Did your insurance go up?

[sailordude]

Hey everyone,

Just got a notice in the mail from Statefarm insurance. My premiums went up 45% year over year.

Did anyone else have these issues?

Do you know if I can get a quote from another Statefarm provider?

[strictlye]

yes, so most others too.

[caboose483]

Mine went up too, but only about 15%

[kellen]

Mine went up too, but only about 15%

about the same

[ago.on.2wheels]

Yup. Up 20% for no reason (except to increase their profits)!

[mlc]

No. Mine went down.

41 yo M. /04 VFR with ABS. Full coverage, $1000 deductible.

Last year $747.00 / year Riders Plus -- Echelon
This year $704.00 / year Riders Plus -- Echelon

[Valkyrie]

Mine went up by 25%, so I shopped around and found a place that nearly halved my rates. Do yourself a favour and shop around before your current policy auto-renews.

[VifferFun]

Yup. Up 20% for no reason (except to increase their profits)!

Profits?

Last year, State Farm paid out $1.23 in losses for every $1.00 that it collected. It's Return on Equity was -5.09%. If State Farm is paying out 23% more than what it collects, it would be irrational to continue losing money by not increasing rates.

If you want to see the industry results for all Canadian companies in 2008, have a look for yourself . . . hot off the press today!

http://www.msaresearch.com/uploads/d..._March1609.pdf

On average, a Canadian insurance company paid out $1.02 for every $1.00 it collected last year.

[Vlad]

My insurance is the same as last year ($702) with the same insurer, Jevco.

[kellen]

Profits?

Last year, State Farm paid out $1.23 in losses for every $1.00 that it collected. It's Return on Equity was -5.09%. If State Farm is paying out 23% more than what it collects, it would be irrational to continue losing money by not increasing rates.

If you want to see the industry results for all Canadian companies in 2008, have a look for yourself . . . hot off the press today!

http://www.msaresearch.com/uploads/d..._March1609.pdf

On average, a Canadian insurance company paid out $1.02 for every $1.00 it collected last year.

Just like all those years they made billions they lowered the premiums, right?

[LannyNguyen]

And to renew your sticker for your license plates, it was 75$ before, now it's 135$.
Seems like the government has been spending too much, so they're trying to find ways to take money out of our pockets. From gas, to documents and papers, and to insurance.

[kellen]

keep voting liberal!

[Valkyrie]

And to renew your sticker for your license plates, it was 75$ before, now it's 135$.
Seems like the government has been spending too much, so they're trying to find ways to take money out of our pockets. From gas, to documents and papers, and to insurance.

That's municipal not provincial, don't forget. I'm not in the GTA and I only paid 75$ for my sticker...

[havin_fun]

Sorry, mine went down. But I'm old and slow... At least that's what the kids tryna catch me in the corners say.

Primumm, me and the wife, 20+ years riding each, 2 bikes/'85sport/'06SS, full coverage on the '06 $500 ded, crash and cry on the '85, $1mill PLPD, $1,200

Age has its advantages.

[Dino Z]

I am not an insurance specialist but it appears the entire insurance system is a mess. You have corrupt insurance companies and equally corrupt policy holders, it's gotten out of control.

Solution should be , have reasonable affordable rates, and claims that are capped. This way you know before entering a policy what to expect.

Call it socialism, communism whatever, but it cannot get any worse than what is happening especially in the US.

[VifferFun]

I am not an insurance specialist but it appears the entire insurance system is a mess. You have corrupt insurance companies and equally corrupt policy holders, it's gotten out of control.

Solution should be , have reasonable affordable rates, and claims that are capped. This way you know before entering a policy what to expect.

Call it socialism, communism whatever, but it cannot get any worse than what is happening especially in the US.

Alberta started capping their minor bodily injury claims in 2004, and premiums went down as a result; however, in February 2008 a judge struck down the bill. Since then, the losses have been escalating once again, so I am raising rates.

As Control_One stated, capping is a really difficult thing to do. What we need are reasonable court settlements rather than these ridiculous claims that are inflated ten fold by crafty lawyers.

There was a recent collision in Canada at about 5kph to 10kph. The drivers of both cars didn't even know if their cars actually hit because it was so slow. How much did the guy in front get? About $400,000. He is "emotionally damaged" from the accident, and that is what the court awarded. Ridiculous. Another person in a low-speed collision (not hurt) claims that it threw off their golf swing and ruined their enjoyment of life. They are not a professional golfer, but just golf for fun with friends. The settlement? $800,000. Again, this is just ridiculous. As an insurance company, we have no control over the courts, but only have control over our rates.

[kellen]

Alberta started capping their minor bodily injury claims in 2004, and premiums went down as a result; however, in February 2008 a judge struck down the bill. Since then, the losses have been escalating once again, so I am raising rates.

As Control_One stated, capping is a really difficult thing to do. What we need are reasonable court settlements rather than these ridiculous claims that are inflated ten fold by crafty lawyers.

There was a recent collision in Canada at about 5kph to 10kph. The drivers of both cars didn't even know if their cars actually hit because it was so slow. How much did the guy in front get? About $400,000. He is "emotionally damaged" from the accident, and that is what the court awarded. Ridiculous. Another person in a low-speed collision (not hurt) claims that it threw off their golf swing and ruined their enjoyment of life. They are not a professional golfer, but just golf for fun with friends. The settlement? $800,000. Again, this is just ridiculous. As an insurance company, we have no control over the courts, but only have control over our rates.

links to both cases please.

[VifferFun]

links to both cases please.

I read about these incidents in an insurance industry publication called "Thompsons". There are so many of these around the office, I would never be able to find them again. They aren't isolated incidents though.

In another case, a guy who was SHOT wanted to make a claim on his auto policy because he wouldn't have been in the situation if it weren't for his truck. I'm not sure what the outcome of that case was.

In another case, a girl was pushed out of a moving car by her homicidal boyfriend. Again, I'm not sure of the outcome.

[kellen]

Yeah well I heard about one insurance agent who raped my friends sister. then raised his premiums. Another one is Hitler's son! Won't insure any Jews or gays.

[sailordude]

So I know every case is different, but here's the answers to the questions insurance companies have asked me while giving quotes. Let me know if your situation is similar and if you pay more or less...that is if you're comfortable posting it.

Male
30 years old
Single
Took the Motorcycle Safety Course
G/M Licence
No tickets, Accidents, Claims
2006 ZX6R
No Collision coverage (no liens on bike)
$2000 deductable
Theft/Fire/Liability $1MM

Insurance cost = $1320/Year
Pevious year = $912/Year

Thoughts?