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Agreed. Everyone in my family/extended family is with Meloche Monnex and they're fabulous. They were the cheapest insurance I could get personally, and on top of that their level of service if you ever need to make a claim is terrific.Quote:
Originally Posted by ramboh
well got my renewal in today and went from 434.68 to 411.08 lol only $298 a year & i have no tickets or collisions ahh
I'm with Meloche Monnex as we get a group rate through the company I work for. Full coverage with no deductible costs me about $100/month, dropped down a couple of months ago from 114/month. Awesome company :)Quote:
Originally Posted by ramboh
Two cars two drivers. Mazda 3 driving to work is $115 a month.
I got my renewal and mine went up too :( from $167 to $187, that sucks
what is the reason for this increases??
Im 23, paying 172 a month full coverage on a 2009 mazda3 gt sedan with 2 tickets and one accident on my record.
the insurance % went up this year thats why mine didnt go down that muchQuote:
Originally Posted by r4BBiT
It was on the news. They wanted to price their insurance more competitive in the market and they had stats saying they weren't making money hence the increase. Most people got about 10% increase in premiumQuote:
Originally Posted by r4BBiT
nice, it is about 10%, lol :(
Reasons for increases have been discussed earlier in this post. One more time...
The insurance industry makes money from premiums (called underwriting) and from investments (stocks, bonds, etc). For years, premiums have been declining, costs going up and the underwriting profit has been negative. Companies, however, were willing to overlook this due to competition (called a soft-market cycle) and also because they were profiting heavilily from the investments.
When the stock market crashed in 2007/8, the investment profits were gone and most companies realized that they couldn't continue losing money on the underwriting. Hence, why premiums increased across the board. It may not be fair, but as it's been reported in the news lately, the cost of settling claims, especially in Toronto, is obscenely high and rising.
Profits have come back somewhat on the investment side but insurers have gotten a "wakeup" call and realized that these profits can go up in smoke very quickly. We've been very used to paying cheap insurance because it wasn't really reflective of the insurer's actual costs.
If you want someone to blame, blame the people who abuse the system, who defraud the insurers (and in turn you and I) and those who have "special" pricing for any work/repairs being paid for by insurance (garages, health and physical damage assessments, etc). Blame people who can't drive and go up to boon-dock nowhere to pass their license test and are then legally allowed to drive next to you and I. All these factors drive the cost of insurance way up for you and I.
Ahh yes, I read about this somewhere. Not sure if its from TM3 or the newspaper. I don't agree that its due to people abusing it. The insurance companies didn't go through their policies carefully and customers shouldn't be the blame for this.Quote:
Originally Posted by ramboh
Besides, should the insurance companies really be investing our money into stocks when they should be making sure the money pool is enough to cover any claims?
I find insurance companies, gym membership, etc are all a scam. Why aren't the subscriptions easily accessible by the public? And when it is, why is it that when you do an online quote and call them directly, the pricing may (most likely) changes?
These cost should be set in stone. Just my 2 pennies
Customers are not being blamed for increasing rates, it's just a fact that you need to charge enough to cover your expenses and for a long time, insurers were not for the reasons I mentioned before. No one would go into a business selling product for less than cost and insurance is no different.
Some money is invested into stocks/bonds but the amount is regulated heavily and insurance companies are expected to maintain adequate funds to ensure they can pay off their liabilities (claims).
You can only gather so much information online. There are some other factors that a computer cannot account for, hence the difference in pricing when you speak to a real person vs online. Just like how you wouldn't pay for a car online without talking to someone, same goes with insurance.
It's easy to call the insurance industry as a whole a scam but that doesn't make it true. Just like any other industry, there are some good apples and some bad.
I'll add a disclaimer here, I'm somewhat knowledgeable about the auto insurance industry as I work for a commercial property insurer. In most ways, it's very different from auto insurance, like asking your dentist about foot disease, but the forces that affect the industry are very much the same.
You can cancel at ANY time... Tell them you're leaving for a cheaper price, but don't tell them what the price is. You're definitely getting ripped off.Quote:
Originally Posted by mazdaskit
Gah, my rates are so high...
Age: 21, Sex: Male, Location: Downtown Toronto (at the moment)
License: G
Car: 2010 Mazda3 GT Sport
- No accidents/tickets
- Im under my own insurance, Primary Driver
- $1000 Deductible
- 1 Mill. Liability
- With guaranteed... something (so if my car is stolen/totaled, they'll replace me with a new car)
$321/month
So high 'cus it's my first time getting auto insurance... gaaaah
who are u with?
I think it's more location than u never having insurance before.
I was 21 Male Yonge/Eglinton with G2 at the time (first time getting insurance) and I paid 256 with belair.
The coverage I had are:
Third-party liability: $1,000,000.00
Collision or upset: $500.00 deductible
Comprehensive (fire, theft, vandalism, etc.): $300.00 deductible
Wow.. I see my "renewal" in belair website already and my premium went from $3033/year to $2398/year from June 5th!!!!
scoreeeeeee!
I'm with TD Insurance (Meloche Monnex)Quote:
Originally Posted by Krazy
I quoted a lot of places too, Belair is a little more expensive, and others quoted me almost $6k for it.
Location, that's the weird thing, I'm going to be moving uptown (Richmond Hill/Vaughan) in a month or so, and I quoted them on it too, and all of the insurance company quoted me with an EVEN HIGHER number, apart from TD, which dropped by a tiny bit.
So... it's kinda weird =\
I think I know what you mean...
I expected insurance to drop when I change my address to Waterloo.
But turns out it increases with Belair... I guess students from UofW and WLU cause a lot of accidents :S
You are moving to uptown but do you still work downtown? If yes, the longer trip to drive to work will certainly make the insurance higher.Quote:
Originally Posted by bahbuu
Nah, I'm not working at the moment (student)Quote:
Originally Posted by Honva
And I'll be starting work this September -- (@ Vaughan)
But when I quoted, I quoted for the same exact working distance (10km), but just different home location to see the insurance differences
weird
I'm with Meloche Monnex... 24 y/o male in midtown TO with no tickets and no accidents, registered as the primary driver... 184.00$ per month.
Local agency in town, 24 male, 2006 Black Mica, one speeding ticket (when I was 18)
$198/month
with TD Meloche Monnex, 32 yr old male, primary driver, casual, location in Toronto, no speeding tickets and accidents, mazda3 GT 2006 sedan, approx. $170 per mth. Increase approx. $10 per mth from last year. $1000 deductible and multiple car discount. If it increases again next year, I will be shopping around....but TD Meloche Monnex was the cheapest when I signed up 3 yrs ago.
I'm going with Johnson Insurance, they quoted $178 per month as to where Belair is charging $259 a month right now.
2010 GS, 29 year old male, 2 speeding tickets in last 3 years
The personal Insurance, full converage
$500 collision
$300 comprehensive
$116/month
You ever had insurance before?Quote:
Originally Posted by bahnbrenner
You guys all make me feel better. I feel that I'm paying too much at $75ish / month incl. collision for a 2005 sedan 2.0. Of course I'm getting old (35) so that helps - the OLD AGE discount :D
What are you complaining about $75/month!? :complain
Your rate is dirt cheap, and it's because you're in Kitchener - far far away from the GTA and the 'M' postal codes. Bet you're commuting locally to work too, right? :chuckle
Quote:
Originally Posted by Pokey
Hi,
Just got my Mazda 3 Sport GX Auto last week, I'm 25, I am with Desjardins, paying $71/month, 500/250 deductible with full replacement cost for 5 years. I am very happy with that!
I think people need to specify where they live. I would have my doubts if a company is under $100/month in the Toronto area.
sry, I'm in the Ottawa region but on the Quebec side of the river.
23year old primary driver, no crashes/accidents/tickets, 2010 GS Sport in the GTA - full coverage gets me roughly $175/month with The Personal. Really surprised me when I got this rate because I was paying around $220/month on my previous Pontiac G5.
not insured on the 3 any more( sister took it to university), but on my 2007 gti, its $180 month, and im 17 years old.
just got rates for my new 2010 M3 Sport GS.
male, 35, live in Aurora.
$134/mnth full coverage.
I am with State Farm.
a 2010 and you are 25 and low deductibles only pay $71 a month, don't believe it. Where do you live?Quote:
Originally Posted by cham_fre
Quote:
Originally Posted by mazda lover
He said he live in the Ottawa region but on the Quebec side of the river.
i pay 6600.00 a year..... age 20 or i will be (june 26 :) )... one crash when i was 16 one day after getting on the road.. thats like 550 a month i think or around that..
Yeah, that's why. Insurance is dirt cheap in PQ, but the system there is hardly something to be proud of.
Quote:
Originally Posted by cham_fre
More M3 stolen in Quebec than any where else in Canada so how could the insurance be that low, still don't get it....Quote:
Originally Posted by sarujo
$170/mt with StateFarm.
with State Farm if you are 25 it should be $157 thats what i got ....