Fewer accidents, fewer claims, high premiums | GTAMotorcycle.com

Fewer accidents, fewer claims, high premiums

bigpoppa

bigpoppa

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http://www.thespec.com/news-story/7...f-the-least-effective-in-canada-report-finds/


"Ontario's auto insurance system is "one of the least effective" in the country, despite having the most expensive premiums and one of the lowest levels of accidents, according to a government-commissioned report"


"While the number of accidents including major collisions has consistently come down, "the cost of claims has consistently gone up,"

"The former Workplace Safety and Insurance Board CEO said the system is riddled with disputes and inefficiencies "and a very high percentage of premiums are being used to pay experts and lawyers and not going directly to injured persons.""

So...fewer people have accidents, claims seem to be going down...and insurance premiums go up...Lining the pockets of 'experts' and lawyers....im sure some brokers too

Why didnt i get into Insurance as a career?

Maybe its not the squids riding sport bikes afterall?
 
bigpoppa said:
http://www.thespec.com/news-story/7...f-the-least-effective-in-canada-report-finds/


"Ontario's auto insurance system is "one of the least effective" in the country, despite having the most expensive premiums and one of the lowest levels of accidents, according to a government-commissioned report"


"While the number of accidents including major collisions has consistently come down, "the cost of claims has consistently gone up,"

"The former Workplace Safety and Insurance Board CEO said the system is riddled with disputes and inefficiencies "and a very high percentage of premiums are being used to pay experts and lawyers and not going directly to injured persons.""

So...fewer people have accidents, claims seem to be going down...and insurance premiums go up...Lining the pockets of 'experts' and lawyers....im sure some brokers too

Why didnt i get into Insurance as a career?

Maybe its not the squids riding sport bikes afterall?
Click to expand...
This doesn't surprise me if its true. the system doesnt make sense sometimes. good behavior = high premiums??
 
Its not only the number of claims, it the quantum of claims that effects the insurance (in insurance terms it is severity not the frequency of claims which causes a huge increase) , in ON the average claims cost is a lot more than anywhere else in Canada.

but still it doesn't justify the exorbitant premiums we pay in ON :)
 
humsafar77 said:
Its not only the number of claims, it the quantum of claims that effects the insurance (in insurance terms it is severity not the frequency of claims which causes a huge increase) , in ON the average claims cost is a lot more than anywhere else in Canada.

but still it doesn't justify the exorbitant premiums we pay in ON :)
Click to expand...

According to the article much of that is the cost of lawyering up to deny claims.
 
Its a simple case of 'whatever the market will bear' - there is no actuarial reason for premiums to be this high.
Demand a provincial inquiry - good luck.
 
Baggsy said:
According to the article much of that is the cost of lawyering up to deny claims.
Click to expand...


"[FONT=PT Serif, Georgia, Times, Times New Roman, serif]The first thing we do, let's kill all the lawyers" - Shakespeare [/FONT]
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