Jevco changing ownership

[gnatwest]

http://www.theglobeandmail.com/globe...rticle2420018/


What does intact currently cover?

Can any insurance insiders speak up on if this may allow for combining of policies?

[kiwi]

hmm.. Inact were formerly the ING Group subsidiary ING Canada. 10+ years ago, When I came to Ontario, they where the best rates for insurance ($3,500!!! for a Car) that I could get. It dropped big time the following year(s) and I left them a couple years ago when shopping around for car insurance. This year, I plan to reshop around again and see rates what I can get again. Seems often to be hit and miss with this industry.

[kamikaze]

can't wait to see what this does to my rates...

[sirsquidsalot]

My rates with Jevco went up 200$ this year and I'm not sure why. I haven't even called my broker yet but I have a feeling it will be a useless call. I have shopped around a little bit (I have until mid-June) and I did find a quote from John Duffy for ~100 less, but they say their underwriter is Jevco too...so I'm not sure who's taking me for a ride...Jevco or the Broker.

2005 sv650 naked bought new in May '05, CSC cert. in June 04'. 7 years of heaven so far with no claims, or accidents but the rates keep going up! My current broker wants 1500/year for basic + spec. perils (fire/theft) and my best shop-around rate is ~1350 so far but I'm not sure if it's worth changing companies due to the paperwork involved.

Anyways, not sure if this belongs in the insurance forum but since we're talking Jevco, that's my 0.02.

[gnatwest]

1500 - 1350 is $150 difference to do a little paperwork. Probably 10 minutes paperwork Thats $900/hr. I would do the paperwork.

[rollandburn]

And last year Intact gobbled up AXA for 5 times that amount...$2.6 billion. Looks like a One World Insurance Order is on its way, better get the lube.

http://www.theglobeandmail.com/globe...rticle2041725/

[MacDoc]

Jevco raised my rates this year and I bailed to TD ( Mellox ) and was waaaaay cheaper than the new Jevco rates.

[MattB]

Jevco raised my rates this year and I bailed to TD ( Mellox ) and was waaaaay cheaper than the new Jevco rates.

2nd TD. Jevco wanted $4k to insure my 2000 ZX9-R. TD is $850.00.

[HarleyHare]

And last year Intact gobbled up AXA for 5 times that amount...$2.6 billion. Looks like a One World Insurance Order is on its way, better get the lube.

When Intact started a decade ago as ING they grew to the largest non-life insurance company in Canada by buying about 10 different smaller companies, then they bought AXA last year and now JEVCO. They want to keep growing too. Their share prices on the TSX have gone nuts and investor-shareholders love them, since they make a ton of money.

Does this reduce competition? Yes.
Does it mean they control the market and dictate or raise prices? Uncertain at this point, but getting more likely as competition shrinks.
Can we count on the government to keep them honest? Huh, you need to ask?

As long as we Canadians have State Farm to subsidize us with low rates, we should be okay. But for how long is uncertain.