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Need help - Car Insurance is killing me (pg. 2)
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| ChemEnhanced |
| quote: | Originally posted by tonybologna
Is this typical for car insurance in Toronto? That is crazy. In the states, I have liablity only for my 1993 Olds 98 and I pay 292 dollars a year. Thats right $292. |
That is because you only have liability insurance. If you were to get both collision and comprehensive insurance plus rental coverage then you would be looking at a much higher cost. Not only that, Ontario has very beneficial injury coverages that also increase the cost of insurance. |
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| ChemEnhanced |
| Moral....you go into to much detail :D just give them the website like I did and let them read for themselves. |
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| Moral Hazard |
| quote: | Originally posted by tonybologna
Is this typical for car insurance in Toronto? That is crazy. In the states, I have liablity only for my 1993 Olds 98 and I pay 292 dollars a year. Thats right $292. |
My guess is you have minimum coverages which in PA is $30,000. In Ontario the minimum limit is $200,000 (most people carry $1 million). Additionally, in Ontario your liability insurance carries medical and loss of income coverage that you can access if you are injured in an automobile accident.... in PA it does not. The trade off is that in PA you can sue for damages for all injuries and your income loss whereas in Ontario your right to sue is limited to certain injuries and levels of income loss (80% of your net income). Of course in Ontario almost all of medical expenses will be paid up-front and you will be paid for your loss of income weekly whereas in PA you will have to sue for these things which could take several years (I think 6 years was how long the last injury claim I had in PA took to resolve). At any rate, this is why the rates here are significantly higher, we have more coverage.
Additionally, you're talking liability only whereas I would assume this other fellow is talking full coverage (collision, comprehensive, and liability) given the age of his vehicle it would not make sense to have liability only. |
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| StereoPrincess |
i had liability only on my previous car but on a newer car you want to have full coverage and i'm glad i did.
try pc insurance for a quote. |
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| Moral Hazard |
| ^^^^ actually PC is really good on price right now because they are selling insurance at a loss (meaning they are selling it for less then what they expect to pay out on claims and expenses). They are doing this because they need to gain market share as they are new to the market. |
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| tonybologna |
wow all these people on TA at 8 in the morn.
Anyway, for my 93 olds 98 with 190,000 miles I have
bodily injury liability 100,000 per person 300,000 each accident
100,000 property damage liability
uninsured motorist bodily injury (100,000 per person, 300K per acc)
medical expense coverage 5,000
accidental death benefit 5,000
I get a discount for anti lock brakes (which don't work) and airbag
I think if I were to insure collision and liability it would be well under a grand. |
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| ChemEnhanced |
| quote: | Originally posted by Moral Hazard
^^^^ actually PC is really good on price right now because they are selling insurance at a loss (meaning they are selling it for less then what they expect to pay out on claims and expenses). They are doing this because they need to gain market share as they are new to the market. |
You are right though....they sell cheap to get into the market and then they will raise their rates.....When the banks like CIBC and TD tried this it was the same thing.....most of them got out of the game because it was a lot harder then they thought to turn a profit.
The difference with PC Insurance is that the policies are written by one of the largest insurers so they will not be going out of business anytime soon. |
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| StereoPrincess |
| quote: | Originally posted by tonybologna
wow all these people on TA at 8 in the morn.
Anyway, for my 93 olds 98 with 190,000 miles I have
bodily injury liability 100,000 per person 300,000 each accident
100,000 property damage liability
uninsured motorist bodily injury (100,000 per person, 300K per acc)
medical expense coverage 5,000
accidental death benefit 5,000
I get a discount for anti lock brakes (which don't work) and airbag
I think if I were to insure collision and liability it would be well under a grand. |
this is the barest coverage i have ever seen. no wonder you pay next to nothing. you would not be paying less than a 1000 for normal coverage. |
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| Moral Hazard |
| quote: | Originally posted by tonybologna
wow all these people on TA at 8 in the morn.
Anyway, for my 93 olds 98 with 190,000 miles I have
bodily injury liability 100,000 per person 300,000 each accident
100,000 property damage liability
uninsured motorist bodily injury (100,000 per person, 300K per acc)
medical expense coverage 5,000
accidental death benefit 5,000
I get a discount for anti lock brakes (which don't work) and airbag
I think if I were to insure collision and liability it would be well under a grand. |
as a comparison.... In Ontario a driver would normally carry under Liability insurance
$1,000,000 per claimant (injured party split 80/20 BI/PD) per accident.
$100,000 medical coverage (increases to $1,000,000 for catastrophic injuuries)
$70,000 for attendant care coverage (increases to $1,000,000 for catastrophic injuries)
$400/week loss of income coverage
$15,000 death benefit (per spouse/ex-spouse to whom support is owed and each dependant)
$3,000 funeral coverage
$1,000,000 Uninsured/underinsured motorist coverage (actually made up from several different coverages but it gets confusing)
and coverage up to the Actual Cash Value of their vehicle for non-at-fault collisions. |
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| tonybologna |
Well, given my minimum coverage, its a good thing I don't drive it here in Montreal. It just sits on the side of Saint Mathieu St waiting for its next trip to visit the parents on semester break.
Think I have 4 street cleaning tickets already since I don't have any reason to move it. Maybe it will get towed before semester break and I'll have to rent a car to go home. Its nearing the end of its useful life anyway. I doubt I could sell it for a grand. |
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| ChemEnhanced |
plus if you are not working at the time of the accident but are a stay at home mom and need someone to help take care of the little ones then there is coverage upto $250 for the first kid and $50 for each additional kid....coverage can last for upto two years.
there is also housekeeping coverages that allow for $100.00 a week for someone to clean your house because you are too lazy to do it. This coverage lasts upto two years.
And if you are a real bum and have no job and no kids you can still get $185.00 per week just because you are living.
Then people typically have rental coverage of $900.00 |
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| tonybologna |
| Actually I could sell the chrome wheels on it for at least $500, put the original wheels back on, then maybe sell it fort $800. Everyone stares at the car when they walk down the street as it is distincly American (ghetto fabulous). |
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