TranceAddict Forums (www.tranceaddict.com/forums)
- Canada - Toronto & Southern Ont.
-- Car Insurance Rates To Skyrocket
Pages (4): « 1 2 3 [4]

quote:

Originally posted by VERTiG0 Couldn't one person do it all?

As Scott said... different claims require different levels of expertise and areas of specialty. Accident Benefits for example is a highly specialized area; so much so that most AB adjusters are trained only to handle AB, they wouldn't have a clue on how to handle a physical (vehicle) damage claim. Bodily Injury claims are normally handled by more senior adjusters; who naturally command a higher salary... using them to handle a physical damage claim (or even the physical damage portion of a claim) is a poor use of resources. Additionally, by law the person handling the AB claim cannot also handle the Bodily Injury claim... it is a conflict of interest because for AB the adjuster is working on behalf of the injured party and bor BI they are in an adversarial position to the injured party. Finally, each insurance company will need their own adjuster(s) because each adjuster is working for the interests of their own insured and insurance company.

I got my policy today - rates have skyrocketed by as much as $3 a month. That's almost $36 a year!

quote:

Originally posted by DigiNut I got my policy today - rates have skyrocketed by as much as $3 a month. That's almost $36 a year!

better get a second job

quote:

Originally posted by DigiNut I got my policy today - rates have skyrocketed by as much as $3 a month. That's almost $36 a year!

Holy shit! How am I going to feed my family

quote:

Originally posted by DigiNut I got my policy today - rates have skyrocketed by as much as $3 a month. That's almost $36 a year!

lol!

I didn't want to start a new thread about an insurance related question so I thought I would post in here.

Earlier today I was involved in a very minor collision. I rear ended a vehicle as I thought he was pulling forward and then proceeded to slam on his breaks. I didnt have a chance to react.

Anyways, we pulled over to the side of the road, realized there were no injuries and minimal damage. Some scratches to my car and his rear bumper is damaged (most likely needs to be replaced). Because the damage was so minimal and the abcense of injury we opted not to call the police.

We exchanged insurance information and personal biographical information. I also advised him not to get repairs done to his vehicle through insurance as they would charge him the deductible and his car is not worth much on the market anyhow. He agreed.

My question is: In Ontario we have no fault insurance. If her were to go through insurance anyways, would it effect my insurance premiums at all? I understand I am at fault technically but because of no fault would my insurance be effected at all if I do not make a claim myself? Both out vehicles are 10 years old, so it makes no logical sense to have a bumper replaced through insurance when the cost would be close the value of the vehicle. However to be honest, I'm only willing to give the guy 300-400 max, as chances are he will not bother with the repairs anyways.

quote:

Originally posted by Sentinal I didn't want to start a new thread about an insurance related question so I thought I would post in here. Earlier today I was involved in a very minor collision. I rear ended a vehicle as I thought he was pulling forward and then proceeded to slam on his breaks. I didnt have a chance to react. Anyways, we pulled over to the side of the road, realized there were no injuries and minimal damage. Some scratches to my car and his rear bumper is damaged (most likely needs to be replaced). Because the damage was so minimal and the abcense of injury we opted not to call the police. We exchanged insurance information and personal biographical information. I also advised him not to get repairs done to his vehicle through insurance as they would charge him the deductible and his car is not worth much on the market anyhow. He agreed. My question is: In Ontario we have no fault insurance. If her were to go through insurance anyways, would it effect my insurance premiums at all? I understand I am at fault technically but because of no fault would my insurance be effected at all if I do not make a claim myself? Both out vehicles are 10 years old, so it makes no logical sense to have a bumper replaced through insurance when the cost would be close the value of the vehicle. However to be honest, I'm only willing to give the guy 300-400 max, as chances are he will not bother with the repairs anyways.

First and foremost; you gave him terrible advise... if he reports a claim his damages will be repaired under a coverage called Direct Compensation, which carries NO DEDUCTIBLE.

If he reports a claim; his insurance company will contact your insurance company to confirm that you have a valid insurance policy and that you were at-fault for the collision (most likely). This will likely promt your insurer to investigate the collision, confirm liability, and it will appear on your claims history... therefore; your premiums are likely to go up. Remember; your premiums are in no way effected by the amount of money you have claimed; rather, they are effected by whether or not you were at-fault.

I would recommend that you have the other guy get an estimate on his bumper and try to work it out privately; however, you have absolutely no obligation to pay him a penny.... by law the only party he can claim against is his own insurer. So, if you can't work out a deal that you're comfortable with then tell him to piss off.

BTW, I wouldn't put too much stock in the guy saying he wasn't injured at the scene... most soft tissue injuries don't show symptoms until a day or two after the collision.

quote:

Originally posted by Moral Hazard First and foremost; you gave him terrible advise... if he reports a claim his damages will be repaired under a coverage called Direct Compensation, which carries NO DEDUCTIBLE. If he reports a claim; his insurance company will contact your insurance company to confirm that you have a valid insurance policy and that you were at-fault for the collision (most likely). This will likely promt your insurer to investigate the collision, confirm liability, and it will appear on your claims history... therefore; your premiums are likely to go up. Remember; your premiums are in no way effected by the amount of money you have claimed; rather, they are effected by whether or not you were at-fault. I would recommend that you have the other guy get an estimate on his bumper and try to work it out privately; however, you have absolutely no obligation to pay him a penny.... by law the only party he can claim against is his own insurer. So, if you can't work out a deal that you're comfortable with then tell him to piss off. BTW, I wouldn't put too much stock in the guy saying he wasn't injured at the scene... most soft tissue injuries don't show symptoms until a day or two after the collision.

The idea was to not go through insurance to save the premiums from increasing. And the impact was at 5 k/ph. It was a bump.

But it would be foolish for my premiums to go up over something as small as this, it can be resolved outside of insurance.

a) sucks when it's a new car you just bought!

b) even if it was $1000 feel-like-a-ripoff-cash you'd have to pay him, I'd still pay it. The increase in insurance is more costly in the long term. Bite the bullet and pay the stimate (hopefully he'll show your 3 of them).

quote:

Originally posted by Abercrombie a) sucks when it's a new car you just bought! b) even if it was $1000 feel-like-a-ripoff-cash you'd have to pay him, I'd still pay it. The increase in insurance is more costly in the long term. Bite the bullet and pay the stimate (hopefully he'll show your 3 of them).

I just called the Honda dealership and the estimate that it will be about 8-900 bones. I figure I will give him about 500-600. As moral hazard said, the insurance company will assign fault which is most likely more mine but some his. Because of this, he will have his rates go up to. So figure 2/3 of the cost is fair.

quote:

Originally posted by Sentinal I just called the Honda dealership and the estimate that it will be about 8-900 bones. I figure I will give him about 500-600. As moral hazard said, the insurance company will assign fault which is most likely more mine but some his. Because of this, he will have his rates go up to. So figure 2/3 of the cost is fair.

It's 100% your fault, his rates would not go up, he would not have to pay a deductible.... of course he probably doesn't know that so you can play that to your advantage in negotiations; however, be aware that if he does report a claim you will be 100% at fault.

quote:

Originally posted by Moral Hazard It's 100% your fault, his rates would not go up, he would not have to pay a deductible.... of course he probably doesn't know that so you can play that to your advantage in negotiations; however, be aware that if he does report a claim you will be 100% at fault.

Really? Even if he cut in and slammed on his breaks??? There was no way I could prevent it. I'm sure he is going to be doing some research just as I am.

So insurance companies don't look at the value of the claim either? Just the fault target. Wow. It seems terribly unjustifieable to raise a premium the same amount if an accident is 800 or 8000.

quote:

Originally posted by Sentinal Really? Even if he cut in and slammed on his breaks??? There was no way I could prevent it. I'm sure he is going to be doing some research just as I am.

In terms of an injury claim it could make a difference... in terms of a physical damage claim; no. As long as both of you were travelling in the same lane at the time of the impact the rear ending vehicle is ALWAYS 100% at fault (thank Mike Harris). fault determination rules

quote:

So insurance companies don't look at the value of the claim either? Just the fault target. Wow. It seems terribly unjustifieable to raise a premium the same amount if an accident is 800 or 8000.

Premium is charged based on your risk rating multiplied by the amount of insurance you are purchasing. The amount that any one claim costs has nothing to do with how big a risk you are; whereas, whether or not you were at fault does.

The person doing the rear-ending is always 100% at fault. It's the driver's responsibility to maintain a safe distance between the car ahead, at any speed.

Funny, everyone's focusing on the insurance issue but what shocks me is that it wasn't reported to the police. You have to do this. It's a very serious offence not to. And there is no reason not to, because it will have no effect on anyone's insurance if the claim is not reported. The police don't contact your insurance; it's your insurance that might contact the police to get a copy of the report, and only if you file a claim.

I'm amazed that he went along with it. If somebody rear-ended me, at any speed, and said not to file a police report, I would tell them without hesitation to piss off.

Incidentally, you don't "call" the police anymore, you go to a collision reporting centre. Been that way for as long as I can remember.


P.S.

quote:

Originally posted by Moral Hazard fault determination rules

Link fail.

[QUOTE]Originally posted by DigiNut
Funny, everyone's focusing on the insurance issue but what shocks me is that it wasn't reported to the police. You have to do this. It's a very serious offence not to. And there is no reason not to, because it will have no effect on anyone's insurance if the claim is not reported. The police don't contact your insurance; it's your insurance that might contact the police to get a copy of the report, and only if you file a claim.

I'm amazed that he went along with it. If somebody rear-ended me, at any speed, and said not to file a police report, I would tell them without hesitation to piss off.

Incidentally, you don't "call" the police anymore, you go to a collision reporting centre. Been that way for as long as I can remember.


P.S.

Many insurance companies have agreements with the police departments, especially in toronto, where any collision reports involving one of their insureds is automatically sent to the insurance company. So even if you don't put a claim in but report it to the police you could still see an increase in your rates.

fault determination rules

quote:

Originally posted by Moral Hazard First and foremost; you gave him terrible advise... if he reports a claim his damages will be repaired under a coverage called Direct Compensation, which carries NO DEDUCTIBLE.

Although most policies don't have a deductible for Direct Comp some policies do have a Direct Comp deductible.

quote:

Originally posted by ChemEnhanced Many insurance companies have agreements with the police departments, especially in toronto, where any collision reports involving one of their insureds is automatically sent to the insurance company. So even if you don't put a claim in but report it to the police you could still see an increase in your rates.

Correct, there are signs in each collision reporting centres saying just that.

Actually according to my insurance broker who I called today said you DO NOT have to go to a collision reporting centre if the damage is percieved to be under 1000 and there are no injuries.

And I didn't tell him not to report it, I said there was no need to call the police as it was a very minor accident. They most likely wouldn't even show up even had we did call.

quote:

Auto Insurance Rates for the Second Quarter of 2009 [Bill 5] Rate applications approved during the second quarter of 2009 (April 1, 2009 to June 30, 2009) averaged +3.20%, based on the entire market. In the second quarter of 2009, for the 54.67% of the market that had rate changes approved, the average rate change was +5.86%, when weighted by market share. The rate changes approved in the second quarter of 2009 become effective in the second quarter of 2009 or later for renewal business. The rate changes approved in 2004, 2005, 2006, 2007 and 2008 were -10.60%, -2.43%, -1.27%, +0.55% and +5.59%, respectively, for the entire market. The approved rate change shown for each insurance company is the average for that particular company. The impact of a rate change on an individual consumer will vary depending on where the consumer lives, the type of car he or she is driving, and other risk characteristics. FSCO will continue to ensure that insurance companies' rate changes are reasonable and justified, and that the rates insurers charge are balanced with their ability to meet their future claims costs. ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVED April 1, 2009 � June 30, 2009 Insurer 2008 Effective Effective Approved Market New Renewal Rate Share Business Business Change Date Date Allstate Insurance Company of Canada 2.91% 07-Jul-09 07-Sep-09 1.80% Arch Insurance Company1 0.00% 01-May-09 n/a 0.00% Aviva Insurance Company of Canada 0.39% 01-Jul-09 01-Jul-09 5.00% Belair Insurance Company Inc. 0.12% 12-Jul-09 05-Sep-09 -0.47% CAA Insurance Company (Ontario) 1.08% 29-Jun-09 15-Aug-09 12.10% Certas Direct Insurance Company 1.08% 24-May-09 24-Jul-09 4.00% Certas Home & Auto Insurance Company 0.00% 24-May-09 24-Jul-09 4.50% COSECO Insurance Company 1.56% 01-Dec-09 01-Dec-09 10.40% Dominion of Canada General Insurance Company, The 4.75% 15-May-09 15-Jun-09 5.36% Economical Mutual Insurance Company 6.21% 01-Jul-09 15-Sep-09 6.73% Elite Insurance Company 0.16% 01-Jul-09 01-Jul-09 4.50% Intact Insurance Company 7.55% 22-Jun-09 08-Aug-09 5.51% Lombard Insurance Company 1.03% 15-Jun-09 15-Jun-09 5.10% Nordic Insurance Company of Canada, The 2.54% 12-Jul-09 05-Sep-09 6.71% North Waterloo Farmers Mutual Insurance Company2 0.00% 01-Jul-09 01-Jul-09 5.78% Novex Insurance Company 0.50% 08-Jun-09 25-Jun-09 5.81% Personal Insurance Company, The 3.10% 24-May-09 24-Jul-09 8.00% Pilot Insurance Company 4.89% 01-Sep-09 01-Sep-09 7.50% Portage La Prairie Mutual Insurance Company 0.19% 01-Jun-09 01-Aug-09 6.10% Primmum Insurance Company 1.46% 15-Aug-09 01-Sep-09 3.00% S&Y Insurance Company 0.60% 01-Jul-09 01-Jul-09 3.90% Scottish & York Insurance Company Limited 1.46% 01-Sep-09 01-Sep-09 10.00% Security National Insurance Company 5.57% 15-Aug-09 01-Sep-09 3.00% TD General Insurance Company 2.20% 01-Sep-09 15-Sep-09 10.00% TD Home and Auto Insurance Company 1.54% 01-Sep-09 15-Sep-09 3.00% Traders General Insurance Company of Canada 3.14% 01-Jul-09 01-Jul-09 5.00% Waterloo Insurance Company 0.64% 01-Jul-09 15-Sep-09 3.02%

source

Powered by: vBulletin
Copyright © 2000-2021, Jelsoft Enterprises Ltd.