Insurance/Ownership

[wtom]

Just a note my broker is Overseas Insurance Brokers up in Richmond Hill, my actual insurance company is York Fire and Casualty.

I called OIBC and spoke to my/father\'s broker. Came out honest with her about myself planning to get a new car very soon, that being the Mazda 3 Sport. Quote was not a problem to do and she will call me back for that.

I\'m over 25 and asked her about insurance premium being cheaper if my dad owns the new car or not. She said for over 25, it will not be a difference at all if any, it\'d be very little. The ownership thing affects only those under 25 who want to get a new car.

Looks like I\'ll get that $600 grad rebate after all! Woo hoo! :)

[miggiddy]

Rebate=good

How much did they quote you for insurance?

[wtom]

I called Kanetix and asked about ownership affecting insurance rates; same answer as my broker = \"no effect\"

The rep went on to confirm the fact that premiums are calculated based on who the primary driver is (and not looking at who the registered owner of the auto is).

I did a quote on Kanetix.ca for a Mazda3 Sport GS, $1000 deductible for both coverages, and with $1M liability limit, the cheapest is my present company, York Fire at $1,773/a

With a $2M liability limit, my company, cheapest listed, is stating $1,812/a.

I listed 5K to 6K of travel per year, no travel for work/school. With 10K travel per year and 4km for work, the premium shot up to $2K/a

At least now I have an idea if my broker is good or not once she returns my call with her quote from York Fire. I\'ll keep you guys posted.

[sw0rdfish]

Originally posted by wtom


I called Kanetix and asked about ownership affecting insurance rates; same answer as my broker = \"no effect\"

The rep went on to confirm the fact that premiums are calculated based on who the primary driver is (and not looking at who the registered owner of the auto is).

Just so we\'re on the same page... you mean when the driver is 25 years old and up right?

Because it affected mine, by $1000 a year.

[wtom]

sw0rdfish; yes, age is no longer a factor (but of course your insurance \"experience\" will still be) once 25 or over.

[wtom]

UPDATE

Okay... sucks BUT because I had an at-fault (by the view of the police officer that ticketed me) accident that I reported in 2001, my broker told me this clarification;

Owner = Myself, Insurance thus = Myself, $4,xxx per year
Owner = My Dad, Insurance with him, myself primary driver, $2,466 per year

So... of course I\'m going rebate-less and getting the cheaper insurance.

Did most of you also get the optional coverage (like $50 additional per yr) for depreciation protection and loss of use? Broker told me it covers the total cost of the car if I ever have a <knock on wood> total loss on the car. This is included in above $2K number.

--- 2001 accident ---

On a one way street, about to turn left into friend\'s driveway. Buick = big car, driveway was a bit tight so I had to pull RIGHT on the street to be able to make the wide turn and fit the Buick into the open spot.

BAM, some idiot was speeding towards me from behind and decides to try and pass me on my left. Slams into my front left corner. No injuries to anyone. Jamaican gets out of the car starts cussing me and making a scene. No gun. :)

FIVE F**KING hours later, cops arrive. Tickets me for failing to signal... God damn...

Can\'t believe stupid little \"oops\" like that while someone else is speeding, passing in a single lane, one way street, why is the priority on me to be charged? Very fudged up system we have.

--- fast forward 2003 ---

Two lanes, snow covered. Van was in between both lanes, slowing down, cars parallel parked in front of him. Obviously I think he\'s trying to park there. No signalling for anything. So I try to pass him on his left. BAM I hit his front left as he tries to turn left.

Cop arrives 15 mins later, charges me for careless driving. Same exact f**king situation that happens yet I get charged both times while sitting on opposite ends of being the one hit, and being the hitter. This one was not reported to insurance as collision was not on the policy.

Both accidents, I was the younger one (under 25). Guess it was the age factor.

--- END OF RANT :)

[miggiddy]

OUCH! :( Sorry to hear that. Man I\'m in the wrong business I should be selling insurance.

[wtom]

Originally posted by miggiddy


OUCH! :( Sorry to hear that. Man I\'m in the wrong business I should be selling insurance.

Then you will have to change your handle to miggiddevil :)

[wtom]

Interesting... I received my Insurance bill the other day and the premium (annual) was cheaper than what my broker told me! SWEET! She quoted me $2,400 and the bill stated $1,700 annual! For the remainder of the policy, I only had to write a cheque for a toonie less than $500... how sweet it is...

[///M]

Originally posted by wtom

On a one way street, about to turn left into friend\'s driveway. Buick = big car, driveway was a bit tight so I had to pull RIGHT on the street to be able to make the wide turn and fit the Buick into the open spot.

BAM, some idiot was speeding towards me from behind and decides to try and pass me on my left. Slams into my front left corner. No injuries to anyone. Jamaican gets out of the car starts cussing me and making a scene. No gun. :)


Almost exactly the same thing happened to me before. On a 2 way street though. Idiot in a Cavalier was speeding and tried to pass me. Hit me in exactly the same way. It went through insurance too because they were trying to get me to pay $2000 in damages for a scratched bumper on their crappified Cavalier...the quote they showed me showed that they needed new rims (wtf?!?!), quarter panels, paint...etc etc...jacked up quotes.

I\'m screwed when it comes to renew my insurance.

[Dr Butcher]

Originally posted by wtom


Interesting... I received my Insurance bill the other day and the premium (annual) was cheaper than what my broker told me! SWEET! She quoted me $2,400 and the bill stated $1,700 annual! For the remainder of the policy, I only had to write a cheque for a toonie less than $500... how sweet it is...

Damn, I\'m 33, drive a GS Sedan, have a virtually clean record (a failure to wear a seatbelt charge) and I pay just over $1600 a year. Living in Toronto has its benefits but when it comes to insurance rates we get the shaft. The worst part is that I\'m barely even in Toronto, 1km and I\'d be in Pickering....

I love how insurance comapnies ask if you\'re driving the car to work. No dufus, I bought the thing for it to sit in my driveway attracting bird poop. :sarc

[midnightfxgt]

I pay $178/month. and have full coverage and 500/500 deductable. I am 22 years old, and have a 15kmh over ticket on my record for about another month :)

Call state farm, they have been GREAT for me! :)

~JOHN

[wtom]

autoexe - you were charged by the cop too? for what? failure to signal?

Dr Butcher - LOL about insurance and driving the car to work or not. It was an extra $121/a or so for my previous car if I stated I was driving it to work. More risk if more driving. I wonder if it\'s still considered \"to work\" if you tell them you drive and park at subway station and then TTC to work? Probably even more risky...

midnightfxgt - Not bad for under 25 and $500 deductibles! Too bad no insurance company will accept a new client that has one at-fault on record.

[MajesticBlueNTO]

Originally posted by Dr Butcher

I love how insurance comapnies ask if you\'re driving the car to work. No dufus, I bought the thing for it to sit in my driveway attracting bird poop. :sarc

best line ever :D

when i moved from south central scarlem (mcCowan and eglinton) to thornhill, my insurance went down ~$120/year.

it\'s because you live in scarlem and not pickering :(

[///M]

Originally posted by wtom

autoexe - you were charged by the cop too? for what? failure to signal?



wasn\'t charged...no cops were in fault

insurance decided I was at fault for doing an \"improper turn\"...wtf?!?! i was hit by someone

[wtom]

Originally posted by autoexe

wasn\'t charged...no cops were in fault

insurance decided I was at fault for doing an \"improper turn\"...wtf?!?! i was hit by someone

What the... insurance can do that?!? How can they make judgement when they were not even at the scene during the incident? Whoa that is evil...

[Dr Butcher]

If you can avoid it, don\'t ever tell your insurance company anything. One time in high school, I got rear ended. I called them and told what had happened. Even though I never claimed anything from them, when I got my new truck 5 years later they had it on my record.

Elephants and insurance companies: They never forget.

[MajesticBlueNTO]

Originally posted by wtom

What the... insurance can do that?!? How can they make judgement when they were not even at the scene during the incident? Whoa that is evil...

whether or not cops were involved, the insurance company may evaluate things differently.

for example, a police report can determine that you weren\'t at fault, but insurance may say that you were 50% at fault and then jack up your rates.

insurance companies have their own methods of risk/fault assessment.

[///M]

insurance companies are evil