Outrageous Insurance Rates

[Why Not?]

I just got my car insurance bill for the year. Here is my situation.

- Driving since 1972
- No impaired charges ever
- No tickets of any kind since 1981
- No accidents since 1986, 1 accident then, not at fault
- Never filed a claim for an accident.
- Last insurance claim filed in 1994 for a windshield.
- My car is 13 yrs old and I have been with the same insurance company for more than 15 years.
- I have their 8 star rating (the highest)

I just got my bill and it is up by 25%. An increase of over $400. And all because my car is classified as a sports car and has a turbocharged engine. I have shopped around and can only beat the quote by less than $100.

My question is where the hell do these insurance companies get off doing this to us? Am I the only one this has happened to? Does anyone know a good insurance company?

 

[Teddybear]

super frustrating...here's why...

the general myth about insurance (of any kind) is that pools of resources are created through the collection of your monthly premiums, and said pools are dipped into to pay you for the protection you have contracted for. in actuality, those monies are reinvested to create wealth for the companies and their stakeholders. rather than deplete these pools of invested resources, insurance companies manage any policy payouts by avoiding them, delaying them, insuring them,arguing them and then, ultimately, increasing premiums in all insurance sectors to cover payouts in one particular area when they are more than projected (like in commercial insurance when dot coms went under, or property insurance when buildings get blown up. if a sector proves less profitable then another, that insurance company sells off that part of the business, or simply stops insuring that kind of policy.

 

[LateComer]

Just be glad you don't own apt. buildings. My property insurance premiums doubled. They said it was because of 9/11 but then they have a terrorism exclusion. WTF!!!

 

[yabut]

Well folks expect it. Being in the transportation industry we where warned about an increase. Actaully consider yourself lucky i hear it's a 33% increase. Same as last year. Not bad 66% in 2 years sure wish my pay went up the same.

 

[torex]

Greeeeat!

can't wait to see my new rates

 

[dondada]

mine said something about....c.l.e.a.r......a new rating system...and the insurance is up 300 bucks...friggin rip off if you ask me...

 

[train]

Insurance rates continue to increase because a good portion of the income insurance companies have relied upon over the last 15 is not only gone but has turned negative . They were heavily invested in the stock market and gains from that sector offset losses on the pure insurance ( I blame this on lawyers in the US - lol ).

It is out of control . My business has experienced a 100% increase in the last 2 years despite never having a claim in the 13 years of it's existence .

 

[red ram]

the insurance industry cannot stand to lose......they create a crisis in a sector....in order to profit when interest rates are down....as they are now.....remember when two seat sportscars were the target???....then high performance motorcycles???.....now they are hammering the snowmobile market............funny thing is.......this is only happening in certain areas of the country.......too bad that the cops and insurance companies along with the judicial system cannot do something to the people that commit insurance fraud and steal property........which the companies claim is the number one reason for the increase in rates

and if 9/11.....really is the cause of this.......why the hell are people bitching about the war in iraq???..........i woulda nuked that whole area within a week......not that it woulda lowered rates on insurance......but it woulda stopped anymore threats of terrorism

 

[Goober Mcfly]

Insurance executives are fast approaching a tie with the lawyers over who will be first against the wall when the revolution comes...

 

[train]

Insurance executives are fast approaching a tie with the lawyers over who will be first against the wall when the revolution comes...

You forgot politicians and priests .

 

[Joker]

Last year when my carrier offered to renew with something like a 20% increase my broker said "September 11th." I said what does that have to do with auto coverage? These companies just look for an excuse. Anyway, I switched carriers by using my trusty friend, insurance quoter:

http://www.insurancehotline.com/ch/

 

[luckyjackson]

Auto insurance is legalized extortion as far as I'm concerned. I too have been driving for 26 years, no accidents, until recently and the other guy was charged.

Ok, they DID replace my car, but not one red cent for any of the costs associated with personal injury. Zip, nada, nothing...they argue every little point and challenge everything recommended by either the doctor or the physiotherapist. Nice business to be in where legislation obligates people to buy your product, and then you don't have to provide it. Crooks.

 

[papasmerf]

Hey good who said that is you want to fix what is wrong with this worl.....shot all the Lawyers????????


Will Rodgers a US stateman (fancy name for intellegent).

 

[lewd]

My advice...shop around. Don't believe in any crap about getting a discount due to loyalty.

Insurance rates are almost always guaranteed to go up. I think part of the problem is that it's not regulated provincially. Add the problems of insurance fraud that invariably gets passed on to all of us.

 

[torex]

Add the problems of insurance fraud that invariably gets passed on to all of us.

Good point lewd.
I think fraud has alot to do with it.

 

[Bboy]

Anyway, I switched carriers by using my trusty friend, insurance quoter:

http://www.insurancehotline.com/ch/

Joker that's a great site but it's only for Ontario. Does anyone know a site for all of Canada?

 

[King Pig]

People

Here is the facts about automobile insurance in Onatrio. It is regulated by statute and the insurance companies have little if any frredom with respect to what they can or can not do. Many compnaies or brokers try to raise their rates on a yearly basis. If you get some bunk like 'its 9/11' ask them for the ststutory authority by which they are raising their rates. They have to provide you with that becasue the government determines when and by how much. If you do not have any accidents in past 7 years or tickets in past 3 then should not be subject to large increase.

 

[Bes]

Papasmerf said:

Hey good who said that is you want to fix what is wrong with this worl.....shot all the Lawyers????????


Will Rodgers a US stateman (fancy name for intellegent).

----------------------------------------
Wrong Will. Not "Rodgers", but Shakespeare (English humorist. In Henry IV, I think).

 

[Why Not?]

Anyway, I switched carriers by using my trusty friend, insurance quoter:

http://www.insurancehotline.com/ch/

The final result? I tried the url above and got the same coverage from someone else for a few dollars less. By the time I move my home coverage in June I will have saved a little over $100 instead of spending $400 more. It cost me $10 to use the service but for the $500 difference it was well worth it.