Total Loss (At fault)

[mazdabetty]

damn...from the sound of it, my insurance will double

Your rates probably won't double. Don't worry too much until you get your renewal. If you've maintained a clean record your insurance company will judge based on your history. Mine barely went up with my accident, I hardly noticed a difference. Actually when I moved to a new neighborhood my rate spiked higher than it did with the accident. Like people have said, there are a lot of factors to consider. No one knows for sure what your rates will look like.

Oh and yeah definitely do not threaten to leave after an at fault accident lol... They will gladly send you packing and laugh when you come crawling back to them because no one else will insure you after a recent accident. Lol. Hope you're ok. Shit happens to all of us. You really do learn never to give ANYONE the benefit of the doubt after something like that

[CloudPump]

Your rates probably won't double. Don't worry too much until you get your renewal. If you've maintained a clean record your insurance company will judge based on your history. Mine barely went up with my accident, I hardly noticed a difference. Actually when I moved to a new neighborhood my rate spiked higher than it did with the accident. Like people have said, there are a lot of factors to consider. No one knows for sure what your rates will look like.

Oh and yeah definitely do not threaten to leave after an at fault accident lol... They will gladly send you packing and laugh when you come crawling back to them because no one else will insure you after a recent accident. Lol. Hope you're ok. Shit happens to all of us. You really do learn never to give ANYONE the benefit of the doubt after something like that

Your history with your company has no bearing on what will happen. As I keep stating, this is a regulated financial product. There are no favours. He either has a waiver or he doesn't. If he does, he'll see little to no difference. If he does not, he will see a horrible increase upon renewal.

One recent accident will not prevent him from getting insurance with any company in the province unless he holds a G2 license and has had it for less than 4 years. This doesn't mean that the rates available will make him happy, but if this is the sole blemish on his record it will not prevent him accessing any markets.

-Geoff

[mazdabetty]

Interesting. Not disagreeing with you, that's just what my insurance company told me. I suppose their theory of history playing a factor could be BS for all I know then lol. My situation was unique I suppose, I lucked out in not seeing a dramatic increase.

Oh and as for not being able to find another insurance company to insure you after a recent accident, you're right I shouldn't say "no one" will insure him, but as you said options will be very limited as the rates are going to be through the roof.

[CloudPump]

Interesting. Not disagreeing with you, that's just what my insurance company told me. I suppose their theory of history playing a factor could be BS for all I know then lol. My situation was unique I suppose, I lucked out in not seeing a dramatic increase.

Oh and as for not being able to find another insurance company to insure you after a recent accident, you're right I shouldn't say "no one" will insure him, but as you said options will be very limited as the rates are going to be through the roof.

I will tell you this:

Companies and brokers will tell you all kinds of half-truths and perpetuate misconceptions in order to get around doing what's required and right.

Technically your history can matter, because if you had another accident within the last 3 years you would likely be non-renewed. If it's your first claim, history plays no part. History only matters if they're getting rid of you.

-Geoff

[JPJPJP]

I was paying 2700 last year, got into an at fault loss. I got non-renewed with the company I was with and I found a company to insure me for just under $4100. Just to give you a rough idea.

OP, for your comparison, I'm 22 with a clean record prior to that.

[S.F.W.]

I was paying 2700 last year, got into an at fault loss. I got non-renewed with the company I was with and I found a company to insure me for just under $4100. Just to give you a rough idea.

OP, for your comparison, I'm 22 with a clean record prior to that.

One at fault accident and they non renewed you ? Did you have speeding tickets on your record ? Something else..?

[aris]

One at fault accident and they non renewed you ? Did you have speeding tickets on your record ? Something else..?

His age.... He's only 22

[XTOTHEL]

His age.... He's only 22

It's still very harsh for them to do. I know people under 22 who's been in many at fault accidents and didn't get non-renewed. Though they do pay a ridiculous amount.

[joedesign]

Thanks for all the info guys.

Just curious, do you guys know if my current insurance policy is now cancelled? Or do I need to call them and tell them to cancel it?
Or should I not cancel it since I might not be able to get it back if I do.

Originally I was going to wait until May to buy a new vehicle since I'm not sure what the rate will be like.
In the mean time, I'll just take the bus to work.

[XTOTHEL]

I believe nothing will happen until it is time for you to renew your insurance, so you wouldn't get cancelled right away. If you call in the cancel, you might be required to pay something to get out of the term.

[bilinz]

Thanks for all the info guys.

Just curious, do you guys know if my current insurance policy is now cancelled? Or do I need to call them and tell them to cancel it?
Or should I not cancel it since I might not be able to get it back if I do.

Originally I was going to wait until May to buy a new vehicle since I'm not sure what the rate will be like.
In the mean time, I'll just take the bus to work.

If you wont have a vehicle until may you should cancel your policy. Otherwise you are paying for nothing. Plus they will eventually just cancel it on their own due to no insurable interst (you dont have a car to insure with them). Your rates will go up on your next renewal if the accident is deemed at fault (sorry didnt read through the whole thread to check what happened).

[joedesign]

Does it make a difference if I cancel right now and then get insurance later on though?

Don't want to cancel right now and then find out that they jack up my insurance by 100% vs 25% if i don't cancel.

[Jenuine]

Does it make a difference if I cancel right now and then get insurance later on though?

Don't want to cancel right now and then find out that they jack up my insurance by 100% vs 25% if i don't cancel.

Whether you cancel right now or not, I think your insurance will still go up by the same amount when it comes time for renewal.

[Fack_Dude]

Does it make a difference if I cancel right now and then get insurance later on though?

Don't want to cancel right now and then find out that they jack up my insurance by 100% vs 25% if i don't cancel.

Doesn't matter what you do. Your facked. Good luck. Like I said before take public transit. Lol

[bilinz]

Does it make a difference if I cancel right now and then get insurance later on though?

Don't want to cancel right now and then find out that they jack up my insurance by 100% vs 25% if i don't cancel.

Your rates will go up regardless of when you cancel the policy. As of your next renewal with this current company or the next time you get insurance with another your rates are going to suck. Insurance companies look at gaps of insurance differently but when the reason you had a gap is due to not having a vehicle that is okay and wont impact your rates in any way.

[S.F.W.]

If you wont have a vehicle until may you should cancel your policy. Otherwise you are paying for nothing. Plus they will eventually just cancel it on their own due to no insurable interst (you dont have a car to insure with them). Your rates will go up on your next renewal if the accident is deemed at fault (sorry didnt read through the whole thread to check what happened).

do not cancel your policy. One of the determining factors with insurance rates, is continuous length of time with an insurance policy. Cancelling the policy will break that cycle, which will further harm your rates.

[aris]

do not cancel your policy. One of the determining factors with insurance rates, is continuous length of time with an insurance policy. Cancelling the policy will break that cycle, which will further harm your rates.

Agreed

[CloudPump]

One at fault accident and they non renewed you ? Did you have speeding tickets on your record ? Something else..?

Possible.

If he was G2 licensed... probable.

-Geoff

[bilinz]

do not cancel your policy. One of the determining factors with insurance rates, is continuous length of time with an insurance policy. Cancelling the policy will break that cycle, which will further harm your rates.

This is true that continuous insurance is important and a factor with rates but if the insured has a gap in coverage and the gap is because he or she did not own a vehicle than this gap is called a non-rateable gap. Non-rateable gaps do not affect your rates. A rateable gap such as having your license suspended or owning a vehicle that’s been registered and plated with no insurance will affect rates.

[CloudPump]

Thanks for all the info guys.

Just curious, do you guys know if my current insurance policy is now cancelled? Or do I need to call them and tell them to cancel it?
Or should I not cancel it since I might not be able to get it back if I do.

Originally I was going to wait until May to buy a new vehicle since I'm not sure what the rate will be like.
In the mean time, I'll just take the bus to work.

Depenidng on how recent all this took place, your policy may still be in force. Your policy will be cancelled if you do not get another vehicle, for a contract of insurance to exist, there must be an insurable object. If you are not getting another car until May, cancel your policy yourself now to avoid paying a cent more than you have to.

Your insurance cost will be the same when you get a new car as it would have become when your policy renewed.

-Geoff

[CloudPump]

Does it make a difference if I cancel right now and then get insurance later on though?

Don't want to cancel right now and then find out that they jack up my insurance by 100% vs 25% if i don't cancel.

No difference.

-Geoff

[CloudPump]

do not cancel your policy. One of the determining factors with insurance rates, is continuous length of time with an insurance policy. Cancelling the policy will break that cycle, which will further harm your rates.

Not exactly.

There are ratable gaps and non-ratable gaps.

A ratable gap is when you have been cancelled for non-payment, misrep or fraud.

A gap for not having a car is unratable.

I will say that Pembridge insurance has what they call "prefered" rates. They rate up to 10* and have prefered tiers at 6*P (six star prefered), 8*P and 10*P.

*LEGALLY* Pembridge can't deny you the "P" if your gaps have been unratable. In practice, this is not the case.

-Geoff

[Default User]

ClouPump for Mayor!!!

[switzah]

I work for an insurance company in the auto claims department. If you guys want to ask me any questions, I can try my best to help!

[JPJPJP]

It's still very harsh for them to do. I know people under 22 who's been in many at fault accidents and didn't get non-renewed. Though they do pay a ridiculous amount.

yeah.. I can't wait to turn 25. That's when I'm not considered "underage" anymore, although the accident won't drop off until i'm 28, turning 25 should help lol