Ask me anything about Car Insurance

[goldfish168]

Do most insurance companies require a class 6 license to ensure a <50cc scooter? I'm having a hard time getting insurance for a scooter I can legally ride with my class 5.

[tom_9109]

Originally posted by Criticull
If I am about to turn 25 and want to get a discount on my car insurance, and want to pre-emptively execute the age discount prior to my bday with something along the lines of &quot;I'm looking around, how much will it be?&quot;, how far in advance of my bday would be an appropriate time to do that.

From what I'm told Wawanesa will give new customers the 25 tear old rates if they have less than a year to go.

[Masked Bandit]

Originally posted by tom_9109


From what I'm told Wawanesa will give new customers the 25 tear old rates if they have less than a year to go.

Yep, or at least they used to anyway. The only thing the insured needs to be aware of is hit a short-rate penalty. His broker should be able to clear it up though.

[Masked Bandit]

Originally posted by goldfish168
Do most insurance companies require a class 6 license to ensure a &lt;50cc scooter? I'm having a hard time getting insurance for a scooter I can legally ride with my class 5.

Most will need the class six but there are companies (Nordic) that will write it either way. Your existing auto broker should be able to set that up?

[thetransporter]

Hi!

My question to you is.

From 2002-2005 I was with progressive auto insurance.

then I switched Royal Bank insurance


Until a few months ago, I found out I was paying double the amount of auto insurance because progressive never reported my experience to the insurance database

Royal bank said no problem just send us a letter of experience. And they will reduce the rates by almost 50 percent.

But they will not refund me for the over charging.

They never told me there was a huge gap in my insurance policy.

I been insured since 1998 with no claims.

Do they not have to provide me a refund for their over billing?

[Masked Bandit]

Originally posted by thetransporter
Hi!

My question to you is.

From 2002-2005 I was with progressive auto insurance.

then I switched Royal Bank insurance


Until a few months ago, I found out I was paying double the amount of auto insurance because progressive never reported my experience to the insurance database

Royal bank said no problem just send us a letter of experience. And they will reduce the rates by almost 50 percent.

But they will not refund me for the over charging.

They never told me there was a huge gap in my insurance policy.

I been insured since 1998 with no claims.

Do they not have to provide me a refund for their over billing?

Nope.

Sometimes a company will back date a credit a little bit, sometimes all the way, sometimes not at all. But by law, they don't have to do squat. This is where a broker would have helped you avoid this mess in the first place.

[prelude98h22]

I'm 16 years old, i am currently paying $177 for basic insurance on a 1998 honda prelude. After one year of insuring the car how much money can i expect to be paying monthly? This is of course with no collisions, speeding tickets, or other tickets.
When can i expect to see a significant decrease in my insurance rates?
Thanks, Linden

[Masked Bandit]

Originally posted by prelude98h22
I'm 16 years old, i am currently paying $177 for basic insurance on a 1998 honda prelude. After one year of insuring the car how much money can i expect to be paying monthly? This is of course with no collisions, speeding tickets, or other tickets.
When can i expect to see a significant decrease in my insurance rates?
Thanks, Linden

You'll probably pay the same or MORE for the first three years. I know it seems like a long road but the best prices are when you hit over 25 with a six years of clean driving.

[thetransporter]

Originally posted by Masked Bandit


Nope.

Sometimes a company will back date a credit a little bit, sometimes all the way, sometimes not at all. But by law, they don't have to do squat. This is where a broker would have helped you avoid this mess in the first place.

But how we were suppose know of this insurance database, I assumed i was getting the proper rates I never even heard of this insurance database. I thought we were on the Grid so it wouldnt matter?

[Masked Bandit]

Originally posted by thetransporter



But how we were suppose know of this insurance database, I assumed i was getting the proper rates I never even heard of this insurance database. I thought we were on the Grid so it wouldnt matter?

That's what the broker is for, to lead you through the minefield that is insurance. When you take a policy with a direct writer like a bank, this is what you can end up with sometimes.

[johnboy27]

Is it reasonable for my insurance to have only dropped by 100 dollars starting into my 4th year of steady insurance (all with the same company) and having a -15 grid rating and only 1 minor ticket and no accidents . My cars are a 2006 Honda civic dx-g four door with full coverage and a 500 deductible on collision and 250 on comp and a 1992 Mazda Mpv with just PLPD coverage. I have had my license for 18 years. I went from paying 206 a month to 197 a month.

Also, I have a loan on the Honda that is worth more than the car due to my losses on my trade in, when I insured the car I gave them the bill of sale as it was bought threw a dealer ship etc. Am I covered for the cost of the loan in the event that the car get written off or am I only covered for the value of the car itself?

[Masked Bandit]

Originally posted by johnboy27
Is it reasonable for my insurance to have only dropped by 100 dollars starting into my 4th year of steady insurance (all with the same company) and having a -15 grid rating and only 1 minor ticket and no accidents . My cars are a 2006 Honda civic dx-g four door with full coverage and a 500 deductible on collision and 250 on comp and a 1992 Mazda Mpv with just PLPD coverage. I have had my license for 18 years. I went from paying 206 a month to 197 a month.


RESPONSE - Yep, that sounds about right. The biggest problem is that base prices have increased 5% - 10% in the past year so that is eating up a lot of your decrease that you would have seen from another year of clean driving.






Also, I have a loan on the Honda that is worth more than the car due to my losses on my trade in, when I insured the car I gave them the bill of sale as it was bought threw a dealer ship etc. Am I covered for the cost of the loan in the event that the car get written off or am I only covered for the value of the car itself?



RESPONSE - Your policy only covers the market value of the car itself. The fact that you are upside down on your loan will not come into play on an insurance claim. From a personal finance standpoint, I would suggest throwing some extra money at that loan so you could at least break even.

[gam0s]

question for the insurance gurus.
im going back to school in fall and im wondering if there's such thing as part time insurance. i just need to get to school and work.

[three.eighteen.]

Originally posted by goldfish168
Do most insurance companies require a class 6 license to ensure a &lt;50cc scooter? I'm having a hard time getting insurance for a scooter I can legally ride with my class 5.

i'm an underwriter for nordic...apparently effective july 1 2009, the moped/scooter definition has been revised by transportation alberta

all 50cc & under 2-wheel risks are now rated as mopeds, so i called transportation alberta and the dude advised me cl 5 for scooter experience.

scooters over 50cc are to be rated as motorcycles and require cl 6 to gain experience.

nordic will write you either way

[Masked Bandit]

Originally posted by three.eighteen.


i'm an underwriter for nordic...apparently effective july 1 2009, the moped/scooter definition has been revised by transportation alberta

all 50cc &amp; under 2-wheel risks are now rated as mopeds, so i called transportation alberta and the dude advised me cl 5 for scooter experience.

scooters over 50cc are to be rated as motorcycles and require cl 6 to gain experience.

nordic will write you either way

^^^ This.

On something like a 50cc unit (even before the change) the price with or without a class six was next to nothing anyway.

[Masked Bandit]

Originally posted by gam0s
question for the insurance gurus.
im going back to school in fall and im wondering if there's such thing as part time insurance. i just need to get to school and work.

Not really. Generally speaking the day to day usage of a vehicle only comes into play once you're over 25. They we look at how far you commute, annual KM's & a few other factors. Under 25 unfortunately you are rated the same if you put on 2000 or 25,000 km's a year.

[Eken9]

Not sure if this thread is still active but my situation is.

My family is all under once insurance company (3 drivers)

When I looked over my actual insurance policy sheet for some reason I was paying $3010.00 to insure a 96 Honda. Yes you read that right.

I called my broker and he said my younger brother is insuring my 96 and I'm insuring his 94? And they do that automatically because he's younger. I don't know if I'm out to lunch but is this accurate information?

On the insurance papers sent to my house there is no indication my brother is insuring the 96. Everything on there looks correct but my rate.

Edit: It also doesn't sound right because the broker basically told me they will move the younger drive to the more expensive car because that's the way it works? But that makes no sense because 3rd car insured is a 2005 car which would be higher to insure then mine?

[Masked Bandit]

Originally posted by Eken9
Not sure if this thread is still active but my situation is.

My family is all under once insurance company (3 drivers)

When I looked over my actual insurance policy sheet for some reason I was paying $3010.00 to insure a 96 Honda. Yes you read that right.

I called my broker and he said my younger brother is insuring my 96 and I'm insuring his 94? And they do that automatically because he's younger. I don't know if I'm out to lunch but is this accurate information?

On the insurance papers sent to my house there is no indication my brother is insuring the 96. Everything on there looks correct but my rate.

Edit: It also doesn't sound right because the broker basically told me they will move the younger drive to the more expensive car because that's the way it works? But that makes no sense because 3rd car insured is a 2005 car which would be higher to insure then mine?

There is a general concept in the industry that says when you have multiple vehicles on a policy with multiple drivers, the highest rated driver gets assigned to the highest rated vehicle. Sometimes this gets applied, sometimes it doesn't, sometimes it only gets half applies (as in your case). The problem is that there is no hard and fast RULE for dealing with this.

[spankingmonkey]

Which insurance company do you recommend for 1 car, 1 driver, under the age of 25. Someone who has the best insurance quotes or best rates ? I was looking at MM TD , CAA , HSBC

[Karusai]

There was another post I was trying to find that ctruo asked for member's to post Insurance information for comparison and I cannot find it. I am in the state of Michigan, so here is my question. How can insurance companies hold a Minor In Possession of Alcohol which happened when I was 15, not even old enough to get a permit at that time? I am expected to pay $170 a month for PLPD on a 95 Cavalier that isn't worth more than $500? I am 21, I don't drink due to my bad experience, and I have had one ticket within the past 5 year's of having my license. WTF is up with that?

Reply to me @ [email protected] , Thanks guys!