Thanks tips...I actually have done research and understand that accident benefits make up the majority of our rates...but make whatever assumptions you want. I have no problems paying what my insurance costs +/- 150 per month, but for the actual riding season. When the rate equals 300 +/- per month for actual riding time, that seems ridiculous to me.
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How are you guys finding affordable insurace?
- Thread starter Xaxxus
- Start date
Thanks tips...I actually have done research and understand that accident benefits make up the majority of our rates...but make whatever assumptions you want. I have no problems paying what my insurance costs +/- 150 per month, but for the actual riding season. When the rate equals 300 +/- per month for actual riding time, that seems ridiculous to me.
So again I ask. Tell me the price you don't deem ridiculous and show the data how you came to the price you deem reasonable.
Quoted the above since you missed it the first time around.
You work in insurance don't you?
I misunderstood the original post. Was not thinking of it from that point of view. I agree with what you are saying.
Only on my first coffee ?. My mistake.
He's asking you how you came up with the number you're willing to pay. In casr you missed it.
I asked for the back up data to show the price you like is the price it should be. I can pull numbers out of the air too. I'm not only The president but I'm also a client ( hopefully that doesn't go over your head)
Touché, I actually did miss the data request....another coffee please.
Since I am not an actuary, I have no idea how they even come up with the numbers aside from appearing to grab from thin air since you can get rates significantly different depending on insurer.
Since I am not an actuary, I have no idea how they even come up with the numbers aside from appearing to grab from thin air since you can get rates significantly different depending on insurer.
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i think this is the most reasonable insurance conversation ever to happen in the history of insurance conversations. Progress is being made!
sometimes the rates you are quoted change when you bind, sometimes you get discounts from one company that another is not willing to offer due to their experience in that segment. Each company has a suite of products and appetites that range from the vehicle you have to the value of your house , your age and where you live. Add that all up and throw in your driving record , now add in limits and deductibles and that's a real simple way to explain how prices are reached. Then they have to be approved by FSCO whether they want to increase or decrease rates
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I can understand that. Insurers seem to usually say that data and demographics are what determine rates, so then logic would say that all companies should be fairly equal in terms of their rates. But that is hardly the case...hell I got quotes ranging from 1500/yr to 4000/yr when I was calling around last year.
many times its brokers making mistakes in quoting , like applying discounts you don't deserve because they are unaware , make a mistake or are trying to hook the sale. As I stated before it's also the appetite of the company. Some companies might say sure we will insure motorcycles if someone wants to pay 4 grand because that is our price point. Others might say we are willing to go lower and in this case they usually require your house and cars within 1 year to be insured by them as well. If that doesn't happen then you get a huge increase . Why does a burger cost 99 cents at McDonald's and 10 bucks or whatever at burgers priest. Ingredients, quality, brand and service. And to go further on that ,insurance is the only product where when you sell it you have no idea what it's going to cost you. If I sell a burger I can quantify the cost of material and labor, if I sell an insurance Policy I have no idea what that policy is going to cost the company. Can you imagine running a business that once the customer leaves you have no idea if the money they gave you will even let you break even on that sale or could cost you 100's or thousands of times the money that came from that sale???
Just curious, is your policy/insurer aware of the yearly mileage you rack up and is your policy based on that?
Wow. Yeah that's a huge risk, didn't ever think of it that way
that's why im sexy and you arent
All I know is when I hear on the news that insurance is going up because insurance companies only made $2 billion profit instead of their projected $4 billion, they're over charging. Can't find anything mirroring those numbers anymore but that was all over the news a couple of years ago.
Then there are these articles saying we are overpaying:
http://www.cbc.ca/news/business/ont...or-auto-insurance-a-year-study-says-1.3028074
http://business.financialpost.com/n...o-4-billion-in-auto-insurance-new-study-finds
Then there are these articles saying we are overpaying:
http://www.cbc.ca/news/business/ont...or-auto-insurance-a-year-study-says-1.3028074
http://business.financialpost.com/n...o-4-billion-in-auto-insurance-new-study-finds
Pfff the policy on this face costs more per month than some noobs gixxer
Study is BS because it didn't include all the insurance companies that had negative return on equity.
http://www.canadianunderwriter.ca/n...rs-with-negative-return-in-equity/1003567346/
all insurance companies financials are posted online, all Insurance companies have to file for rate increases or decreases on personal insurance and receive permission from FSCO based on their profitability.
Read up more than just the studies you like. And as far as profits would you like your insurer to be broke so when a claim happens they cant pay or would you like that they be profitable so they can pay claims???
I thought the only policy on your face was " this face seats five"
Who wouldn't want to be Rob Lowe??
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