11-14-2019, 09:25 AM
|
#1
|
Franchise Player
Join Date: Mar 2012
Location: Sylvan Lake
|
Auto Insurance Premiums to go up in 2020
https://globalnews.ca/news/6164527/a...premiums-2020/
Quote:
Many Alberta drivers will soon pay more to insure their vehicles — in some cases, much more.
In a bulletin sent to brokers, and obtained by Global News, large home and auto insurer Aviva Canada said there would be across-the-board hikes of 15 per cent starting January 2020. It also confirmed to Global News that number could go up depending on driving and claims history.
The Insurance Bureau of Canada (IBC) said it doesn’t know exactly how many other insurers operating in Alberta have also applied for rate changes, but added there are a number of them.
|
just when I was going to add my 16 yr old to my policy.
__________________
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.
|
|
|
|
11-14-2019, 09:36 AM
|
#2
|
Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
|
Stunning revelation. The government removed the cap and rates are rising. I never would've guessed.
|
|
|
The Following 11 Users Say Thank You to Slava For This Useful Post:
|
81MC,
BlackArcher101,
Boblobla,
CliffFletcher,
FlameOn,
FLAMESRULE,
Flamezzz,
Fuzz,
powderjunkie,
Robo,
Torture
|
11-14-2019, 09:40 AM
|
#3
|
Posted the 6 millionth post!
|
Quote:
Originally Posted by Slava
Stunning revelation. The government removed the cap and rates are rising. I never would've guessed.
|
I initially thought this as well, but I'm wondering if the cap put in by the NDP was actually preventing insurance companies from keeping up with affording their claims payouts. The article says there are more claims now and they are paying $1.12 for every $1 earned, which may be why some insurance companies were trying to pull out of the province.
I am normally all for insurance caps and I am not sure getting rid of them all together is the solution, but if claims are increasing we need to address that challenge for both the insured and the insurers.
|
|
|
The Following User Says Thank You to Ozy_Flame For This Useful Post:
|
|
11-14-2019, 09:43 AM
|
#4
|
Franchise Player
Join Date: Mar 2007
Location: Calgary
|
It's all the comprehensive claims over the last decade. Flood, hail ect
|
|
|
11-14-2019, 09:53 AM
|
#5
|
First Line Centre
|
All insurance is going up. Condo insurance has gone up 100% to even 250% for wood condos in some instances this year. Our condo board was hit very significantly.
Simply put, insurance companies are not making any money and we are in a province that has been plagued with natural disasters in the past decade (including hail).
A cap like it was put in by the NDP is just backwards socialist thinking, companies are private and can simply refuse to insure Albertans and take their business elsewhere, and a few already have. Now we have less players without a cap.
|
|
|
The Following User Says Thank You to Firebot For This Useful Post:
|
|
11-14-2019, 09:58 AM
|
#6
|
Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
|
Quote:
Originally Posted by Ozy_Flame
I initially thought this as well, but I'm wondering if the cap put in by the NDP was actually preventing insurance companies from keeping up with affording their claims payouts. The article says there are more claims now and they are paying $1.12 for every $1 earned, which may be why some insurance companies were trying to pull out of the province.
I am normally all for insurance caps and I am not sure getting rid of them all together is the solution, but if claims are increasing we need to address that challenge for both the insured and the insurers.
|
Quote:
Originally Posted by Firebot
All insurance is going up. Condo insurance has gone up 100% to even 250% for wood condos in some instances this year. Our condo board was hit very significantly.
Simply put, insurance companies are not making any money and we are in a province that has been plagued with natural disasters in the past decade (including hail).
A cap like it was put in by the NDP is just backwards socialist thinking, companies are private and can simply refuse to insure Albertans and take their business elsewhere, and a few already have. Now we have less players without a cap.
|
I'm not going through the entire industry, but if you look at the combined ratio for a company like Intact (which is largest by market share in Alberta I think), they're not at 112% in Canada. It's true that the ratio is lower in the US (94%) but in Canada they're at 97% according to their second quarter release this year.
I'm not suggesting that everyone is in that boat, or that rates shouldn't keep up. But I would be curious to see where the actual numbers lie for Alberta and across the board in general. (It's probably out there, but this isn't something I plan on digging into!)
|
|
|
The Following 3 Users Say Thank You to Slava For This Useful Post:
|
|
11-14-2019, 10:57 AM
|
#7
|
Powerplay Quarterback
|
Quote:
Originally Posted by Firebot
All insurance is going up. Condo insurance has gone up 100% to even 250% for wood condos in some instances this year. Our condo board was hit very significantly.
Simply put, insurance companies are not making any money and we are in a province that has been plagued with natural disasters in the past decade (including hail).
A cap like it was put in by the NDP is just backwards socialist thinking, companies are private and can simply refuse to insure Albertans and take their business elsewhere, and a few already have. Now we have less players without a cap.
|
Sooooo NDP's fault like everything else- noted
|
|
|
11-14-2019, 11:02 AM
|
#8
|
Powerplay Quarterback
|
People have been chicken littling this for years and these massive hikes never seem to materialize for a lot of people. Shop around yourself or get a broker, mine shops around every year at renewal and I've seen a decrease or stable rate since getting on with him.
Now; if you have lots of tickets, have a bunch of claims or are a new driver, you will probably be wise to buy a tub of Vaseline. I would also suspect that every renewal is going to mean your abstract is getting pulled and every ticket that might have been missed in the past is going to affect you.
|
|
|
11-14-2019, 11:14 AM
|
#9
|
And I Don't Care...
Join Date: Nov 2003
Location: The land of the eternally hopeful
|
I don’t believe the numbers provided by the insurance companies themselves for one second. If the 112% number is to be believed, very quickly there will be no insurance companies operating. Total BS. Insurance is one of the biggest scams we as humans have to deal with.
__________________
|
|
|
11-14-2019, 11:16 AM
|
#10
|
Franchise Player
|
Quote:
Originally Posted by llwhiteoutll
People have been chicken littling this for years and these massive hikes never seem to materialize for a lot of people. Shop around yourself or get a broker, mine shops around every year at renewal and I've seen a decrease or stable rate since getting on with him.
Now; if you have lots of tickets, have a bunch of claims or are a new driver, you will probably be wise to buy a tub of Vaseline. I would also suspect that every renewal is going to mean your abstract is getting pulled and every ticket that might have been missed in the past is going to affect you.
|
Correct me if I am wrong but there was a 5% cap that was just removed, preventing a large hike like the article is mentioning.
__________________
Quote:
Originally Posted by calgaryblood
Looks like you'll need one long before I will. May I suggest deflection king?
|
|
|
|
11-14-2019, 11:17 AM
|
#11
|
Franchise Player
|
Quote:
Originally Posted by burn_this_city
It's all the comprehensive claims over the last decade. Flood, hail ect
|
That plus the cost to repair vehicles has increased significantly due to the new technology in newer vehicles. Ironically the equipment that was designed to help reduce accidents (and it probably has) is also largely responsible for the huge increase in costs when there actually is an accident.
|
|
|
11-14-2019, 11:19 AM
|
#12
|
Franchise Player
|
Quote:
Originally Posted by Lubicon
That plus the cost to repair vehicles has increased significantly due to the new technology in newer vehicles. Ironically the equipment that was designed to help reduce accidents (and it probably has) is also largely responsible for the huge increase in costs when there actually is an accident.
|
And yet I have none of these new gadgets in either of my cars, and I will be getting a hike too.
__________________
Quote:
Originally Posted by calgaryblood
Looks like you'll need one long before I will. May I suggest deflection king?
|
|
|
|
The Following User Says Thank You to Hockeyguy15 For This Useful Post:
|
|
11-14-2019, 11:21 AM
|
#13
|
Franchise Player
|
You can always leave Aviva and get a better rate elsewhere. If you don't suck at driving companies will want your business.
|
|
|
The Following User Says Thank You to Weitz For This Useful Post:
|
|
11-14-2019, 11:21 AM
|
#14
|
Franchise Player
|
I'm not with Aviva. Just an in general insurance rant.
__________________
Quote:
Originally Posted by calgaryblood
Looks like you'll need one long before I will. May I suggest deflection king?
|
|
|
|
11-14-2019, 11:30 AM
|
#16
|
Powerplay Quarterback
|
Quote:
Originally Posted by Hes
I moved From Central Calgary to South Calgary and reduced my commute by 2000k per year. My premiums went up mid year.
|
So probably mostly due to increase risk from moving.
|
|
|
11-14-2019, 12:19 PM
|
#17
|
Franchise Player
Join Date: Apr 2003
Location: Not sure
|
Quote:
Originally Posted by Mightyfire89
Total BS. Insurance is one of the biggest scams we as humans have to deal with.
|
lol
|
|
|
The Following 2 Users Say Thank You to GoinAllTheWay For This Useful Post:
|
|
11-14-2019, 12:20 PM
|
#18
|
First Line Centre
|
Quote:
Originally Posted by aaronck
Sooooo NDP's fault like everything else- noted
|
Insurance was going to go up regardless, putting in a cap just made some players exit a non profitable province. Artificial caps never work in a capitalist society.
|
|
|
11-14-2019, 12:50 PM
|
#19
|
Franchise Player
|
Quote:
Originally Posted by Firebot
Insurance was going to go up regardless, putting in a cap just made some players exit a non profitable province. Artificial caps never work in a capitalist society.
|
At least now the real ####ty drivers can be charged what they deserve.
|
|
|
11-14-2019, 01:07 PM
|
#20
|
Realtor®
Join Date: Feb 2009
Location: Calgary
|
I wish there were heavier premium increases for at fault issues, tickets (driving with a cell phone), etc allowing for a minimal increase for those with very clean driving records.
Also, by removing the cap, does this not open the door for many other companies to look at doing business in Alberta, creating more competition and paying proper market rates? Capping rates only all but guarantees that companies will leave allowing the companies that stay to essentially maximize their return on a cap structure.
|
|
|
The Following User Says Thank You to Travis Munroe For This Useful Post:
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -6. The time now is 05:53 AM.
|
|