Insurance increases incoming

[1st Vette]

Thoughts. If there is indeed a significant increase coming up, I may be better off not changing my insurance when I put my car away for the winter. In the past I didn't really save a lot of money when I changed my policy for winter storage. Weather in SW Ontario isn’t bad so I might be able to drive the car for all of November and maybe some of December. Usually put The car back on the road early April.
My insurance renews in July, thinking if they apply rate increase in April, is it really worth it.

Excellent points. Although if the increase was coming into effect in say March and you were expecting delivery in April and had your VIN prior to the increase then it would make sense to insure it before the increase and delivery. All depends on your individual circumstances as usual. But the 64 dollar question is when will the increase happen. Because of recent large payouts in the industry lately there has been talk in the media as well regarding across the board jumps in premiums for all types of insurance. I saw an article on Bloomberg regarding this not too long ago.
What P&C execs predict for 2024 reinsurance rates
Why P&C execs predict 2024 will look similar to 2023

 

[DCV1]

Anyone have have any knowledge or experience with "Gallagher Insurance" By far the lowest quote! I believe CAA sourced $772 a year for my loaded 2021 HTC- 5km a year-winter tires-only vehicle, bundle, old guy with perfect record out in the country-Horseshoe Valley Ont??????????????? Belairdirect wants $1367??

 

[CamsC8]

We dropped TD Auto, Life and Home Insurance this year for CAA.

Saved around $1800/year and that's beyond TDs so called multi-line, professional society/university discounts.

 

[1st Vette]

We dropped TD Auto, Life and Home Insurance this year for CAA.

Saved around $1800/year and that's beyond TDs so called multi-line, professional society/university discounts.

Unfortunately for us in the NT CAA isn’t available here for some reason. It is in Alberta. I have noticed a lot of people not happy with TD for what ever reason but they gave me an excellent quote so no reason I can think of to look elsewhere. We’re there reasons other than price for dropping them?

 

[Rruuff Day]

Unfortunately for us in the NT CAA isn’t available here for some reason. It is in Alberta. I have noticed a lot of people not happy with TD for what ever reason but they gave me an excellent quote so no reason I can think of to look elsewhere. We’re there reasons other than price for dropping them?

I don't deal with TD so can't comment first hand but have heard lots of horror stories about customer service, claim denials, dropping customers etc. I would suggest you google 'TD auto insurance reviews' and do some research.

 

[1st Vette]

I don't deal with TD so can't comment first hand but have heard lots of horror stories about customer service, claim denials, dropping customers etc. I would suggest you google 'TD auto insurance reviews' and do some research.

I appreciate the input Rruuff . Thing is you can’t find a good review of any of them. They are insurance companies! I’m quite familiar with them as my wife worked as a manager in insurance for 20 years and there are lots of stories out there. The thing about insurance is that depending on even your province there can be different underwriters and always different adjusters for the same parent company. So when you do have an issue the most important thing is who is the adjuster for your area and are they competent and fair. Like every situation that’s not always the case unfortunately but they pretty well have the last word.Lot of times it’s luck of the draw. The options in the Northwest Territories are quite limited I’m afraid perhaps due to geography, only the actuaries know for sure.

 

[Rruuff Day]

I appreciate the input Rruuff . Thing is you can’t find a good review of any of them. They are insurance companies! I’m quite familiar with them as my wife worked as a manager in insurance for 20 years and there are lots of stories out there. The thing about insurance is that depending on even your province there can be different underwriters and always different adjusters for the same parent company. So when you do have an issue the most important thing is who is the adjuster for your area and are they competent and fair. Like every situation that’s not always the case unfortunately but they pretty well have the last word.Lot of times it’s luck of the draw. The options in the Northwest Territories are quite limited I’m afraid perhaps due to geography, only the actuaries know for sure.

Fair enough.

 

[YFCvii]

Insurance should be discussed separately and specific to provincial/territory sections. What happens in one province is different from another. Those of us with property in more than one province will know this … any who …
TD took the biggest hit with Ft Mac in AB and that’s when huge Province wide rate increases on all insurance took my “group” to a subsidiary of Desjardins. I am thinking TD just took the biggest risk hit in Yellowknife. The same likely for AB with the Drayton Event. Speculating of course but it sure sounds similar to the Fort Mac result. JMO

My (same insurer, same driver, same vehicle, same coverage)rates in the Maritimes have been awesome (over 50% less) in comparison to AB. Home rates too.

 

[1st Vette]

Insurance should be discussed separately and specific to provincial/territory sections. What happens in one province is different from another. Those of us with property in more than one province will know this … any who …
TD took the biggest hit with Ft Mac in AB and that’s when huge Province wide rate increases on all insurance took my “group” to a subsidiary of Desjardins. I am thinking TD just took the biggest risk hit in Yellowknife. Speculating of course but it sure sounds similar. JMO

Not only province to province but within a given province as well. It’s a real dog’s breakfast. We had no damage of any kind in Yellowknife during fire season fortunately as the fire got no closer than 30 km from any infrastructure. Fort Mac has almost double the population of the entire NT as well. And after 30 or more km of fire breaks being constructed, costing millions, we are now one of the most “ fire smarted “ places near forests of any place in the country. All this at no cost to insurance companies, just tax payers. We have six options here only. TD is one. Two of the remaining five work out of the same address. if I discussed this in the NT section I would be discussing it with myself , as I believe I’m the only member from here, lol.

 

[YFCvii]

Not only province to province but within a given province as well. It’s a real dog’s breakfast. We had no damage of any kind in Yellowknife during fire season fortunately as the fire got no closer than 30 km from any infrastructure. Fort Mac has almost double the population of the entire NT as well. And after 30 or more km of fire breaks being constructed, costing millions, we are now one of the most “ fire smarted “ places near forests of any place in the country. All this at no cost to insurance companies, just tax payers. We have six options here only. TD is one. Two of the remaining five work out of the same address. if I discussed this in the NT section I would be discussing it with myself , as I believe I’m the only member from here, lol.

I get it. Thinking insurance rates increase on “risk” now as much as “claims”. Had a buddy in a gated (armed guard) Air Force base that exists beside one of the worse crime areas in his city. Rates were through the roof based by zip code (postal code) alone.
I also realize the NT section with my attempt for finding camaraderie in Maritimes … had success via another media outlet for my residing area … sadly. Knowing a few on here that would be a days drive away.
So I really think you are getting hit by re-evaluated near-miss insurance risk now. Really sucks.

 

[1st Vette]

I get it. Thinking insurance rates increase on “risk” now as much as “claims”. Had a buddy in a gated (armed guard) Air Force base that exists beside one of the worse crime areas in his city. Rates were through the roof based by zip code (postal code) alone.
I also realize the NT section with my attempt for finding camaraderie in Maritimes … had success via another media outlet for my residing area … sadly. Knowing a few on here that would be a days drive away.
So I really think you are getting hit by re-evaluated near-miss insurance risk now. Really sucks.

Well the rate I got both calling them and also doing it on their site was the same for full coverage including 2mill liability , 3 yr replacement cost, 1,000 deductible , first claim forgiveness, 10% discount per year and 5,000 km per was $865 . Compared to most I have seen I’m pretty happy with that. Now I’m also over 60 , clean abstract, never a claim , and other coverages with them so that all factors in I’m sure. Some poor innocent souls get dinged hard simply because they live in a Town or City with high vehicle theft rates. Doesn’t seem fair really. They could keep the vehicle in a concrete bunker and be the safest driver on the road and still get stiffed. Gotta love those actuaries, no sense of humour.

 

[YFCvii]

Well the rate I got both calling them and also doing it on their site was the same for full coverage including 2mill liability , 3 yr replacement cost, 1,000 deductible , first claim forgiveness, 10% discount per year and 5,000 km per was $865 . Compared to most I have seen I’m pretty happy with that. Now I’m also over 60 , clean abstract, never a claim , and other coverages with them so that all factors in I’m sure. Some poor innocent souls get dinged hard simply because they live in a Town or City with high vehicle theft rates. Doesn’t seem fair really. They could keep the vehicle in a concrete bunker and be the safest driver on the road and still get stiffed. Gotta love those actuaries, no sense of humour.

That is close to my (similar age) AB coverage per year (no replacement available now) (max 15000km/yr) and I get about 40% of it refunded when in no-driving winter storage. My net annual coverage is about $450 per c7 vette (have 2) (with 4-5 months driving). Your quote is decent in my opinion.

 

[1st Vette]

That is close to my (similar age) AB coverage per year (no replacement available now) (max 15000km/yr) and I get about 40% of it refunded when in no-driving winter storage. My net annual coverage is about $450 per c7 vette (have 2) (with 4-5 months driving). Your quote is decent in my opinion.

I agree. I do get a discount for storage as well but not sure exactly how much although probably similar as to what I get storing my Bonneville which is also insured with TD . About the same as you on that front. I won’t be doing any more shopping around, quite content. Not sure either what my max allowed km per year is, just threw out the 5,000 km when they asked for an estimate. Maybe being old and living in the boonies pays , lol .

 

[YFCvii]

I was at 5000km/yr until this year driving it to NB and back … Set at 15000km this year and it was about $40 more for the annual premium.

Another anomaly I found on my insurance is to annualize renewal in Dec / early Jan. As increases are set sometime in Jan each year for insurers. My renewals come in just before increases - so I don’t see the hit for a whole year once they happen. I fluked out on finding this out from my provider. A mixed bag from province to province though.

 

[1st Vette]

I was at 5000km/yr until this year driving it to NB and back … Set at 15000km this year and it was about $40 more for the annual premium.

Another anomaly I found on my insurance is to annualize renewal in Dec / early Jan. As increases are set sometime in Jan each year for insurers. My renewals come in just before increases - so I don’t see the hit for a whole year once they happen. I fluked out on finding this out from my provider. A mixed bag from province to province though.

Interesting. The renewal bit jives with what the TD rep was telling me about the pending increases . Looks like l‘ll miss it though as I have yet to get my car after having to turn down the first one that arrived already having been built to the wrong spec ! Oh well, I wouldn’t be driving it until May anyway. Not a bad up charge for the extra 10,000 km though. We do have all our other coverages come due Jan 3 .

 

[Macheteops]

I pay less insurance for my 23 C8 then my 19 1500 Ram. Not by much but was a little surprising. Not interested in these insurance hikes though

 

[DavidWG]

I pay less insurance for my 23 C8 then my 19 1500 Ram. Not by much but was a little surprising. Not interested in these insurance hikes though

Yep, yep. I pay less than half for my 2022 HTC C8 than I do for my 2021 Porsche Macan SUV even though I show the distance driven at roughly the same - 10-15k per year. I also paid more for my Honda Goldwing motorcycle before I sold it. Spoke to my insurance broker about it and she said that she could not remember processing a claim for a Corvette in years despite insuring a good number of them.

 

[Macheteops]

Yep, yep. I pay less than half for my 2022 HTC C8 than I do for my 2021 Porsche Macan SUV even though I show the distance driven at roughly the same - 10-15k per year. I also paid more for my Honda Goldwing motorcycle before I sold it. Spoke to my insurance broker about it and she said that she could not remember processing a claim for a Corvette in years despite insuring a good number of them.

Interesting. Makes sense I guess because half the owners don't drive them so likely not a lot of claims being processed

 

[DAL]

Interesting. Makes sense I guess because half the owners don't drive them so likely not a lot of claims being processed

Perhaps you could cite the facts around; ”half the owners don’t use them (Covettes)?

 

[PapaSmurf]

Guys just a little note about CAA.

I manage a body shop and many of our customers with CAA are extremely happy with the low rates but when the time comes to make a claim its a nightmare.

They are so bad that I have had several customers wait over a month just for the adjuster to come and look at the car. Other insurance companies have someone here within 3-4 days.

Then once the adjuster finally comes out to look at it the customer has used a months worth of rental and it runs out before the repairs are even started.

CAA is just awful to deal with when you need something. In this case you get what you pay for. Beware!