Incredible increase in Insurance rates

[GYMPY]

Would like to know why I received a incredible increase in my insurance rate???????? Last year I paid 1,080.00 to insure a 2000 Goldwing SE with a Leahman trike kit on it which is Canadian DOT aproved. I had ALL coverage on it. Just received my new renewal policy and my rates went to 1,380.00 dollars overnite for the same coverage on the trike. This trike/bike is twelve years old and they valued it a 17,000.00 thousand dollars. Oh, by the way the insurance company is ECHELON, YES ECHELON, EVERY BODY READ THAT THIS COMPANIES NAME IS ECHELON INSURANCE!!!!!!!!!!!!

I read on another site like this, actually RIDER PLUS, RIDER PLUS, DID EVERY BODY READ THAT IT WAS ON RIDER PLUS SITE, that the fellow from RIDER PLUS, YES RIDER PLUS wrote that ONTARIO AUTO INSURANCE REFORMS ARE WORKING", yep they are working for the insurance industry, less coverage, more restrictions on us. and best of all for the insurance industry, a lot more cost to us which generates higher rate and a lot more money for them at our expence.

Believe it is time for GOV. RUN Insurance. Yep, the industry says we will get run away increases for insurance with gov run insurance. Do they not raise their insurance rates every year needed or not????????? Me, personally, I do not care where I get my insurance from. All I want is my pink slip. These insurance companies need to get back to insure the people of Ontario at a better rate. Private insurance companies 'HAVE FAILED, HAVE FAILED, DID EVERYBODY READ HAVE FAILED' to do a proper job in providing reasonable rates and providing good insurance coverage.

Flame suit on for all the insurance jocks out there to try to convince me we are not getting ripped off by the insurance industry.

ROGER

[Platinum Cycle]

Roger,

I thought about a year ago you promised not to post any more rants? I guess you're back.

You may have missed the previous thread where some people were discussing premium decreases. Not everyone got an increase this year.

[GateKeeper]

Wait till next year.....rates are to go up by 10% across the board, by all Insurance companies......

[GYMPY]

Plantinum Cycle. If you do not like what you call my Rants,you need not read them. What I said was a year ago. We are now back to the same **** with unjustified rate increases. I guess you don;'t like me but I don't give a hoot about it. If you think a three hundred dollar a year increase in premiums is justified, you must be an insurance broker.

[GYMPY]

Gate Keeper. That was a thirty percent rate increase I just received and now another rate increase of ten percent next year, time to elect another gov who cares about the people of Ontario and just not the insurance industry, banks etc.

[GateKeeper]

Unfortunately here the Insurance Companies and Banks are mandated by the Government to make money not lose it, otherwise they have to pay penalties to the Gov.

As I have said in other posts, Ins. Companies are nothing short of legalized extortionists

you get a ticket, you pay said ticket, yet the Insurance Company nails you for paying on that same ticket in increased premiums for 3 years, and never mind the increased premiums almost yearly....

[fastar1]

So in other words if they had charged you more to begin with, then no rant?

[toysareforboys]

So in other words if they had charged you more to begin with, then no rant?

ROFL! lol

This trike/bike is twelve years old and they valued it a 17,000.00 thousand dollars.

What does that have to do with anything? You don't pay insurance on the value of your bike. 99.37% of your insurance premium goes to medical and lawsuits.

Too many insurance scams and lawsuits, that's why your insurance went up so much. Move to Lindsay and it'll go back down to where it was before.

-Jamie M.

[Malks]

I had my ST with Riders Plus / Echelon last year and was presented with a 21% increase for the privilege of renewing with them. I checked around and found TD / Primmum had a much better price for the same coverage. I called and asked why my premium had increased this much and if they would price match. Long story short, they said they can't, so I did not renew with them and changed to TD / Primmum.

Insurance reforms have not done a thing for the people of this province. It was a weak attempt by the Liberals to divert anger from the population when rates were heading upwards with no restraint. It would appear that the only benefit of these reforms has been to increase the profit margins for the industry. Even a badly managed government-run insurance board for vehicles in this province could be no worse than what we currently have. I say bring it on!

[VifferFun]

Gympy, I agree that your increase is quite high. Rate increases of that proportion are certainly not common -- you were likely in the top 5% of clients with your insurer who received the largest rate increases (where as most other policyholders would receive more moderate increases or even decreases). This should be your signal to shop around, as the company probably doesn't expect you to stay. If you can't find cheaper coverage elsewhere (even after your large increase), then this would tell me that you were receiving a steal of a deal before and the company is just now adjusting you to an adequate rate.

You could try contacting your broker to determine which rating variables on your policy have contributed to your rate increase. Did they adjust their relative rates by territory? Are you now in the 65+ age group and your company surcharges them (since they are statistically a high risk for claims)? Did they reduce a discount that you were previously receiving? Are they now surcharging trikes or HD bikes? It could be any number of reasons and if I were in your situation, I would be asking these sort of questions. The changes to base rates and all rating variables must be approved by the regulator (and the regulator does not like big premium swings).

[VifferFun]

Wait till next year.....rates are to go up by 10% across the board, by all Insurance companies......

That's nonsense, unless FSCO (the regulator) mandates that it must happen. Since FSCO is always trying to prevent increases, this would never happen.

[GateKeeper]

Wait till next year.....rates are to go up by 10% across the board, by all Insurance companies......

That's nonsense, unless FSCO (the regulator) mandates that it must happen. Since FSCO is always trying to prevent increases, this would never happen.

Let me know next year....and tell me then how it's not so....

[VifferFun]

Let me know next year....and tell me then how it's not so....

Sure, no problem. I can guarantee you that there will not be an "across-the-board" 10% increase next year. If there is ever a mandated rate change by the regulator, it is almost always a decrease.

[2live&ride]

lol... Shop around, OP, DID YOU READ THAT? SHOP AROUND...

[klr_guy]

withdrawn - was in a crappy mood last night - apologies

[daisoman]

lol... Shop around, OP, DID YOU READ THAT? SHOP AROUND...

Lol did you read that laugh out loud

[GYMPY]

Viffer fun. I am 63 years young, 30 plus years accident free, no moving violations in the last 8 plus years, [10 Kilometers over limit] and prior to that 27 years without any moving violation, have two safety trike course given by the state of Florida by GWRRA instructors to which Echelon gave me a two hundred dollar discount for and they told me they were adjusting my rating to a six star rating. I now live in the Midland Ontario area where I received a rate reduction on my truck last year. I used to live in Brampton Ont. which is a hell hole to drive in.

I did call ECHELON today, asked many questions, got road blocked at every question. She had to check with someone after every question I asked and came back with an answer that made no sense. Actually it was the same one. It is, That is your rate for this year. It is correct. Over an over.

Why would an insurance company want to alineate someone with my driving record. Before I retired, at work, I was given many safety awards for my driving. I was there 20 plus years and had one at fault accident and I took it to not hit a women and I hit the car instead to save her from injury. Car had two hundred dollars damage to it. Truck, a tiny scratch on bumper.

I did print out from here a whole lot of brokers names but I am sure that the majority of them all sell for the same insurance companies so prices would all be the same. What we need is American insurance companies to come to this province to set up a compitition base for the consumer.

Another option I am thinking of doing since I am a snowbird, is bying my insurance from an American insurance company who sell to Canadians whose vehicles are registered here in Ontario. They demand a 5 to 6 month stay in the US to be covered up here in Ontario. I know many snowbirds who have switched cars, trucks, motor homes, trailers, etc and tonite I called a friend of mine who has done so and got his brokers name and will check him out to. Buddy pays 650.00 for insurance on his 1999 Honda Goldwing trike. Not saying I will switch, but will check it out to compare.

[GYMPY]

To all of you who are upset I came back, SO SORRY, SO SORRY!!!!!!!!!!!!!! You must all be insurance people who do not like people like me upsetting the apple cart and if some of you are not insurance people, SUCK IT UP. If I believe there is an injustice, I will speak up as I am not a sheep who rolls over and takes it. The squeaky wheel always gets the grease. Get use to me and if you don't like my posts, you have the option of not reading them. Nobody is twisting your arm or leg or any other body parts to read them.

[VifferFun]

Viffer fun. I am 63 years young, 30 plus years accident free, no moving violations in the last 8 plus years, [10 Kilometers over limit] and prior to that 27 years without any moving violation, have two safety trike course given by the state of Florida by GWRRA instructors to which Echelon gave me a two hundred dollar discount for and they told me they were adjusting my rating to a six star rating. I now live in the Midland Ontario area where I received a rate reduction on my truck last year. I used to live in Brampton Ont. which is a hell hole to drive in.

I did call ECHELON today, asked many questions, got road blocked at every question. She had to check with someone after every question I asked and came back with an answer that made no sense. Actually it was the same one. It is, That is your rate for this year. It is correct. Over an over.

Why would an insurance company want to alineate someone with my driving record. Before I retired, at work, I was given many safety awards for my driving. I was there 20 plus years and had one at fault accident and I took it to not hit a women and I hit the car instead to save her from injury. Car had two hundred dollars damage to it. Truck, a tiny scratch on bumper.

I did print out from here a whole lot of brokers names but I am sure that the majority of them all sell for the same insurance companies so prices would all be the same. What we need is American insurance companies to come to this province to set up a compitition base for the consumer.

Another option I am thinking of doing since I am a snowbird, is bying my insurance from an American insurance company who sell to Canadians whose vehicles are registered here in Ontario. They demand a 5 to 6 month stay in the US to be covered up here in Ontario. I know many snowbirds who have switched cars, trucks, motor homes, trailers, etc and tonite I called a friend of mine who has done so and got his brokers name and will check him out to. Buddy pays 650.00 for insurance on his 1999 Honda Goldwing trike. Not saying I will switch, but will check it out to compare.

Your insurer cares about collisions in the last six years and convictions in the last three years. On that note, you have a a very good record and you shouldn't have problems finding insurance.

Not all brokers sell for the same company. There are some agency-based companies that you have to call directly (Allstate, Co-operators, TD/Meloche, State Farm) and then most other insurers distribute through brokers. Many brokers will list their affiliate companies right on their website. Call up a number of brokers and get some quotes. To make your life easier, I suggest you prepare a document with all of your insurance particulars (i.e. answers to the questions they always ask) so that you can email it to them while on the phone to save time. To help you with the document, just do an online quote and make note of your answer to each question. The questions are very similar for all insurance companies.

[Paul]

Viffer fun. I am 63 years young, 30 plus years accident free, no moving violations in the last 8 plus years, [10 Kilometers over limit] and prior to that 27 years without any moving violation, have two safety trike course given by the state of Florida by GWRRA instructors to which Echelon gave me a two hundred dollar discount for and they told me they were adjusting my rating to a six star rating. I now live in the Midland Ontario area where I received a rate reduction on my truck last year. I used to live in Brampton Ont. which is a hell hole to drive in.

I did call ECHELON today, asked many questions, got road blocked at every question. She had to check with someone after every question I asked and came back with an answer that made no sense. Actually it was the same one. It is, That is your rate for this year. It is correct. Over an over.

Why would an insurance company want to alineate someone with my driving record. Before I retired, at work, I was given many safety awards for my driving. I was there 20 plus years and had one at fault accident and I took it to not hit a women and I hit the car instead to save her from injury. Car had two hundred dollars damage to it. Truck, a tiny scratch on bumper.

I did print out from here a whole lot of brokers names but I am sure that the majority of them all sell for the same insurance companies so prices would all be the same. What we need is American insurance companies to come to this province to set up a compitition base for the consumer.

Another option I am thinking of doing since I am a snowbird, is bying my insurance from an American insurance company who sell to Canadians whose vehicles are registered here in Ontario. They demand a 5 to 6 month stay in the US to be covered up here in Ontario. I know many snowbirds who have switched cars, trucks, motor homes, trailers, etc and tonite I called a friend of mine who has done so and got his brokers name and will check him out to. Buddy pays 650.00 for insurance on his 1999 Honda Goldwing trike. Not saying I will switch, but will check it out to compare.

To all of you who are upset I came back, SO SORRY, SO SORRY!!!!!!!!!!!!!! You must all be insurance people who do not like people like me upsetting the apple cart and if some of you are not insurance people, SUCK IT UP. If I believe there is an injustice, I will speak up as I am not a sheep who rolls over and takes it. The squeaky wheel always gets the grease. Get use to me and if you don't like my posts, you have the option of not reading them. Nobody is twisting your arm or leg or any other body parts to read them.

Wow...somebody is upset....why don't you solve your own problem and get insurance in the states?

To you who is upset about insurance, SO SORRY, SO SORRY!!!!!!....SUCK IT UP! Get used to it and if you don't like it....you have the option to go elsewhere. Nobody is twisting your arm or leg or any other body parts to have a motorcycle.

Have a great day!