Insurance premium spikes

[M.alex]

Did anybody elses insurance premiums spike this year?

Aviva raised my premium on my daily driver (2004 mustang cobra) by 50% in spite of no accidents/tickets/changes.

Da faq ... meanwhile Hagerty raised all 14 of my 'collector' vehicles by $0

[max_boost]

Wth 14 collector cars? Lol who are you aha

[M.alex]

I stocked up on V8/V10/V12 convertible manuals ... get 'em while you can.

[mr2mike]

Hagerty has the pay for what your value your car, within reason.
Basically a self appraisal program which is good.
They emailed to say, re assess based on 2023 pricing.

[andyg16]

I stocked up on V8/V10/V12 convertible manuals ... get 'em while you can.
Details pls!!:drool:

[Twin_Cam_Turbo]

Not yet but I can see it coming. Will be shopping around in September.

[BokCh0y]

I stocked up on V8/V10/V12 convertible manuals ... get 'em while you can.

Prove it. Pics please :D

[killramos]

Just ran an indicative quote from the personal. Looks like they are going to be under 50% of what TD wants for my home insurance.

Will see where the cars land but it’s going to be difficult to justify staying with TD with that kind of delta.

[Tik-Tok]

Prove it. Pics please :D

With towel rack for scale.

[ExtraSlow]

Well, have you gotten otehr quotes? There's at least 8 good quality insurance companies out there. I recommend talking to at least one broker and at least 1 other large insurer to price-check things.

[killramos]

Just ran an indicative quote from the personal. Looks like they are going to be under 50% of what TD wants for my home insurance.

Will see where the cars land but it’s going to be difficult to justify staying with TD with that kind of delta.

And cars are landing at 2/3 what td is currently charging me.

[mr2mike]

I've never seen TD come in competitive, ever.
AAPPPPEEGA or not.

[pheoxs]

I've never seen TD come in competitive, ever.
AAPPPPEEGA or not.

TD was great as a university student / EIT. The early discount actually made a solid difference for me. Once I got an established driving record though they became less competitive over the years.

[brucebanner]

Allstate for dailies + house went up. Sent email, lowered to a very small change over previous years.

Recently recived my renewal from Hagerty and its up 25% ~

[Buster]

My house insurance stayed the same.

Private jet went up a solid 20%.

[killramos]

My house insurance stayed the same.

Private jet went up a solid 20%.

Commodity surcharge is a real bitch eh?

[pheoxs]

My house insurance stayed the same.

Private jet went up a solid 20%.

Rookie move. Everyone knows you just rent jets and yachts.

[killramos]

I've never seen TD come in competitive, ever.
AAPPPPEEGA or not.

This is the first time in over a decade of driving that I have seen someone come in under TD when shopping around.

:dunno:

[Buster]

Rookie move. Everyone knows you just rent jets and yachts.

You either have your OWN jet, or you do not have a jet at all.

[The Cosworth]

With towel rack for scale.

Oh the memories

[tha_bandit]

This is the first time in over a decade of driving that I have seen someone come in under TD when shopping around.

:dunno:

yea all the quotes i get are almost 30% higher vs TD

[killramos]

yea all the quotes i get are almost 30% higher vs TD

I’m just waiting to find out what the catch is going to be. I am months away from renewal in any case.

[BokCh0y]

i've never seen td come in competitive, ever.
Aappppeega or not.

fact

[ThePenIsMightier]

This is the first time in over a decade of driving that I have seen someone come in under TD when shopping around.

:dunno:

Me too.
1-2 years ago tHe pErSoNnal was something like 80% more for my house.

[M.alex]

Hagerty has the pay for what your value your car, within reason.
Basically a self appraisal program which is good.
They emailed to say, re assess based on 2023 pricing.

I imagine it holds flat because of the agreed-value, but I would have expected it to go up a little bit over time. Yet the very first vehicle I insured under it (65 cobra i built 15yrs ago ... although back then it was a different company (Silver Wheels I think) that got bought and then bought again before it landed at Hagerty) is still the same cost as it was 15yrs. Not that I'm complaining!



Well, have you gotten otehr quotes? There's at least 8 good quality insurance companies out there. I recommend talking to at least one broker and at least 1 other large insurer to price-check things.

Havn't had the time, I was just curious if everybody was getting hammered with price increases this year because of some industry changes or something (I have never had an accident or any tickets, so 50% seemed really out of place)

[shakalaka]

Fuck I really need to pay closer attention to what I pay for these things so I can actually keep track when they go up or down. lol

[ExtraSlow]

My renewal with intact was a modest increase before I made voluntary additions to the coverage.

[killramos]

Fuck I really need to pay closer attention to what I pay for these things so I can actually keep track when they go up or down. lol

You can’t check your billing records?

[heavyD]

This is the first time in over a decade of driving that I have seen someone come in under TD when shopping around.

:dunno:

Something is up with TD as I received some quotes just last week that are in the neighborhood of 20-30% lower than what I pay with TD. They used to offer good rates but they jacked our rates a few years ago and no longer seem as competitive. Anyone dealt with The Personal? ASET has teamed up with them and they came in lower than TD for my house and vehicles.

[M.alex]

I spoke w/ Aviva and they blamed Alberta, saying everybody's rates are going up here substantially at this year's renewals because of changes in liability.

There was a note on my documents about 'premium capped at grid level' and I inquired about that and they were like 'Expect more increases next year because Alberta'

Grrrr, time to start hunting.

[Tik-Tok]

That's the new DCDP "not no-fault" system. Though I seriously doubt anyone will actual get lower premiums as the graphic suggests.

112570

[mr2mike]

Fuck I really need to pay closer attention to what I pay for these things so I can actually keep track when they go up or down. lol


You can’t check your billing records?

Not everyone on here works in the PowerPoint industry.

[M.alex]

That's the new DCDP "not no-fault" system. Though I seriously doubt anyone will actual get lower premiums as the graphic suggests.



I spent a few hours shopping around and everybody was pretty much +/- $150 around Aviva's price for the same coverage.

All the line items were the same cost as last year, except for liability.

I spent some time reading about DCDP and if I understand it, previously for liability your insurer did not care what you drove since they only had to pay for what you did to somebody elses car. Now that they have to pay for your car in a no-fault, they care what you drive. And since the mustang rate group is probably above average since mustangs like to crash a lot, they assume I'm going to crash a lot and my liability goes up. At least that's my take if I understand it right.

[mr2mike]

Masked Bandit maybe can confirm your summary?

[rage2]

I spent a few hours shopping around and everybody was pretty much +/- $150 around Aviva's price for the same coverage.

All the line items were the same cost as last year, except for liability.

I spent some time reading about DCDP and if I understand it, previously for liability your insurer did not care what you drove since they only had to pay for what you did to somebody elses car. Now that they have to pay for your car in a no-fault, they care what you drive. And since the mustang rate group is probably above average since mustangs like to crash a lot, they assume I'm going to crash a lot and my liability goes up. At least that's my take if I understand it right.
This is the correct take. My Sentra went down in liability premiums.

[Masked Bandit]

Masked Bandit maybe can confirm your summary?

What would you like me to confirm? I'd be happy to comment on specific questions but there isn't much of anything I'm going to tell the group that will make everyone happy.

[ExtraSlow]

Driving nice cars is expensive? Mustangs crash a lot?

[max_boost]

This is the first time in over a decade of driving that I have seen someone come in under TD when shopping around.

:dunno:

All state wouldn’t insure me , hagerty also said no and didn’t know where to go but td auto insurance online was so dope, bang bang and done.

Td worked good for me

[2Legit2Quit]

Alberta advantage go brrrrrrrrrrrrrr

[The Cosworth]

This is the correct take. My Sentra went down in liability premiums.

.... wait.... you have a Sentra? Is that a nickname of some special Mercedes model?

[gretz]

M.alex Speaking of cars, you should bring the 917 down to high river this weekend, weathers a beaut lol

[M.alex]

that's how much mileage i put on it in a year! :O

[ThePenIsMightier]

.... wait.... you have a Sentra? Is that a nickname of some special Mercedes model?

The sponsors have missed some payments and Teh Bawss is driving a Sentra and eating KD.
#SupplyChain
#NewNormal

[mr2mike]

Hmm wonder why premiums go up?
112622

- - - Updated - - -


What would you like me to confirm? I'd be happy to comment on specific questions but there isn't much of anything I'm going to tell the group that will make everyone happy.

Confirm if this is part of why the increase.


I spent some time reading about DCDP and if I understand it, previously for liability your insurer did not care what you drove since they only had to pay for what you did to somebody elses car. Now that they have to pay for your car in a no-fault, they care what you drive. And since the mustang rate group is probably above average since mustangs like to crash a lot, they assume I'm going to crash a lot and my liability goes up. At least that's my take if I understand it right.

[Masked Bandit]

Hmm wonder why premiums go up?
112622

- - - Updated - - -



Confirm if this is part of why the increase.

For the most part, yes. Before the implementation of DCPD, your vehicle didn't have an impact on your liability premiums but now the liability component is essentially split into two categories, coverage for your car if someone else hits you and coverage for the other guy if you hit them. Theoretically it's supposed to reduce overhead costs industry wide and be revenue neutral for the driving public (some go up, some go down, some stay flat). Ontario has had this system for years but they are a mess. There's another evolution of this concept that will likely be implemented down the road that allows you to apply deductibles to certain situations that you never used to be able to.

[rage2]

Hmm wonder why premiums go up?
112622
Looks like a Tesla phantom braking zone causing people to rear end them.

[mr2mike]

Looks like a Tesla phantom braking zone causing people to rear end them.
Took the short cut out of Brentwood. Wrong way and u turn onto crowchild.

[deeman98]

Something is up with TD as I received some quotes just last week that are in the neighborhood of 20-30% lower than what I pay with TD. They used to offer good rates but they jacked our rates a few years ago and no longer seem as competitive. Anyone dealt with The Personal? ASET has teamed up with them and they came in lower than TD for my house and vehicles.

There is something up with TD. They adopted a "price optimization" algorithm to set the insurance premium to what they think a customer will tolerate. Look up what it means in the insurance industry and you'll know what I mean. The premium is no longer based solely on the driver's history and assessed risks. If you have been a loyal TD customer for a long time, clean driving record, no recent claims, belong to their special association program such as the alumni discount, you will see higher premium and face annual increases, because you fit the profile that you will tolerate it to be loyal to TD, because you are a proud customer.

I challenged them and I was immediately offered a 15% discount over the phone. WTF. I have been with them all my life, perfect driving record, no claims, university alumni, home and multiple auto policies with them, you'd think I should be offered their best rate automatically. But I fit their profile and I tolerated their high premium for a long time. The unjustified annual increases finally did it to me. I moved all my policies to another company and saw my auto premium dropped 40% immediately with better coverage. Best move I made. Goodbye TD.

[ExtraSlow]

I have complained about "price optimization" previously. Someone can look it up. Loyalty is basically never rewarded anymore. Same with telecom/mobile companies too.

[heavyD]

Took the short cut out of Brentwood. Wrong way and u turn onto crowchild.

Ooh that's bad.

[Twin_Cam_Turbo]

What the fug. Was looking at buying a 2010 Lexus GX460 until I got an insurance quote. Pure insanity, nearly double what my 2017 M240i was costing for the same coverage.

[bjstare]

What the fug. Was looking at buying a 2010 Lexus GX460 until I got an insurance quote. Pure insanity, nearly double what my 2017 M240i was costing for the same coverage.

Yeah our GX is horrible to ensure. Those and LXs are very easy to steal/ very commonly stolen. Probably because the taliban likes to use them to haul machine guns around their sandbox or something. Is that still a thing?

[Shlade]

I got told by Intact the Ford Raptor the wife and I were going to guy was going to be 5k deductible because its over 100k cost lol.

Both perfect driving records/history. Intact customers since 2007 too... Insurance companies are an absolute scam these days.

[03ozwhip]

I got denied insurance from hagerty for my 63 merc because of the type of wheels on it. Currently on the hunt for someone to insure me now, but no one has called me back, 4 different companies.

On another insurance note, I will have allstate when my insurance expires in the next few days, so I asked for a quote on the 89 mercedes......2500 a year....what in the actual fuck.

[bjstare]

I got denied insurance from hagerty for my 63 merc because of the type of wheels on it. Currently on the hunt for someone to insure me now, but no one has called me back, 4 different companies.

On another insurance note, I will have allstate when my insurance expires in the next few days, so I asked for a quote on the 89 mercedes......2500 a year....what in the actual fuck.

Look for classic/collectors insurance. I paid $123/yr for full coverage for my 1996 sl500.

[mr2mike]

What's the issue with the wheels?
Safety issues with design? Hard to replace?

[03ozwhip]

What's the issue with the wheels?
Safety issues with design? Hard to replace?

100 spoke daytons, not sure why, they didn't give me a reason, although it's probably because they go with lowriders with hydraulics etc and they won't insure those either.

- - - Updated - - -


Look for classic/collectors insurance. I paid $123/yr for full coverage for my 1996 sl500.

I was planning on daily driving it, however I got an email back from him and he worded it incorrectly and said he can only insure it up to 2500. Still, nor good.

[Sentry]

I was getting assfucked by Wawanesa after being their customer for 10 years. Switched to TD and now I am paying LESS for comprehensive coverage on the Vic and Explorer than I was paying for just PLPD with Wawanesa.

[brucebanner]

I got denied insurance from hagerty for my 63 merc because of the type of wheels on it. Currently on the hunt for someone to insure me now, but no one has called me back, 4 different companies.

On another insurance note, I will have allstate when my insurance expires in the next few days, so I asked for a quote on the 89 mercedes......2500 a year....what in the actual fuck.

Did you try old is gold?

http://oldisgoldcarinsurance.com/

[mr2mike]

Gotta be the bad press for Dayton's back in the 90s or the rapper hip hop scene with all the stolen rims and killings for them.

You'd think they'd update. Doubtful most around here even know their value.

[03ozwhip]

Did you try old is gold?

http://oldisgoldcarinsurance.com/

Ya man, I called them 4 times, no call back.

- - - Updated - - -


Gotta be the bad press for Dayton's back in the 90s or the rapper hip hop scene with all the stolen rims and killings for them.

You'd think they'd update. Doubtful most around here even know their value.

I dont know man, very possible.

[ExtraSlow]

If you owned a car and got different wheels, would need to tell your insurance company? By the same token, if your insurance company doesn't like your wheels, maybe you need two sets of wheels and one of them should be more stock looking? They could even be shitty wheels with shitty tires, if you catch my drift.

[mr2mike]

FYI for all. Parts off the car are insured under house contents and usually limited in coverage.
Allstate said, $250 max for any single part but obviously can change that for a small fee.

[SJW]

60 bucks a month for a clapped out 1988 samurai. Woop woop.

[brucebanner]

Ya man, I called them 4 times, no call back.

Brutal, I heard they were decent to deal with. :dunno:

I would also venture down the road of what ES was leading to... It's only wheels

Shit, my lemans was waaaay cheaper than that and they knew all about the mods.

[03ozwhip]

Update: spoke with western financial and they're able to get me insured for the 63, lightning and the Mercedes for under 1k for the year, 70% of that is the Mercedes on full coverage, all in under 10 minutes from phone call to quote.

Wish I did that prior.

[pheoxs]

Update: spoke with western financial and they're able to get me insured for the 63, lightning and the Mercedes for under 1k for the year, 70% of that is the Mercedes on full coverage, all in under 10 minutes from phone call to quote.

Wish I did that prior.

3 cars total for under 1k? the heck?

Mines 1,500 for one. Maybe I'm getting hosed

[bjstare]

3 cars total for under 1k? the heck?

Mines 1,500 for one. Maybe I'm getting hosed

I’m assuming it’s all classic/collector rates cause they’re old.

[Twin_Cam_Turbo]

3 cars total for under 1k? the heck?

Mines 1,500 for one. Maybe I'm getting hosed

The key is to drive shitboxes. I’m paying $840/year total for a 2005 Toyota Echo and 2006 Subaru Forester lol.

[killramos]

Insurance can be very cheap if you only carry liability lol

[03ozwhip]

3 cars total for under 1k? the heck?

Mines 1,500 for one. Maybe I'm getting hosed

Ya 2 are collectors and im only paying less than 300 a year for both. The Mercedes is an 89, but with full coverage for about 670 for the year.

It's been a process trying to get this all done lol

[Twin_Cam_Turbo]

I think TD might just be fucking me, time to shop around as it’s been two years. They want $313 a month for a 2016 BMW 535d lol.

[spike98]

I think TD might just be fucking me, time to shop around as it’s been two years. They want $313 a month for a 2016 BMW 535d lol.

Yes. You are getting DVDA fucked for sure. My premiums are just under double yours....for 2x $90k vehicles, my home, my 43ft rv, and a rental property. Just my auto policies are around $1000 each.

[Twin_Cam_Turbo]

Yeah so I shopped around, quotes were actually higher for most vehicles I’m interested in. I guess most of the vehicles I’m interested in are just high liability and cost, one or two were normal cost to insure. Seems like new value makes a huge impact on insurance cost with the new system, so I guess they were right. I’m also finding that despite a clean record, the fact that I’ve been hit (not at fault) three times in three years is making some companies tell me they won’t even offer comprehensive to me.

[ExtraSlow]

Well might be switching insurance providers this year. The Personal somehow cannot give me an online quote, but over the phone, after 40 minutes for home insurance and another 30 for Auto insurance, it looks like they'd be around a grand cheaper than my intact. Sad because I like my broker, and Intact has been helpful for a all my not-at-fault claims, but not a grand worth. A grand a year is real money.

Back in the day someone recommended state farm, but they are now Desjardins or something? Anyone else I should price-check with before pulling the trigger?

[killramos]

Well the personal is a front for desjardins so I doubt you find anything different there.

Might as well get a quote from AMA or something?

[ThePenIsMightier]

Well might be switching insurance providers this year. The Personal somehow cannot give me an online quote, but over the phone, after 40 minutes for home insurance and another 30 for Auto insurance, it looks like they'd be around a grand cheaper than my intact. Sad because I like my broker, and Intact has been helpful for a all my not-at-fault claims, but not a grand worth. A grand a year is real money.

Back in the day someone recommended state farm, but they are now Desjardins or something? Anyone else I should price-check with before pulling the trigger?

I'm still with TD Meloche Monex and anytime I've got a quote from tHe pErSoNaL it's been laughably higher. Like the $1k you just mentioned.
YMMV

[brucebanner]

Allstate has been the cheapest for me. Haven't shopped for 2-3 years now I think.

When I originally switched my auto was slightly cheaper but house was way cheaper, like 50+%.

[03ozwhip]

Allstate has been the cheapest for me. Haven't shopped for 2-3 years now I think.

When I originally switched my auto was slightly cheaper but house was way cheaper, like 50+%.

Yea I used the same guy as brucebanner he's not there anymore but they're pretty good for pricing form when I changed last year. With everything I have i saved 200 a month.

Edit: I do still use intact for the merc and lightning, which is attrociously cheap.

[ExtraSlow]

AMA was ridiculously high last spring.

[littledan]

Just renewed my house insurance with td. They somehow "forgot" to add 2 loyalty discounts to my policy. So after calling in i got my rate cut by 100/year and added in more coverage. There was a term they use for jacking rates on people they expect to not price shop but i cant recall it.

[ercchry]

Sad because I like my broker, and Intact has been helpful for an all my not-at-fault claims, but not a grand worth. A grand a year is real money.

Yeah… I had to do this too

[03ozwhip]

Yeah… I had to do this too

So did I. But I couldn't ignore the price increases year over year.

[16hypen3sp]

Decided to drop Intact and look elsewhere. Ended up with Portage. Saved over $1300 per year. Just got my motorbike insurance renewal from Echelon. Increase of over $100 annual. First increase I've ever faced with them. No changes on my end.

[Proyecto2000]

So did I. But I couldn't ignore the price increases year over year.

I also had to leave and I ended up saving a lot by going with Economical. I was told that now days they can be hard to deal with on claims so will see...

[killramos]

Do any “real” brokerages exist anymore that actually shops your policy around every year?

I don’t mean to shit on anyone’s hustle but I think there is real value to that role if someone was to do it.

If all brokers are these days are salesmen for a single company that gives them kickbacks for steering clients to them they are asking to be cut out of the equation.

[gwill]

I just switched insurance companies for my truck as my current insurer got bought out by bel Air direct. My truck renewal was high otherwise i wouldnt have shopped around.

I Checked out ama as it was super convenient to get a quote online. I tried broker link as they say they shop 4 or 5 insurers.

I wanted to move all my insurances at once. Truck, quads, rv and house.

Ama ended up way less expensive on the vehicle. House insurance was ridiculously higher. The rv quote was also cheaper but it's tied to your house insurance which I didn't switch.

Broker link ended up higher on the vehicle and house. Slightly less on quads and rv.

It's a total pain in the ass to try and shop around when you don't have time. Amas quote from their website was slightly higher by the time I moved across. They bullshitted a few reasons why but didn't believe them.

Currently trucks with ama. House stayed with old insurer for now as its way cheaper with them then the new quotes. Quad and rv with bell air direct as they rolled over to the new insurer as savings were not worth switching.

[gmc72]

We were with Intact for many, many years. We decided to try Touchstone Insurance and he saved us over $2600/year!! He signed us up with Penbridge.

[LilDrunkenSmurf]

TD for home/auto
Intact for bike insurance.

I need to shop around again. I might look at Hagerty for the S2k/Mini

[Tik-Tok]

Do any “real” brokerages exist anymore that actually shops your policy around every year?

I don’t mean to shit on anyone’s hustle but I think there is real value to that role if someone was to do it.


Touchstone changes us every few years. Not sure if it's because of better rates for us or better kickbacks for them, but either way I usually call around every other year myself and haven't found anywhere that is of significant enough savings to bother swapping.

[bjstare]

Touchstone changes us every few years. Not sure if it's because of better rates for us or better kickbacks for them, but either way I usually call around every other year myself and haven't found anywhere that is of significant enough savings to bother swapping.

Same here. Everywhere else I've looked is close enough that I'm content just giving Bill my business. That being said, it's probably about time for me to do another shop around.

[ExtraSlow]

Yeah, it's worth shopping around, but changing is a hassle. Pricing is so individualized it's impossible to compare between people.

[bjstare]

Yeah, it's worth shopping around, but changing is a hassle. Pricing is so individualized it's impossible to compare between people.

I don't find changing is a huge hassle. The shopping is what gives me a headache. It takes a bit of effort to make sure you're actually getting the same coverage and all the details align so you can compare apples to apples between policies, not to mention you have to spend hours on the phone with insurance salespeople.

[LilDrunkenSmurf]

Yeah. If I could do it through the web and compare them all, that would be almost pleasant. Calling in, spending 30 minutes fucking around, trying to get all the details with an agent is the awful part.

[ExtraSlow]

Someone should tell insurance about the internet.

[LilDrunkenSmurf]

I tried to "remove" my s2k from storage on the TD website, because they have a big fucking button that says "remove from storage", and after "processing" for like 30s, it pops up, says I have special conditions on my account, and that I need to call in.

So now I have to call in, and they're going to try and push more products on me.

[dirtsniffer]

Asked my broker to get an auto quote for a new car I am looking at buying. High performance sports car, so I wanted to make sure the rate wasn't going to make me puke. Turns out it was too much work, told me to call him back if I bought it so he could set it up
. Weird, right? Or was it a weird ask?

[LilDrunkenSmurf]

Not a weird ask. I got quotes for potential cars as well

[SilverRex]

Allstate has been the cheapest for me. Haven't shopped for 2-3 years now I think.

When I originally switched my auto was slightly cheaper but house was way cheaper, like 50+%.

I can vouch for Allstate as I recently switch from TD over to Allstate after TD keeps increasing my premium with absolutely no claim on my auto and house and I was with them for 20 years auto and 10 years home. Auto didnt change much but house went from 2400 to 1050.

[bjstare]

Someone should tell insurance about the internet.

I'm with Pembridge, and there is no web portal. At all. They only use snail mail, which is always like 30-60 days delayed from any transaction. The only way to get real time status on receipt of my annual payment for example, is to call the broker. It's a joke.


Asked my broker to get an auto quote for a new car I am looking at buying. High performance sports car, so I wanted to make sure the rate wasn't going to make me puke. Turns out it was too much work, told me to call him back if I bought it so he could set it up
. Weird, right? Or was it a weird ask?

I would move brokers because of that. Having someone a phone call or email away from getting info like that is basically the only value add of a broker.