger issue is how do they react and address claims, saving $ and then not getting getting service on claims is not a win

[JohnnyMac]

The bigger issue is how do they react and address claims, saving $ and then not getting getting service on claims is not a win

100%, the issue is, how do you know until you have a claim.  We have only had one claim on our home in 17 years and two no fault claims on our vehicles.

Do I think the level of “service” will be better with the $900 more provider, unknown.  Heck the cheaper one could have just as good service.  Ideally we won’t ever have to find out.  But my expectations for insurance company customer service is about as high as Rogers, which is to say not much.

[ArticSteve]

It really boils down to what exactly is one insuring.  If you're insuring average stuff then you seek out average insurance, etc.

[JohnnyMac]

It really boils down to what exactly is one insuring.  If you're insuring average stuff then you seek out average insurance, etc.

Well it’s a basic bungalow and two Hondas, not exactly a mansion and a Ferrari.

[ArticSteve]

I'm not disagreeing with your actions.  As for vehicles, I don't think there exists any real difference between companies.  The discount companies won't give you the option of 5 MIL liability because if you hit the wrong people 2 MIL liability will not save you from losing your assets and wage.


 

[JohnnyMac]

I'm not disagreeing with your actions.  As for vehicles, I don't think there exists any real difference between companies.  The discount companies won't give you the option of 5 MIL liability because if you hit the wrong people 2 MIL liability will not save you from losing your assets and wage.

I have to say, I've never heard of anyone who has gotten into a car accident and lose their assets and wages, unless it was criminal in nature.

[marcus_go]

I'm not disagreeing with your actions.  As for vehicles, I don't think there exists any real difference between companies.  The discount companies won't give you the option of 5 MIL liability because if you hit the wrong people 2 MIL liability will not save you from losing your assets and wage.

I have to say, I've never heard of anyone who has gotten into a car accident and lose their assets and wages, unless it was criminal in nature.

Well if there is a lawsuit and it exceeds your liability limits then you would be on the hook for the difference I guess. My broker told me a story years back that they had someone who had only purchased basic coverage ($200k) and rear-ended a car with 5 people in it. It went to trial and the judgement was in the six figures. I always ensured I had plenty of liability. Now BC is no-fault so no more lawsuits.

[JohnnyMac]

I'm not disagreeing with your actions.  As for vehicles, I don't think there exists any real difference between companies.  The discount companies won't give you the option of 5 MIL liability because if you hit the wrong people 2 MIL liability will not save you from losing your assets and wage.

I have to say, I've never heard of anyone who has gotten into a car accident and lose their assets and wages, unless it was criminal in nature.

Well if there is a lawsuit and it exceeds your liability limits then you would be on the hook for the difference I guess. My broker told me a story years back that they had someone who had only purchased basic coverage ($200k) and rear-ended a car with 5 people in it. It went to trial and the judgement was in the six figures. I always ensured I had plenty of liability. Now BC is no-fault so no more lawsuits.

Yeah I'm not saying it doesn't happen, I just have never personally heard of a story like that which didn't involve a crime (drunk driver, racing, etc).

[ArticSteve]

I'm not disagreeing with your actions.  As for vehicles, I don't think there exists any real difference between companies.  The discount companies won't give you the option of 5 MIL liability because if you hit the wrong people 2 MIL liability will not save you from losing your assets and wage.

I have to say, I've never heard of anyone who has gotten into a car accident and lose their assets and wages, unless it was criminal in nature.

Because it's not reported on.  It takes 6 or 7 years for the severe bodily injury torts to resolve.  Criminality has no effect on civil awards. 

If you hit a newly minted surgeon and your driving actions paralyze them, even just partially, then 2 MIL is not going to cover their future loss of earnings, not to mention future medical care expenses.  Now if you do the same to me you'll be just fine because I have no future economic value. 

If one is paying for insurance then my attitude is to acquire enough to virtually eliminate risk as a result of a MVA.  I do mostly rural highway driving at 100 kph plus higher when passing.  I do a fair amount for rural feeder roads were most people drive 90 kph and hidden driveways/farming vehicles are everywhere.  The injury risk component is much higher than in cities.  I wanted 10 MIL and was told not a chance.  If over 5 MIL awards are so rare why not grant the 10 MIL?

[Firm]

I get where Steve's coming from. I don't recall where, but I remember someone telling me a story, probably 20 years ago, about a fresh G2 driver taking their parents new Sebring convertible out for a joyride without the parents knowledge. This was up in the Muskokas somewhere and there was a Doctor's convention of some kind going on at one of the local resorts. 4 Drs where in a Range Rover going to lunch, kid t-boned them and the Rover rolled down an embankment. Seriously injured everyone inside. Kids parents lost everything in the ordeal.