Ontario Gov "reducing" insurance rates | GTAMotorcycle.com

Ontario Gov "reducing" insurance rates

If you take their word for facts...
They waste enormous amounts of $ and still bring in huge profits. 5 percent is still huge amount.
There is no way around the simple fact - we are paying highest rates, and if the trend continues, wil have next to no benefits.
 
Likewise, I'm sure.
 
F'n vultures
 
That's Jagmeet Singh -- the MPP of the Brampton area who wanted to eliminate territory/regional rating of auto insurance. Now why would the MPP of the area of Ontario with the worst auto claims experience want to eliminate territory rating? Well, so that people living everywhere else in Ontario can subsidize them! That was Jagmeet's original proposal, which was pretty ridiculous and eventually morphed into a mandatory (and arbitrarily selected) 15% politically-motivated rate reduction across the board in Ontario.

The mandated rate reduction is very real, and very political. I have already gone through the process of reducing rates with my employer to meet the Gov't requirement. It didn't matter that we were one of the insurers who had been persistently reducing rates over the last two years as we realized a cost savings of the September 2010 reforms -- we still had to take a large reduction to the point that our rates are no longer adequate to cover expected future claims. The Gov't decided that rates would reduce by 15%, and that was that.

With all that said, I can see why clients would be happy -- I like a rate reduction just as much as the next person :) The common misconception that the insurance industry is making gobs of money is simply not true. If insurance companies were making crazy risk-free profits, you would see investors racing to buy their stock.
 
For those who think insurance companies are money making machines why don't you invest all your money in their stocks. Dividends and capital gains must be awesome.
 
For those who think that their rates are fair and they're starving over there please insert your head in the sand. I don't care what they make, our insurance rates here are a total joke.
 
Who are we kidding here. Insurance companies ar making huge profits. If they weren't they wouldn't be in business. Insurance companies are crying because they may not make as much profit as they did the year before. But they are still making huge profits. I've said it numerous times , bring in Provincially mandated insurance like they have in other Provinces. Insurance companies are the first ones to fight it at the same time they are complaining about their profits.
 
Residents of Ontario are getting absolutely screwed; reduced benefits, and more arbitration. Even if you lose a limb due to an auto-collision in this province, insurance will put you under the 'Minor Injury' category and give you max. $3500. Most of which they'll take way for shepherding you around to their biased doctors for assessments.

The loss of money to insurance fraud is a joke, it's just an excuse to make the process more and more difficult for people with actual injuries to get help. Drivers end up remortgaging their homes, taking out loans just to pay their medical. Finally when the insurance company wants to close your claim, they force you into arbitration and give you nothing.

The whole system is designed to repair cars and pay for funerals, not rehabilitate people.
 
Residents of Ontario are getting absolutely screwed; reduced benefits, and more arbitration. Even if you lose a limb due to an auto-collision in this province, insurance will put you under the 'Minor Injury' category and give you max. $3500. Most of which they'll take way for shepherding you around to their biased doctors for assessments.

The loss of money to insurance fraud is a joke, it's just an excuse to make the process more and more difficult for people with actual injuries to get help. Drivers end up remortgaging their homes, taking out loans just to pay their medical. Finally when the insurance company wants to close your claim, they force you into arbitration and give you nothing.

The whole system is designed to repair cars and pay for funerals, not rehabilitate people.

Lol at your info
 
If you are not from Ontario, it's obvious why insurance is higher. GTA has the worst drivers in the entire country. Hence everyone living here has to pay. That's the way insurance works. You might think to yourself "I'm a good driver" but the insurance company will say "OK, but you are surrounded by idiots".
 
If you are not from Ontario, it's obvious why insurance is higher. GTA has the worst drivers in the entire country. Hence everyone living here has to pay. That's the way insurance works. You might think to yourself "I'm a good driver" but the insurance company will say "OK, but you are surrounded by idiots".



So true the comment above.


I did a 17 day road trip through the East Coast this year, Nova Scotia, New Brunswick,Newfoundland and PEI, there were no drivers in the fast lane at any time, no one was going over the speed limit and there were 18 wheelers going in the fast lane to pass the slow cars, I’ve never seen anything like it.

I was the only one in the fast lane going over the speed limit, none the less I got pulled over, cop stops me, sees my license plate that I was from Ontario, approaches the window and all he says to me is:
You’re from Ontario, you guys are always in a hurry, don’t let me stop you, carry one and walks away.

Me and my wife discussed it a few times, that was the reason the East Provinces’ paid 1/3 of the insurance we do in Ontario, they are cautious and slow drivers, it finally made perfect sense.
 
Sooo... how does Montreal pay less than us?
 
that's what im getting now for 2 broken bones in my hand
i should be out of MIG but insurance is refusing it welcome to desjardins insurance
got a good rate but now getting the fack around
and i have a lawyer working on it

$3500 for a broken arm? Don't think so
 

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