Relax
Well-known member
When insurance replaces a worn part with a new part, it's called a betterment and we're charged for the difference. So in your example, we would be paying the 30% difference.
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2021 insurance renewals
- Thread starter Iceman
- Start date
When insurance replaces a worn part with a new part, it's called a betterment and we're charged for the difference. So in your example, we would be paying the 30% difference.
I got caught up in this absolute insurance BS when I had a totally not at fault accident in my car. Required control arm replacement and since the bushings were in better condition new than what was on my car, I had to cover a portion.
Absolute-*******-racket. I couldn't believe it. Of course the damn parts are in better condition they're NEW. Just another scam to reduce their payout cost.
Trials
Well-known member
You're talking to a guy that was rear ended on a 1986 BMW in 1986 and the other guys insurance company ripped me off left right and centre. They fixed the bike with aftermarket parts, even sold my damaged frame to the dealership so they could build another motorcycle around my VIN several years later. Still ride that bike, after I had to obtain a RBT VIN for it, the bikes resale worth is far less :/ and my insurance rates have only gone up. One motorcycle, 35 years of insurance premiums that were somewhere around 400$ to 900$ annually
that represents about $25,000 the insurance companies have extracted from me for only one motorcycle. Don't take this personal, but the insurance companies we are forced to deal with in Ontario are slime when it comes to payouts and that's not an opinion it's a proven fact.
You're talking to a guy that was rear ended on a 1986 BMW in 1986 and the other guys insurance company ripped me off left right and centre. They fixed the bike with aftermarket parts, even sold my damaged frame to the dealership so they could build another motorcycle around my VIN several years later. Still ride that bike, after I had to obtain a RBT VIN for it, the bikes resale worth is far less :/ and my insurance rates have only gone up. One motorcycle, 35 years of insurance premiums that were somewhere around 400$ to 900$ annually
Don't take this personal, but the insurance companies we are forced to deal with in Ontario are slime when it comes to payouts and that's not an opinion it's a proven fact.
1. 1986 was 35 years ago... a lot has changed.
For one you don't deal with the other person's insurer any longer, you deal with your own.
2. I agree that 25k is a lot of money. 35 years of payments would be completely erased with a single injury (knocking on wood)...
3. If payouts were completely out to lunch it would be all over the front page of every paper/website. The truth is my used vehicle is worth more to me than it is to anyone else.
Avi
In over 20 years of doing this, I've never seen that happen.
We see old shingles replaced with new ones every day in property claims. If someone breaks into your home and steals your TV, you get a new one, not a used one.
It is a betterment if the insurer offers to give you a newer model of what you have (say the shingled roof in the example above) and you decide you want to upgrade it to a better model (like a steel roof), that is a betterment and yes, then you would have to pay the difference to upgrade to the higher model.
Trials
Well-known member
Yes they certainly have, the rates this year for that same motorcycle will be double what they were when I bought it,
and the chances of me hurting myself or anyone else on that particular motorcycle are almost non existent compared to when it was new and I rode it in Toronto.
And meanwhile, did the premiums decrease since the beginning of the policy to cover the REDUCED cost of the parts?
I'm guessing... no....
Total scam.
Max527
Well-known member
I also got my renewal. $252 cheaper than last year. Riding a DL650 Suzuki. Also January, 7 payments. Very happy with TD.
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Trials
Well-known member
Don't forget the deductible
and depreciation on the value of your vehicle IF you can actually try and make a claim.
... can I rent a motorcycle while mine is in the shop for 6 months?
not a chance. Can I rent a full size Van while my motorcycle is in the shop? sure go for it, just don't look to us to cover that cost and you will need to buy your own insurance to cover it.
Trials
Well-known member
Wouldn't it be so cool if you could say your rate this year is $252
and not that it went down that much
Someone brought that up earlier. My suspicion is that they were tired of fighting people for more money if they cancelled early so this way, cancelling always gets you a refund.
Iceman
Well-known member
Didn't notice the new slips yet but they did start the debit looks like no change.Yep. January to July now instead.
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Iceman
Well-known member
I used to like paying from march to September as I occasinally get laid off in the winter. Otherwise it doesn't really matter.
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sburns
Well-known member
Probably because your renewal notice arrives in December when most people are too busy, and I would guess, forget about it or ignore it until too late, and boom auto renewal. Mine also came in earlier as well (not with TD).
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