Insurance Question

[Jynx]

Just a question about insurance companies and rates...

my family needs to insure three cars, one for each myself, my brother, and mom

Last year with the co-operators insurance company we payed as follows:

Me (16 at the time) being primary on a 2003 cavalier : 8700
My brother (19 with careless driving charge/accident) on a 99 malibu: 8300
My mom with one accident and speeding ticket paying 3600 on a 2003 cadilac cts

I think that was far 2 much and shuld c a drop
since then i have had no tickets or accidents.....ma brother has had a speeding and a u turn ticket, and my mom has had a 50/50 fault accident.

We will be switching the malibu under my name, and probably asking for PLPD insurance ..... what is the best company to go with and what is a good rate for me to get...

Is it best for all three of us to stick together with one company? or split out own ways

also when the insurance companies ask for tickets that my brother has recieved, are we obligated to tell them about all of them, or can we just say nothing? ( bcuz technically they do have the means of finding out themselves, so why do they ask us?)

Also if ne one has ne suggestions of companies we should get quotes from..

thanks all, its greatly appreciated

[Dave P]

When dealing with younger drivers, you get dinged for 2 things (well technically. even though they say sex doesnt matter, i think it does) Record, and coverage. Full covereage means high premium. So going just PLPD is gonna drop you to around 3-4 at most i believe (or it should).

I would also stay together. Tell the company you are using. Your showing faith in you. Usually they will cut you a break to.

I would just disclose your tickets. I mean they may not find out, but being young they will check. and then drop your ass for lying and sometimes can black list you. Thats no good.


If you, your brother, or your mom are graduates, alumni, or in any professional organizations, Meloche Monnex is a good company to look at. I used to work for them and you will get a discount for fitting into any of those groups.

I also might suggest finding a insurance agent (Phoenix, MHK, Morgex, etc etc etc (theres tons)). The find insurance rates for you because they essentially "work" for larger companies that can offer better rates.



Thats just a few hints, anymore questions ask. i do this for a living

[QuasarCav]

8700!!!!! on a cavalier!!!!

Thats insane, I would say give up on driving and take the bus for 7 years.

how can a 16 year old afford 8700 in the first place?

sorry for ranting, you can delete this:cry: :cry:

[Kobe]

here i got a better idea dude, wait till Oct 1st (only 1 more month) then insurance your car then :)

Why you ask? Becuase of this

-----------------------------------------

1. Compulsory insurance, consisting of personal liability and property damage (PL/PD) insurance coverage at $1,000,000 and $50,000 Accident Benefit coverage, will begin at the following premiums:

Calgary: maximum $1,800
Edmonton: maximum $1,980
Rest of Alberta: maximum $1,440

Compulsory insurance rates will be rolled back a minimum of five per cent, and rebates or reduced monthly payments will apply to the remainder of policies from October 1, 2004, to the end of each policy.

Drivers whose claims-free experience puts them below the bottom of the grid will pay no more than 50 per cent of the entry-level premium for their region. Most drivers will pay less than 50 per cent.

No driver whose circumstances remain the same through the first year of the system will see a premium increase.



http://www.autoinsurance.gov.ab.ca/index.html

Hope it helps save you some money :)

[lam-boy]

Originally posted by Kobe
here i got a better idea dude, wait till Oct 1st (only 1 more month) then insurance your car then :)


October is almost 2 months away haha.:angel:

[1badPT]

Originally posted by Jynx
Just a question about insurance companies and rates...

my family needs to insure three cars, one for each myself, my brother, and mom

Last year with the co-operators insurance company we payed as follows:

Me (16 at the time) being primary on a 2003 cavalier : 8700
My brother (19 with careless driving charge/accident) on a 99 malibu: 8300
My mom with one accident and speeding ticket paying 3600 on a 2003 cadilac cts

I think that was far 2 much and shuld c a drop
since then i have had no tickets or accidents.....ma brother has had a speeding and a u turn ticket, and my mom has had a 50/50 fault accident.

We will be switching the malibu under my name, and probably asking for PLPD insurance ..... what is the best company to go with and what is a good rate for me to get...

Is it best for all three of us to stick together with one company? or split out own ways

also when the insurance companies ask for tickets that my brother has recieved, are we obligated to tell them about all of them, or can we just say nothing? ( bcuz technically they do have the means of finding out themselves, so why do they ask us?)

Also if ne one has ne suggestions of companies we should get quotes from..

thanks all, its greatly appreciated
You'll probably need to find a facility insurer (most expensive rates you can pay for auto insurance) or at least a substandard risk insurer. Substandard risk insurers generally offer better than facilty rates, but not much better. Go through a broker and see if they can quote you a policy with Kingsway. Ideally you want all of you on the same policy so everyone gets the multi-vehicle discount - but because of the ages involved and the driving history, you might be forced to use several companies to get insured.

And when they ask about tickets, yes you do have to tell them - if you don't they WILL cancel you for non-disclosure, which will put all of you in facilty for 10 years and if an accident happens before they cancel you, you'll all be in a really ugly situation.

[Gonthro]

Originally posted by Kobe
here i got a better idea dude, wait till Oct 1st (only 1 more month) then insurance your car then :)

Why you ask? Becuase of this

-----------------------------------------

1. Compulsory insurance, consisting of personal liability and property damage (PL/PD) insurance coverage at $1,000,000 and $50,000 Accident Benefit coverage, will begin at the following premiums:

Calgary: maximum $1,800
Edmonton: maximum $1,980
Rest of Alberta: maximum $1,440

Compulsory insurance rates will be rolled back a minimum of five per cent, and rebates or reduced monthly payments will apply to the remainder of policies from October 1, 2004, to the end of each policy.

Drivers whose claims-free experience puts them below the bottom of the grid will pay no more than 50 per cent of the entry-level premium for their region. Most drivers will pay less than 50 per cent.

No driver whose circumstances remain the same through the first year of the system will see a premium increase.



http://www.autoinsurance.gov.ab.ca/index.html

Hope it helps save you some money :)


these caps are only for new drivers with no tickets or accidents, it will lower both of thier inurabce considerably, but his brothers not so much becaus eof all the tickes and accidents



Originally posted by lam-boy


October is almost 2 months away haha.:angel:

its less than a month and a half away

[Jynx]

Originally posted by QuasarCav
8700!!!!! on a cavalier!!!!

Thats insane, I would say give up on driving and take the bus for 7 years.

how can a 16 year old afford 8700 in the first place?

sorry for ranting, you can delete this:cry: :cry:

well thats not really an option

[Jynx]

thanks everyone....really helped...

any companies which we shuld try?

[1badPT]

Go to a few brokers - really there isn't a lot to choose from for your situation - Meloche Monnex while they are a very good insurer will not offer a great rate for your situation, and may even decline to quote altogether. Brokers will be able to shop through several different companies and hopefully find something that gives you a price break and the coverage you are after.

How about selling these late model cars and going for something older that you can just insure for PLPD. That should take another bite out of the cost :dunno: stay away from sports or "sporty" cars if you choose this option.

[Jynx]

Originally posted by 1badPT
Go to a few brokers - really there isn't a lot to choose from for your situation - Meloche Monnex while they are a very good insurer will not offer a great rate for your situation, and may even decline to quote altogether. Brokers will be able to shop through several different companies and hopefully find something that gives you a price break and the coverage you are after.

How about selling these late model cars and going for something older that you can just insure for PLPD. That should take another bite out of the cost :dunno: stay away from sports or "sporty" cars if you choose this option.

well we just bot the cav and cts last year so i dont tink my mom wil agree to sellin them..however the malibu will be under plpd neways becuase in its current state its only worth about 3-4 g's

[cur]

Originally posted by 1badPT
Go to a few brokers - really there isn't a lot to choose from for your situation - Meloche Monnex while they are a very good insurer will not offer a great rate for your situation, and may even decline to quote altogether.
And isn't Meloche only for accountants, doctors, and lawyers?

[1badPT]

They will insure a lot of people but they are what's called a a standard or preferred risk insurer. If you go there as a substandard risk or a high risk they won't be able to offer a good rate, if they are able to offer one at all :dunno:

[1badPT]

Originally posted by Jynx


well we just bot the cav and cts last year so i dont tink my mom wil agree to sellin them..however the malibu will be under plpd neways becuase in its current state its only worth about 3-4 g's
You're looking at a year of premiums that will likely exceed 20 thousand dollars... :eek: whatever loss you take on the sale of the cav and cts may be made up in the premium you'll save. I'd at least check it out...

[Jynx]

Originally posted by 1badPT

You're looking at a year of premiums that will likely exceed 20 thousand dollars... :eek: whatever loss you take on the sale of the cav and cts may be made up in the premium you'll save. I'd at least check it out...

well my moms not gonna sell her car and downsize....if she were to sell it, it would mean she is buying a mercedes or bmw or something.....

its not that she wont pay the high rates, its just that she would like to get the cheapest possible rates for the cars we currently own

[1badPT]

GL - you're in a market that insurance companies aren't really fighting each other to get :dunno: Check with a broker, thats really your only option

[civicluva]

Originally posted by QuasarCav
8700!!!!! on a cavalier!!!!

Thats insane, I would say give up on driving and take the bus for 7 years.

how can a 16 year old afford 8700 in the first place?

sorry for ranting, you can delete this:cry: :cry:

For fuck sakes 8700 is like the price of the damn car!!!

[AllGoNoShow]

Originally posted by Kobe
here i got a better idea dude, wait till Oct 1st (only 1 more month) then insurance your car then :)

Why you ask? Becuase of this

-----------------------------------------

1. Compulsory insurance, consisting of personal liability and property damage (PL/PD) insurance coverage at $1,000,000 and $50,000 Accident Benefit coverage, will begin at the following premiums:

Calgary: maximum $1,800
Edmonton: maximum $1,980
Rest of Alberta: maximum $1,440

Compulsory insurance rates will be rolled back a minimum of five per cent, and rebates or reduced monthly payments will apply to the remainder of policies from October 1, 2004, to the end of each policy.

Drivers whose claims-free experience puts them below the bottom of the grid will pay no more than 50 per cent of the entry-level premium for their region. Most drivers will pay less than 50 per cent.

No driver whose circumstances remain the same through the first year of the system will see a premium increase.



http://www.autoinsurance.gov.ab.ca/index.html

Hope it helps save you some money :)

Fucking tight!!! Lower Insurance for my bday car :D:D, now all I need is to get money for a car for my bday :cry:

[GQNammer]

Originally posted by Kobe
here i got a better idea dude, wait till Oct 1st (only 1 more month) then insurance your car then :)

Why you ask? Becuase of this

-----------------------------------------

1. Compulsory insurance, consisting of personal liability and property damage (PL/PD) insurance coverage at $1,000,000 and $50,000 Accident Benefit coverage, will begin at the following premiums:

Calgary: maximum $1,800
Edmonton: maximum $1,980
Rest of Alberta: maximum $1,440

Compulsory insurance rates will be rolled back a minimum of five per cent, and rebates or reduced monthly payments will apply to the remainder of policies from October 1, 2004, to the end of each policy.

Drivers whose claims-free experience puts them below the bottom of the grid will pay no more than 50 per cent of the entry-level premium for their region. Most drivers will pay less than 50 per cent.

No driver whose circumstances remain the same through the first year of the system will see a premium increase.



http://www.autoinsurance.gov.ab.ca/index.html

Hope it helps save you some money :)

I've had no claims or accidents but I've had 2 speeding tickets for the past 3 years, would my insurance lower at all?

[H4LFY2nR]

I was looking at the government site about insurance premiums and I don't exactly understand how it affects drivers who are already insured but don't have a completely clean record. Upon renewal does the insurance company start with the entry-level premium and then adds grid increases based on the number of at-fault claims? And it does not say how the conviction surcharges are calculated, do they simply count as an at-fault claim?

[Dave P]

Originally posted by 1badPT
Go to a few brokers - really there isn't a lot to choose from for your situation - Meloche Monnex while they are a very good insurer will not offer a great rate for your situation, and may even decline to quote altogether. Brokers will be able to shop through several different companies and hopefully find something that gives you a price break and the coverage you are after.



Actually meloche monnex is a good place to choose. They will offer you the best rate out of most companies. If your in school, a graduate, or a professional (you, your mom, or brother). There not supper picky about what you are, just as long as your fit into a group. And even if they cant help you, primmum, or security national will because there all basically the same company.


There are around 150 brokers in alberta. Shop around. Youll find cheaper insurance.

[1badPT]

I don't disagree that they are a good carrier - just not for what he's looking for. His family doesn't fall into the preferred or standard risk category (look at the first post, young drivers, accidents, major infraction, minor infraction) so MM may not even quote them, and if they do chances are the rate won't be attractive - they offer lower rates for business they are trying to attract (low risk). By all means give it a shot but I doubt you'll be happy with the quote, if you're given one.

[Dave P]

Originally posted by 1badPT
I don't disagree that they are a good carrier - just not for what he's looking for. His family doesn't fall into the preferred or standard risk category (look at the first post, young drivers, accidents, major infraction, minor infraction) so MM may not even quote them, and if they do chances are the rate won't be attractive - they offer lower rates for business they are trying to attract (low risk). By all means give it a shot but I doubt you'll be happy with the quote, if you're given one.

Thats a good point, but there making huge profits as of late, and the agents have being told they can make judgement calls more easily now. So if it means a bit higher risk on their part, but they can add three clients, they will be more lieniant to a bad driving record that happened a few years ago.

And they can also spread out the risk by using their other companies as well.


I mean, regardless of the company. a family of three shouldnt be paying that much

[1badPT]

Maybe this will make it clearer. Take investors - they typically fall into one of four categories - ultra low risk (GIC's, interest bearing accounts, etc) low risk (bonds, debentures), medium risk (blue chip stocks), and high risk(small cap stock investor). Insurance companies are no different - they write risks that fall into one of the 4 similar categories - ultra low risk or "preferred" markets mean they don't mark up their loss much in premiums, but there aren't many losses anyways. Low risk or "standard" may be good drivers with imperfect driving records. Medium risk or "substandard" may be drivers with any faulted accidents in the past 6 years or several driving infractions. High-risk or "facilty" markets are risks that are so poor that no insurance company actually participates by choice - they are legislated to do so. They don't manage the risks going into this book of business so the losses are extremely high and so are the rates, and they don't bother to invest the premiums to offset the cost - and why should they - the legislation won't let them profit off of facilty insurance.

The 19 yo is facilty, if he's really really really lucky, he may be able to get into substandard with his mom and brother. MM does not participate in the substandard market, they only write preferred and standard risks. When they are allowed to write something riskier - it means they are allowed to write a standard risk with preferred premiums. This simply isn't what the situation is. 2 substandards with a facilty driver = extremely expensive rates - their only hope is to get the 19yo written substandard.

[Dave P]

[i]
The 19 yo is facilty, if he's really really really lucky, he may be able to get into substandard with his mom and brother. MM does not participate in the substandard market, they only write preferred and standard risks. When they are allowed to write something riskier - it means they are allowed to write a standard risk with preferred premiums. This simply isn't what the situation is. 2 substandards with a facilty driver = extremely expensive rates - their only hope is to get the 19yo written substandard. [/B]

Touche. You seem to know your shit,

mm doesnt participate in the substandard market, but security national does. So im sure they would just send them their.

Now im actually interested to see what MM or anyone might do with this. Im sure there must be lower rates

[1badPT]

Used to be a P&C broker :tongue:

[Dave P]

Ahhhh figures, you still in the insurance biz?

[1badPT]

I am but not in P&C now, I'm in A&S and Life now

[chibi_chas]

insuring the cav fro 2 years you can buy another .. ;)

[pinoyhero]

If your bro is at the UofC then call meloche monnex sometimes they will lok at a family package.

[bighead2267]

the best suituation is stick with your parents, i'm working in this industry, and i would say 90% of the quote i do is sub standard market. but i don't think it's cost like 8 grand.......let me know if u need help. i can PM my contact info to you and get u a quote, helpfully can help you out, but can't promise anything....also, it's a stupid idea to lie or hide anything b'coz once we've your driver license number, we can pull out whatever info we need, there is no way u can hide anything unless u a super lucky that don't show on the record.....

[Xtrema]

Originally posted by Kobe
here i got a better idea dude, wait till Oct 1st (only 1 more month) then insurance your car then :)

Why you ask? Becuase of this

-----------------------------------------

1. Compulsory insurance, consisting of personal liability and property damage (PL/PD) insurance coverage at $1,000,000 and $50,000 Accident Benefit coverage, will begin at the following premiums:

Calgary: maximum $1,800
Edmonton: maximum $1,980
Rest of Alberta: maximum $1,440

Compulsory insurance rates will be rolled back a minimum of five per cent, and rebates or reduced monthly payments will apply to the remainder of policies from October 1, 2004, to the end of each policy.

Drivers whose claims-free experience puts them below the bottom of the grid will pay no more than 50 per cent of the entry-level premium for their region. Most drivers will pay less than 50 per cent.

No driver whose circumstances remain the same through the first year of the system will see a premium increase.



http://www.autoinsurance.gov.ab.ca/index.html

Hope it helps save you some money :)

the new rule is bullshit and doesn't help me at all.

50% of $1800 is exactly what I paid right now, and my dad pays even way less that that. Since there's no guideline to force reduction, it's won't make any difference for most drivers.

And since new and risky driver now gets a ceiling, and the ability for insurance company to penalize bad drivers are hampered (5 grid upgrade for every fault), I'm almost 100% sure they'll turn the raping towards good drivers to even things out.

Since the freeze is still on til 2005, we'll see how this will roll out.