Not going to post this in the insurance section as not enough riders will see it.
Had a note buried in my insurance policy about Disclosure.
They get 7-20% commission on your renewal.....!!!
and Nordique caps commissions at $310 per vehicle. .....there are places where that's three times the cost of insurance
I've long suspected part of the problem with high premiums in Ontario is agency commissions.
I left Allstate after 30 years because the agent could not explain why he was $300 higher than the same coverage from TD
And he stonewalled me on it .....his girl said she did not blame me for moving.
Now I know.
The whole industry sucks....and we pay through the nose.
Not meaning to be disrespectful MacDoc but you know so little.
Re the commission, I don't have a problem with the agent getting 14% (The average per a buddy who is an agent) He gets that for answering a dozen calls all from people looking for a miracle premium. Most of the time is wasted but once a sucker is hooked many stay on the line.
In my case he got me a super price by analyzing my van usage and finding a niche category that worked. Then it all went downhill.
He isn't interested in any business that is high risk because there can be repercussions from the insurers if you bring them too many clients that make claims.
Read my post in cruising / touring re travel insurance and paranoia. He threw me to the wolves. Similarly with my business insurance.
Question: If you hired a trades person to work on your home / bike / car on an hourly rate would you be annoyed if they spent 10 - 20% of their time on their phone surfing the net, texting friends etc? Would you accept the bill?
Insurance companies don't mind staff wasting time because the wasted time still shows as overhead and they can run to the government and get rate increases.
Fraud??? Why bother paying to investigate?? Just pass the costs on to the consumer. Why don't the police investigate fraud????
So we're supposed to get a 15% rate reduction. However bikes are not included as they are considered recreational. What payouts are they going to cut to keep profits up? I am also told that bike insurance is not No-fault. I have yet to look into that and the consequences.
Compensation if you are injured in a not-at-fault is pathetic up here compared to the USA and they pay less.
The biggest problem is that the insurance companies have had it so good for so long that if they are put on a diet their empires will collapse. No publicly owned corporation can take a major profit loss and survive.
I haven't scratched the surface yet.