Topic: The Alberta advantage

[ArticSteve]

If that daughter was a son it would be way more. Ask me how I know ... 

Can't they just identify the other way? Save some money?

Never thought of that one. 

For all things auto insurance, a son or son's are killers on one's balance sheet.  In 2003, I paid $3000 yearly, liability only, on a beat to death 1992 Talon AWD.  But then you find out that's just the start.

5 million liability is the new 2 million.  I asked for $10 MIL, but is not offered.  Why not    Risk is really low I would think.

[Layne]

Averages I guess.  I do not pay anywhere near that in Alberta.

[Great_Big_Abyss]

During the pandemic, when nobody was really driving, and collisions were greatly reduced, MPI was paying out far less than they normally do, and far less than the premiums that they had collected.  So three separate times, they returned that money back to policy holders.  We got checks back totaling close to $1500 over the course of a couple of years. 

Let's see private insurance companies do that...

[ktm525]

During the pandemic, when nobody was really driving, and collisions were greatly reduced, MPI was paying out far less than they normally do, and far less than the premiums that they had collected.  So three separate times, they returned that money back to policy holders.  We got checks back totaling close to $1500 over the course of a couple of years. 

Let's see private insurance companies do that...

Manulife and TD insurance did the same for me.

[Layne]

During the pandemic, when nobody was really driving, and collisions were greatly reduced, MPI was paying out far less than they normally do, and far less than the premiums that they had collected.  So three separate times, they returned that money back to policy holders.  We got checks back totaling close to $1500 over the course of a couple of years. 

Let's see private insurance companies do that...

Manulife and TD insurance did the same for me.

Des Jardin did the same thing for me.  My wife.  And even my kids tgat are driving.  They also dropped rates for 8 months during heat of the pandemic.

[Great_Big_Abyss]

Okay.  Well, kudos to them, then.  Consider my jaw dropped.

[ktm525]

I don't know why everyone seems to have a love in for government insurance. Would everyone want one government airline option? What we need in insurance is competition and lots of it. Rates should start lowish but if they are a bad driver (tickets and claims) they either pay through the nose or take the bus.

[Firm]

Competition works, one of them did it, and they all had to follow suit. I was with Bel Air at the start of the pandemic and they didn't offer anything, I flipped to Co-Operators where my company has a corporate rate, plus they were offering pandemic adjusted rates, saved a pile of money. They've held the rates so far too, think I am about $1100 each for the Escalade and the DTS, full coverage on the slade and liability only on the DTS.

Just paid my Hagerty bill too for the rest of the fleet....Full agreed value coverage on all the other cars came to $1200. Hard to argue with that.

[CSH]

I disagree that competition works. See BC and ON
We live in ON. 2 cars, 1 home. 2 drivers both 40+, one with 17+ years of driving experience with 0 at fault and 3 not at fault claims. Another with 15+ years of experience with 0 at fault and 1 not at fault claim.  Total premium is >400$ a month and yes i shop before every renewal to see if i can find better rates.
 

[Great_Big_Abyss]

I disagree that competition works. See BC and ON
We live in ON. 2 cars, 1 home. 2 drivers both 40+, one with 17+ years of driving experience with 0 at fault and 3 not at fault claims. Another with 15+ years of experience with 0 at fault and 1 not at fault claim.  Total premium is >400$ a month and yes i shop before every renewal to see if i can find better rates.

I think you're wrong with BC - BC has ICBC, which is public.

[ktm525]

It's also postal code dependent. Live in an area where there is high rates of theft and vandalism? Not parking in a secured garage? Rates will be higher. Live in a postal code where claims in general are higher? Pay more because that is what the market is saying.

Older person with good driving experience 10+ years, a clean record, doesn't live in a crime infested ghetto and no claims should be paying around $1000/year. At least that is my experience.

[WP v3.32]

It's also postal code dependent. Live in an area where there is high rates of theft and vandalism? Not parking in a secured garage? Rates will be higher. Live in a postal code where claims in general are higher? Pay more because that is what the market is saying.

Older person with good driving experience 10+ years, a clean record, doesn't live in a crime infested ghetto and no claims should be paying around $1000/year. At least that is my experience.

 yep....DUI rates are high in your area!! more $$$ for your policy.   I remember friend in highschool in mid 90s paying $350 month for minimal insurance.

[ktm525]

IIRC the most I paid for insurance as a young man was about $2400/year about 35 years ago. Looking back surprised I only paid that. 

[Firm]

I disagree that competition works. See BC and ON
We live in ON. 2 cars, 1 home. 2 drivers both 40+, one with 17+ years of driving experience with 0 at fault and 3 not at fault claims. Another with 15+ years of experience with 0 at fault and 1 not at fault claim.  Total premium is >400$ a month and yes i shop before every renewal to see if i can find better rates.

Competition comment was specific to the companies returning 'excess' premiums to their customers. Once one did it, the rest (or most) of them had to follow. The fact that your specific rates suck isn't proof that a competitive market doesn't work 
I am in the GTA, in a busy suburban area (read high theft/accident), and I am <$300/month for home and auto. My cars are old and we only have one not-at-fault claim between the two of us, but we're also about 10 years younger. Shop around, check if you qualify for any discounts through things like professional associations, corporate programs, alumni associations, etc. 

[ArticSteve]

IIRC the most I paid for insurance as a young man was about $2400/year about 35 years ago. Looking back surprised I only paid that. 

Let's go down memory lane.  In 1971 when I first started driving, a week after I turned 16, Ontario Unsatisfied Judgement was $25 per year.  That lasted for about 4 years before the GOV yanked it.  A good running VW bug was $200 and the plate was 4 bucks.  Gas was 10 cents a litre, maybe less, because it was in gallons 

[ktm525]

Then we invented law school and lawyers...