You crash and claim, we all pay.Originally Posted by James Daw, Toronto Star
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You crash and claim, we all pay.Originally Posted by James Daw, Toronto Star
I had two accidents with my car and I tried to settle it cash and it worked the first time but the next time it was a girl and she was willing to settle through cash but she wanted $3000 for the car and $1000 for her I was like forget it I had to claim it. I had it checked out and it would of cost $1400 to have it fixed. That's when I was young and dumb never drive after surgery.
ajdomi, thanks for posting the interesting article
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
Freedom of speech is wonderful - right up there with the freedom not to listen.
My mom made a claim on my minivan 2 years ago (fender bender ~$1k damage) and now my brokerage is not carrying my original provider. They are trying to change insurance companies for me and my rates are tripling (yes, 250%-300% increase).
WTF, I paid extra for the insurance on my insurance and not having my rates go up after a claim and they've some how found a way to raise the rates anyways.
Current - '08 T-rex (soon to be T-rex-T)
Current - '02 Suzuki Hayabusa-T
Ex' - '88 - Yamaha YSR 80
Ex' - '01 - Suzuki Gixxer 1000
Ex' - '89 - Honda CB-1
Ex' - '02 Yamaha R6
Ex' - '91 Yamaha YSR 80
Ex' - '98 Suzuki GSXR 600
If you have accident forgiveness with your current insurer, switch brokerages so that you can simply continue your policy. The broker is simply trying to write you with another one of his/her companies so that they don't lose your business. Just because your broker is no longer dealing with your company, it doesn't mean that you can't continue your policy. Which insurance company (not broker) are you with?
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
Viffer is right, call some brokers who deal with the company you're presently with. In most cases they can simply transfer your policy over and you can continue with your present rates.
Avi
Twitter @Avi_Singh_
www.avisingh.com
This article is a slightly misleading. Insurance companies are not raising rates because they lost money last year, but because of the prospects of losing money in the future. We rely heavily on investments to bridge the gap between losing money and making money. Given the current market conditions, it is pretty obvious that we won't be able to bridge the gap so easily in the next year or so.
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
Thanks for the advice.
Just got off the line with another broker. Turns out I didn't have accident forgiveness on the automotive policy (I do have it on my motorcycle policy with another insurer) so they dropped my rating to 5* even when renewing with same insurance provider.
Rates went from ~$1500 to $3800 for my '04 Montana minivan.
Last edited by Car2Slo; 07-16-2009 at 02:29 PM.
Current - '08 T-rex (soon to be T-rex-T)
Current - '02 Suzuki Hayabusa-T
Ex' - '88 - Yamaha YSR 80
Ex' - '01 - Suzuki Gixxer 1000
Ex' - '89 - Honda CB-1
Ex' - '02 Yamaha R6
Ex' - '91 Yamaha YSR 80
Ex' - '98 Suzuki GSXR 600
No problem, glad to help out.
Most insurer's have a six-star driving record system. If your insurer only dropped you to five stars (rather than zero) for an auto claim, then it sounds like you qualified to partial accident forgiveness (which perhaps was offered to you for free, perhaps due to loyalty to the company). With that being said, it seems very surprising that your rate would jump so high with the partial accident forgiveness. Who is the insurance provider (not the broker)?
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
Pilot insurance.
Current - '08 T-rex (soon to be T-rex-T)
Current - '02 Suzuki Hayabusa-T
Ex' - '88 - Yamaha YSR 80
Ex' - '01 - Suzuki Gixxer 1000
Ex' - '89 - Honda CB-1
Ex' - '02 Yamaha R6
Ex' - '91 Yamaha YSR 80
Ex' - '98 Suzuki GSXR 600
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
Twitter @Avi_Singh_
www.avisingh.com
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
Just got my car insurance renewal notice from TD, it's gone up 336/yr, I have a 00 Jetta with clean records, no accident since 01. New total would be 1477/year, am I the first victim of unfair rate hike?
Last edited by shah; 07-17-2009 at 08:08 PM.
Freedom of speech is wonderful - right up there with the freedom not to listen.
so there is a forecast to raise rtes, yet the industry is fighting to cut down your monies in the event of a crash. cutting the non-catastrophic claims to a max of 25,000 (down from 100,000), cutting income replacement, cutting catastrophic injury caps, cutting the amount that will be paid for medical documents (did you know that McMaster charges a minimum $175 for a copy of any record, and that goes up by the size of the copy requested)
I would demand a new, lower rate from my ins. co. if the requested legislation changes go into effect.
I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)
Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.
Current: 2001 Suzuki GSXR1000 (4th Season)
Previous: 1996 Honda VFR750F (4 Seasons)
Previous: 1998 Kawasaki Ninja EX250 (3 Seasons)
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