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Old 11-14-2019, 10:25 AM   #1
undercoverbrother
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Default Auto Insurance Premiums to go up in 2020

https://globalnews.ca/news/6164527/a...premiums-2020/

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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.
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Old 11-14-2019, 10:36 AM   #2
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Stunning revelation. The government removed the cap and rates are rising. I never would've guessed.
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Old 11-14-2019, 10:40 AM   #3
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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.
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Old 11-14-2019, 10:43 AM   #4
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It's all the comprehensive claims over the last decade. Flood, hail ect
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Old 11-14-2019, 10:53 AM   #5
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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.
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Old 11-14-2019, 10:58 AM   #6
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Originally Posted by Ozy_Flame View Post
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.
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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!)
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Old 11-14-2019, 11:57 AM   #7
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Originally Posted by Firebot View Post
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
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Old 11-14-2019, 12:02 PM   #8
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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.
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Old 11-14-2019, 12:14 PM   #9
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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.
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Old 11-14-2019, 12:16 PM   #10
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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.
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Looks like you'll need one long before I will. May I suggest deflection king?
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Old 11-14-2019, 12:17 PM   #11
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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.
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Old 11-14-2019, 12:19 PM   #12
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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.
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Looks like you'll need one long before I will. May I suggest deflection king?
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Old 11-14-2019, 12:21 PM   #13
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You can always leave Aviva and get a better rate elsewhere. If you don't suck at driving companies will want your business.
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Old 11-14-2019, 12:21 PM   #14
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I'm not with Aviva. Just an in general insurance rant.
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Old 11-14-2019, 12:22 PM   #15
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I moved From Central Calgary to South Calgary and reduced my commute by 2000k per year. My premiums went up mid year.
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Old 11-14-2019, 12:30 PM   #16
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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.
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Old 11-14-2019, 01:19 PM   #17
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Total BS. Insurance is one of the biggest scams we as humans have to deal with.
lol
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Old 11-14-2019, 01:20 PM   #18
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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.
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Old 11-14-2019, 01:50 PM   #19
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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.
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Old 11-14-2019, 02:07 PM   #20
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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.
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