How about a break on Auto Insurance? | Page 2 | GTAMotorcycle.com

How about a break on Auto Insurance?

I am no expert in the insurance industry but what has been explained to me in the past....
  • In the US the premiums cover the payouts only, they make money by investing your payments (may depend on state laws...).
  • In Canada they make a profit on premiums over payouts and they also make money by investing your payments.
If this is correct, people in the US might see some lower costs, we will not as they will raise rates to cover market losses, or to cover not as much profit due to market losses....

My guess even if the above is not correct... rates will not go down, they almost never do for any reason.
 
crankcall said:
I just moved in February and by geography my house wenmt down $96.00 and my two cars went down about $300 for the pair. Thank you Oakville! (left Milton , which is too close to Mississauga and Brampton, hot zone for fires and crashes)
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Left shortly after they finished the last section of the pipeline. Didn't look in the mirror when I left. Take Brittania/Bell School Line/Steeles to and from work to mitigate the risk.
 
crankcall said:
I just moved in February and by geography my house wenmt down $96.00 and my two cars went down about $300 for the pair. Thank you Oakville! (left Milton , which is too close to Mississauga and Brampton, hot zone for fires and crashes)
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That's fun....mine went up for the car from $83/month to $150/month....cocksuckers. No accidents, no claims, no tickets, no nothing....just a simple postal code change from L5A to L5C. This is on the Odyssey.
 
GreyGhost said:
Dustin is the cop. Good point, they could dispatch a positive cop to cough in their window and put them in quarantine for two weeks.
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He's effectively in quarantine for the next 7 days automatically.
 
FullMotoJacket said:
He's effectively in quarantine for the next 7 days automatically.
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How many people with a BMW do not have access to another car? I don't know of any. Yes, the license is gone, but do you think they care? If you are happy going 100 over on a city street, who cares if you have a tiny piece of plastic in your pocket.
 
GreyGhost said:
How many people with a BMW do not have access to another car? I don't know of any. Yes, the license is gone, but do you think they care? If you are happy going 100 over on a city street, who cares if you have a tiny piece of plastic in your pocket.
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What if Spartacus had a Piper Cub?
 
Mikedezo44 said:
hard to say that they actually took a loss, more probable that they didn't hit the numbers they predicted...kinda like xmas holiday season sales when people talk about "sales are down" stores losing money blah blah blah it just means the company only made 5 million instead of the 7 million they forecasted. so now their top dogs will only get a 100 thousand dollar bonus instead of the 200k bonus they were hoping for. those poor guys. feel so bad for them. not.
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The problem with publicly traded companies is that reduced profits reduces the value of the shares. Would you pay as much for a stock that gave you a $1.50 dividend as you would one that gave you $2.00?

Reduced value can affect credit and that could further affect growth. It's like a financial cancer.

If a person wants to stay on the board of directors or as a CEO they have to keep the shareholders happy. Screw the customers. You're only as good as the last quarter and the future is judged weekly.
 
Heard that Ins Cos will discount the premiums for a 45 day non-use period.

"Envoyé de mon Android Phone en utilisant Tapatalk"
 
Does Doug's price gouging also include insurance?

Maybe they should shutdown the stock market or freeze it until this virus is done, this way the fear of greed is put on hold as well.
 
Mad Mike said:
With so few cars on the road, no congestion and I haven't seen a crash for 2 weeks.... auto insurers in Canada must be bleeding green right now. I would expect claims to drop drastically for the next few months, I wonder if they get to keep this windfall?
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I have bike and auto with AllState and I got an email saying I was getting money back. They didn't say how much though.
 
All my premiums went up this year for no good reason.
 
Gnu said:
I have bike and auto with AllState and I got an email saying I was getting money back. They didn't say how much though.
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Same, but it doesn't effect your insurance on motorcycles or other pleasure vehicles - primary vehicle only.
 
Aviva's response is "meh". (I have current Aviva policies.)

Getting the 75% premium reduction requires not driving at all. Not even a grocery-store errand. That doesn't work for me.

Driving less? To quote something someone posted on facebook a while back ... I'm getting about three weeks per gallon. Pretty substantial reduction (I'm not working - all projects have been cancelled or postponed with no known date of resuming) but not all the way to zero. The 15% premium reduction (for the duration of the shutdown?) is hardly worth making a phone call to get it.

I could take my van off the road, but the brakes don't take well to never being driven. A couple months of not being driven (75% premium reduction on that vehicle) doesn't cover the new set of brake pads and rotors that it would probably need after sitting for that long.
 
I'm looking into CAA's MyPace. Quote for my 2007 MDX is $400/yr including the first 1000 kms, then $100 per 1000 kms after that. Break even compared to a traditional policy is at 8000 kms.
 
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