Sell me auto insurance, please

I’m in the market for competitive auto insurance, as Dominion of Canada has just raised my rates 15% for no reason.

Car and driver in Prince Edward Island.
One driver, born 1966.
Licensed since 1982.
No violations/convictions/accidents.
One car, 2000 Jetta 4DR.
$500,000 Liability.
Collision - $250 deductible.
Comprehensive - $100 deductible.
Driven only for pleasure, approx. 8000km/year

Last year’s rate was $806. This year it’s gone up to $940. Can you do better?

Wednesday, March 17, 2004 - 6:15pm

Customer Service

Comments

Submitted by Alan (not verified) on Wed, 2004-03-17 19:37.

Yumpin’ Yumminy! Raise your liability to one ro two million at least. $500,000 is nowhere near enough.

Submitted by DerekMac (not verified) on Wed, 2004-03-17 23:30.

Deductibles for Comprehensive and Collision are low. Most people have them at $500 these days. If the damage is less than $500, you probably don’t want to put it through your insurance anyway. Raising these limits would save a few dollars. And, ss Alan has said, you definitely need at least a million for liability.

Submitted by Ritchie Simpson (not verified) on Thu, 2004-03-18 09:13.

Perhaps you should wait until Apr 1. AS I understand the IRAP Press Release that’s the date the mandated rate reductions are supposed to come into effect. It might be an interesting exercise to compare before and after.

Submitted by Jeff Geddes (not verified) on Thu, 2004-03-18 12:11.

Maybe you should ask your insurance company why they are raising your premiums, as the insurance companies in Canada made record profits last year. I think somewhere in the range of 2.65 BILLION dollars. Of course they say it’s not because they gouged everybody by raising premiums to obscene levels !! yeah right………. Just tell them they are a bunch of crooks and deserve to go to jail.

Submitted by Ann (not verified) on Thu, 2004-03-18 15:41.

$940 a YEAR?? Where can I sign up?

Submitted by Peter Rukavina (not verified) on Thu, 2004-03-18 16:38.

There are people who pay more than $940/year for insurance?

Submitted by Alan (not verified) on Thu, 2004-03-18 17:23.

People with sufficient liability coverage for one…

Submitted by Dan James (not verified) on Thu, 2004-03-18 17:44.

Peter, I pay 2,400 for insurance a year. Mind you, I’m young and drive a sports car.

Submitted by Fred Hyndman (not verified) on Thu, 2004-03-18 18:27.

I reccomend that Peter sit tight for now, as Dominion rates are being reduced effective April 1st - by around 12% and that refunds will be made for the number of months remaining in his contract.

Submitted by Jevon (not verified) on Thu, 2004-03-18 21:37.

Yeah. Don’t ask me what I pay. It would put most to shame (err. glee)

Submitted by Mandy (not verified) on Thu, 2004-03-18 23:36.

You young boys and your fancy cars… that certainly does make it expensive. But Dan, yours should drop now correct, since you just turned 25?

Submitted by Ann (not verified) on Fri, 2004-03-19 10:36.

I, a middle aged woman with a used car (and a bitter reality that is), pay $982 a year. I have a good driving record and more liability than Peter does…but not as much as Alan recommends. I think, Pete, in this age of over inflated insurance rates, you’ve got a pretty good deal. One day when I was at my insurance company, a family came in to complain that the insurance on the brand new sports care that they had bought for their sixteen year old son was going to be $5,200. Though I generally think insurance rates are too high, I think this kid’s entry into my risk pool was at a pretty fair price.

Submitted by Alan (not verified) on Fri, 2004-03-19 11:35.

Just to explain the liability levels, if you are in an accident now in which a child is injured and there is some indication that future earnings would have been in anyway enhanced or some indication that there will be future costs of care due to no likelihood of recovery, your liability coverage levels should meet those cost levels. If they do not you are risk managing, telling yourself that it will never happen to you. But if it does happen it would be disasterous. Paying the increased premium is not disasterous - just a pain in the ass. Further, if you increase your deductable to $500 bucks you will offset that premium increase. If you do that you are saying to yourself “I will pay the first 500 bucks of a 5 million claim” rather than “I will pay the first 100 bucks and last 4.5 million dollars of a 5 million dollar claim”. I pay lots for insurance of many classes directly or through work (auto, life, renters, disability, travel, health, maybe errors and omissions). I never begrudge the cheques.

Submitted by John Morris (not verified) on Sat, 2004-03-20 12:55.

Peter I also pay $2400 and drive a sports car with a clean driving record (Been driving for 4 years). I would switch with you any day. For a 2000 Jetta my insurance would be 4 times my current amount.

Submitted by Mandy (not verified) on Sat, 2004-03-20 21:25.

you would switch with Peter cause your insurance would be 4 times greater or less?

Submitted by Mandy (not verified) on Sat, 2004-03-20 21:27.

oh.. sorry… I was NOT reading this all correctly apparently. Forgive my ignorance and go on as usual (as I’m sure you all do with me anyway, it’s all good)

Submitted by Peter (not verified) on Wed, 2005-03-02 21:30.

Just for reference, my 2005 rate is $834.