Topic: 20% increase in premium with no new claim/ticket??

[johngenx]

The Clarke government also raided ICBCs bank accounts and left it in bad shape. So now they’re under pressure to fix the mess.

[marcus_go]

The Clarke government also raided ICBCs bank accounts and left it in bad shape. So now they’re under pressure to fix the mess.

Yep, there is definitely that but also the fact they they did nothing to correct the issues that ICBC was facing when they were in office.

[random006]

Wow.  You guys are getting boned on your insurance costs.         I renewed my policy on my 2018 Subie in June, the second year with insurance through CAA Quebec.  They use Prizm.

I remember my renewal rate was a touch higher than the original but I can't remember by how much; probably inflation plus a bit.  The original rate was about $80 / month.  I expect it to drop in a couple of years if past experience is anything by which to judge.

[dkaz]

Alberta auto insurers announced 10-20% rate hikes.

[johngenx]

Alberta auto insurers announced 10-20% rate hikes.

The UCP dropped the cap on auto insurance premiums. “So that companies will be free to charge less!”

What a load of BS. Of course rates are going to get hiked substantially. I understand new drivers are going to get slammed the hardest, with a return to the $5K and more rates we had a while ago.

But we don’t have the carbon tax. Thank gawd for that...

[ktm525]

A family member just moved from BC this past year. Two adults and two teenage drivers. Their insurance fell by 50% from what they were paying in BC. Same vehicles, same coverage. I feel sorry for those forced to use ICBC with no other options.

[dkaz]

A family member just moved from BC this past year. Two adults and two teenage drivers. Their insurance fell by 50% from what they were paying in BC. Same vehicles, same coverage. I feel sorry for those forced to use ICBC with no other options.

Our Mazda 3 went down by $100 in Alberta, but registration is separate in Alberta so there goes that $100 savings.

[dkaz]

Alberta auto insurers announced 10-20% rate hikes.

The UCP dropped the cap on auto insurance premiums. “So that companies will be free to charge less!”

What a load of BS. Of course rates are going to get hiked substantially. I understand new drivers are going to get slammed the hardest, with a return to the $5K and more rates we had a while ago.

But we don’t have the carbon tax. Thank gawd for that...

#winning #albertaadvantage

[ktm525]

A family member just moved from BC this past year. Two adults and two teenage drivers. Their insurance fell by 50% from what they were paying in BC. Same vehicles, same coverage. I feel sorry for those forced to use ICBC with no other options.

Our Mazda 3 went down by $100 in Alberta, but registration is separate in Alberta so there goes that $100 savings.

Full collision and glass or just the minimum?

[dkaz]

A family member just moved from BC this past year. Two adults and two teenage drivers. Their insurance fell by 50% from what they were paying in BC. Same vehicles, same coverage. I feel sorry for those forced to use ICBC with no other options.

Our Mazda 3 went down by $100 in Alberta, but registration is separate in Alberta so there goes that $100 savings.

Full collision and glass or just the minimum?

Full collision. I lied, it was $200 less ($1512 vs. $1312) for $2 mil/$500/$300 in B.C. vs. $1 mil/$500/$250. Registration is extra in Alberta, I think $87?

I only have $1 mil liability in Alberta because TD put $1 mil general liability on my home which they said I could use for auto claims on any of my policies if needed.

[johngenx]

A family member just moved from BC this past year. Two adults and two teenage drivers. Their insurance fell by 50% from what they were paying in BC. Same vehicles, same coverage. I feel sorry for those forced to use ICBC with no other options.

You see a large variance in rates in Alberta?  The system is essentially an oligopoly that functions as a monopoly.

And ICBC has gone to town rate-wise on new drivers, so I'm sure they saw a huge drop moving to Alberta.  BUT, that's changing.  Alberta is now going to be hitting new drivers super hard.

[marcus_go]

It won't matter if BC opens up to private companies to sell compulsory/basic insurance.

Every year I go to renew, I shop around to see if I can get a lower rate on my optional coverage (additional liability, collision, comprehensive and rental coverage). Never have I received a quote where going private was going to be cheaper for me, and I am 15 years claims free, no tickets or violations etc. I therefore highly doubt that private insurers could offer basic insurance for less than what ICBC could. It simply isn't profitable for them.

The fact is that the private insurance companies will still have the same pressures that ICBC is experiencing such as rising injury claims, more costly repairs, high litigation and more cars on the road as urban area get increasingly developed and the population increases.

[dkaz]

That was my experience too, ICBC had the cheapest optional insurance for my cars. Different story with my motorcycle however, $225 with the private guys vs. $600 for ICBC.

[ktm525]

ICBC is bad for motorcycles and new drivers now. It is not surprising that costs are out of control: Painted bumpers with sensors and cameras etc. A simple parking lot smack ends up costing $1000s. Moderate hits are writing cars off (but the occupants come out OK).

To control costs:

1) limit injury awards
2) try to encourage "robust" car design
3) Absolutely hammer drivers (x2 or x3 premiums?) that are causing accidents by being distracted. Distracted driving is not an accident, it is a choice the driver makes.
4) Award safe driving. I have an admittedly heavy foot but I have not caused an accident in 40 years. Law enforcement has to focus less on speed and more on dangerous driving activity.

[marcus_go]

ICBC is bad for motorcycles and new drivers now. It is not surprising that costs are out of control: Painted bumpers with sensors and cameras etc. A simple parking lot smack ends up costing $1000s. Moderate hits are writing cars off (but the occupants come out OK).

To control costs:

1) limit injury awards
2) try to encourage "robust" car design
3) Absolutely hammer drivers (x2 or x3 premiums?) that are causing accidents by being distracted. Distracted driving is not an accident, it is a choice the driver makes.
4) Award safe driving. I have an admittedly heavy foot but I have not caused an accident in 40 years. Law enforcement has to focus less on speed and more on dangerous driving activity.

I agree with you on all points. Cars have never been as safe as they are today, yet there are more injuries as result. It doesn't make sense. Remember when cars didn't even have head restraints, like old regular cab pickups where the glass rear window was directly behind the seat? Crazy to think of all the advancements. I remember growing up when all we had was lap belts in the back seats.

Now having said that, cars are more complex as a result of all the additional stuff they pack into them. It simply costs more to fix them. A lot of that is the cost of replacement parts, which is a cost controlled by the manufacturer. A modern replacement windshield can easily exceed $1000 with all the tech stuffed into cars like rain sensor and autonomous driving assist features.

And I rarely every see police pulling anyone over. We need to seriously step up enforcement and get people with bad driving behaviours to be held accountable.

[ktm525]

Easiest way is to hold those accountable who cause an accident. First accident, insurance doubles. Cause another within 5 years and it doubles again. Three in ten years and licence revoked, welcome to public transit. Caught driving without insurance? Lifetime driving ban.

Done

[dkaz]

The bulk of insurance costs cover injuries, fixing cars is peanuts.

I don’t agree with lifetime ban for not having insurance as I’ve seen a number of people including hardworking professionals forget to renew insurance & registration in BC. Harder to do in private insurance provinces since they automatically renew you and drivers only have to remember to renew registration.

[johngenx]

The bulk of insurance costs cover injuries, fixing cars is peanuts.

I don’t agree with lifetime ban for not having insurance as I’ve seen a number of people including hardworking professionals forget to renew insurance & registration in BC. Harder to do in private insurance provinces since they automatically renew you and drivers only have to remember to renew registration.

Injury claims can be in the hundreds of thousands or even over a million on one claim. We carry three million liability now plus additional liability on our home owners because of the possibility of a huge pay out.

[dougjp]

Got my renewal, up 10% for no reason I know of. I'm in Ontario, Durham Region. Same thing as carcrazed said in Newmarket, maybe I should just consider myself lucky getting hosed minimally? 

Is everyone getting hammered this year on their renewals in this Province? Is it the 400 lb. bowling ball's fault (think of a car name if you don't know who I'm talking about!)    , like everything else is? 

[warp]

Yes, it has gone up across the board in Ontario. No moving violations and/or tickets for the last 8 years. Personal AND commercial premiums have gone up ~10%-15% this renewal. In the last 27 years we have made one claim of $10,000 and this was way back in 2001 for a collision. Have easily paid more than $100,000 in premiums since, personal and commercial.