11-15-2019, 09:00 AM
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#41
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First Line Centre
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Is this Kanetix thing legit?
Just ran my information through it and they've got a deal that's over $1000 cheaper than I'm paying now? This feels like a to good to be true scenario... but I'd be ecstatic if legit!
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11-15-2019, 09:19 AM
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#42
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Franchise Player
Join Date: Mar 2007
Location: Income Tax Central
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Quote:
Originally Posted by Royle9
Is this Kanetix thing legit?
Just ran my information through it and they've got a deal that's over $1000 cheaper than I'm paying now? This feels like a to good to be true scenario... but I'd be ecstatic if legit!
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That sounds a lot like they're a registered insurer which will meet your legal requirements to have insurance, but if you ever actually need the insurance you're paying for you're going to have a bad time.
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11-15-2019, 09:19 AM
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#43
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Franchise Player
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How does this rate increase factor in against the discounts for having the optional tracking thing for a rate discount that many insurance companies were looking into a few years ago? I don't think most insurance companies have rolled out the tracking thing yet.
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11-15-2019, 09:21 AM
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#44
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First Line Centre
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Quote:
Originally Posted by Locke
That sounds a lot like they're a registered insurer which will meet your legal requirements to have insurance, but if you ever actually need the insurance you're paying for you're going to have a bad time.
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Yea my thoughts exactly, right now I'm with Aviva however and they're the ones blasting the 15% increase... I need to look elsewhere.
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11-15-2019, 09:40 AM
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#45
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Franchise Player
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Quote:
Originally Posted by Royle9
Yea my thoughts exactly, right now I'm with Aviva however and they're the ones blasting the 15% increase... I need to look elsewhere.
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You should be shopping every year at renewal time. Every year.
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11-15-2019, 10:12 AM
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#47
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Franchise Player
Join Date: Apr 2003
Location: Not sure
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Quote:
Originally Posted by chubeyr1
Maybe you meant how many miles the vehicle has on it. That they dont ask! How many miles you drive a year they ask always.
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Yes, vehicle mileage. You may be asked how much per year you drive your car and some insurers may charge a lower price if you drive less per year but a claim being declined because you exceeded your stated annual mileage aint gonna happen. This isn't a lease.
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11-15-2019, 10:51 AM
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#48
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Franchise Player
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I wonder what insurance fraud costs us.
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11-15-2019, 10:53 AM
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#49
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Franchise Player
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Quote:
Originally Posted by Royle9
Is this Kanetix thing legit?
Just ran my information through it and they've got a deal that's over $1000 cheaper than I'm paying now? This feels like a to good to be true scenario... but I'd be ecstatic if legit!
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It’s legit.
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11-15-2019, 10:59 AM
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#50
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Franchise Player
Join Date: Apr 2003
Location: Not sure
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Quote:
Yeah, I wonder what insurance fraud costs us.
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Across the country it's at around 1 Billion. Shockingly high.
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11-15-2019, 11:02 AM
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#51
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Franchise Player
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Quote:
Originally Posted by GoinAllTheWay
Across the country it's at around 1 Billion. Shockingly high.
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I’m wondering what that means on our premiums, maybe 10% or more or less?
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11-15-2019, 11:14 AM
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#52
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Franchise Player
Join Date: Apr 2003
Location: Not sure
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That's a good question, I don't really know but would wager it's quite a bit. Fraudulent claims cost everyone a lot of money. Premiums for auto insurance in particular would drop a drop a lot if they could even put a good dent in fraudulent claims.
One piece of advice I would give to everyone that would listen to help combat this is a dash cam. I'm genuinely surprised this isn't being built into vehicles these days. With all the bells and whistles they can add, why not a dash cam? Put it right into the rear view mirror.
Regardless, they are relatively cheap and more a less easily installed. Can absolutely save your bacon in the event of a claim. If it comes down to a he said, she said, dash cam footage is king.
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11-15-2019, 11:27 AM
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#53
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First Line Centre
Join Date: Nov 2007
Location: Airdrie, Alberta
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Quote:
Originally Posted by MoneyGuy
I wonder what insurance fraud costs us.
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I know one company for sure who went from an SIU dept of 3 across the country to 25 this year, apparently in Ontario especially they are the new Russia for fraudulent injury claims i'm talking about pack up the family and fill the car and have someone hit them on purpose, Alberta is big for theft fraud and injuries.
Injuries are weird in Alberta at least in that you can get assessed by the person treating you like chiro/physio, so why would they turn away 10-21 Insurance paid treatments plus accessories up to $160. Then after that on the other side the settlement for injuries. In some cases lawyers work very closely with clinics and you can imagine how that works out.
So yeah its funny how the common sentiment is that Insurance is evil and are against the people when in reality yeah they make money they are a business but its people screwing themselves adding to this. It would be interesting to see someone job shadow or even hear some of the claims.
People complain about rates and I'm sure some are pretty high but lets factor what you get for that. Lets say you pay $2500/year as an example one accident for a single person could cost on average 50k-100k after vehicle damages or payout, adjusters time, appraisers time, rentals, non fault medical treatments for all parties, injury settlements for all not at fault parties including wage loss, future costs, lawyer fees.
The days of paying for each others damages are over, consider insurance for what it should be "Peace of Mind"
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11-15-2019, 11:35 AM
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#54
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Franchise Player
Join Date: Apr 2003
Location: Not sure
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Quote:
Originally Posted by Raekwon
So yeah its funny how the common sentiment is that Insurance is evil and are against the people when in reality yeah they make money they are a business but its people screwing themselves adding to this. It would be interesting to see someone job shadow or even hear some of the claims.
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This.....1000x this. This is why I chuckle when people say insurance companies are shady or dishonest when the reality is quite the opposite.
Insurers aren't perfect but parts of their client base are far from it too.
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11-15-2019, 11:51 AM
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#55
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Franchise Player
Join Date: Mar 2012
Location: Sylvan Lake
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Quote:
Originally Posted by Mightyfire89
Total BS. Insurance is one of the biggest scams we as humans have to deal with.
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Go on?
__________________
Captain James P. DeCOSTE, CD, 18 Sep 1993
Corporal Jean-Marc H. BECHARD, 6 Aug 1993
Quote:
Originally Posted by Sliver
Just ignore me...I'm in a mood today.
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11-15-2019, 12:03 PM
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#56
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Powerplay Quarterback
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there's only 3 instances where you should get insurance:
1. you are forced to
2. you can't afford the consequences of not having insurance (house burning down, long term disability, etc)
3. if you are riskier than the average person in whatever field you are looking at insurance for, like if you're expecting a baby or something or enjoy street racing on the weekends
in most other cases you're far better off just banking the money you would be paying for something you will never use and pay for it out of pocket in the extremely unlikely chance that you actually require it. i only have liability on my vehicle because if it gets totaled...i will be able to buy a new one in cash and still come out ahead
its not entirely a scam, but its almost entirely unnecessary for most people(aside from the 3 cases above)
Last edited by stone hands; 11-15-2019 at 12:06 PM.
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11-15-2019, 12:08 PM
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#57
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Franchise Player
Join Date: Mar 2012
Location: Sylvan Lake
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Quote:
Originally Posted by stone hands
there's only 3 instances where you should get insurance:
1. you are forced to
2. you can't afford the consequences of not having insurance (house burning down, long term disability, etc)
3. if you are riskier than the average person in whatever field you are looking at insurance for, like if you're expecting a baby or something or enjoy street racing on the weekends
in most other cases you're far better off just banking the money you would be paying for something you will never use and pay for it out of pocket in the extremely unlikely chance that you actually require it. i only have liability on my vehicle because if it gets totaled...i will be able to buy a new one in cash and still come out ahead
its not entirely a scam, but its almost entirely unnecessary for most people
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That is a very level headed way to look at it.
Liability on your vehicle is required, so take it out.
Building insurance on your home is required if you have a mortgage, so take it out. But you don't have to buy contents coverage or ALE coverage.
__________________
Captain James P. DeCOSTE, CD, 18 Sep 1993
Corporal Jean-Marc H. BECHARD, 6 Aug 1993
Quote:
Originally Posted by Sliver
Just ignore me...I'm in a mood today.
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11-15-2019, 12:08 PM
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#58
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by stone hands
there's only 3 instances where you should get insurance:
1. you are forced to
2. you can't afford the consequences of not having insurance (house burning down, long term disability, etc)
3. if you are riskier than the average person in whatever field you are looking at insurance for, like if you're expecting a baby or something or enjoy street racing on the weekends
in most other cases you're far better off just banking the money you would be paying for something you will never use and pay for it out of pocket in the extremely unlikely chance that you actually require it. i only have liability on my vehicle because if it gets totaled...i will be able to buy a new one in cash and still come out ahead
its not entirely a scam, but its almost entirely unnecessary for most people
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There are other reasons as well, and if we're not limiting this to auto insurance, there are all kinds of tax/estate planning reasons to use insurance policies. The truth is that you can self-insure (as you've chose with not buying collision/comprehensive coverage on your vehicle), but insurance is just a mechanism to transfer that risk to another party.
And to be clear, the statement that "you're far better off banking the money" is questionable at best. There are plenty of times when you aren't far better off at all, specifically if a loss happens.
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11-15-2019, 12:44 PM
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#59
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Franchise Player
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I was never suggesting that claims would be denied right now over a few thousand km discrepancy right now, but if premium calculations were changed to more heavily weigh kms driven, you can bet the industry would do more to monitor and investigate.
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11-15-2019, 02:05 PM
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#60
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And I Don't Care...
Join Date: Nov 2003
Location: The land of the eternally hopeful
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Quote:
Originally Posted by undercoverbrother
Go on?
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Well, perhaps scam is too strong of a word. It’s illegal to not have some form of auto insurance and most people aren’t willing to risk not having home insurance and yet you hear of people’s claims being denied for technicalities or because an ‘Act of god’ caused the damage in question and we don’t cover that etc. Some of these companies are in the 100s of millions of dollars or billions of dollars of profit range and they’re denying claims? IMO, if the damage is determined to be caused by anything other than your own negligence and/or criminal act (ie. willfully setting fire to your own property) you should be covered, period. I make sure to fully peruse the fine print on any insurance coverage I get because if you don’t, you can really get screwed if something catastrophic happens and you failed to read page 7, paragraph 9, sub-para iii, which states blah blah blah etc.
In my particular case, I feel like I’ve never received any value for my money (other than peace of mind) due to the fact that I’ve been paying for home insurance for a looooong time and auto insurance for even longer (decades) and have never submitted a single claim. My rates keep going up though. Awesome clients like me who just keep paying year after year and never submit a claim should be getting better discounts
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