Aviva is refusing to allow collision on any car over 500hp (split)

[roopi]

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I can't say the premium for my viper is that bad, but I had to agree to a 10k deductible.

Did you check with anyone else or just agreed to it?

[ThePenIsMightier]

Exotic cars have high deductibles, but it's a choice for the customer. You don't want $10k? Fine. You can get $5k or less, just be prepared to pay a much higher premium. You can CHOOSE to get it as low as $500 but again, get ready to pay.
Haggerty is not going to force you into a ludicrous deductible, for example. Pay to play and weigh the risk/reward.

[Misterman]

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Its not that they are in need of cash. They have cash. Its just that they are losing money in this line of business.

We have the same issue in our office, rates have gone up and clients are livid.
Rage2 pretty much summed it up.

Yes Rage2 summed it up that insurance companies are losing a ton of money to people circumventing soft tissue injury caps. What does this have to do with 500hp cars?

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Every auto policy is a potential liability. Insurance companies do more than auto. There is no way to predict which policies would have to pay out on an injury settlement. I’m pretty sure class of cars or usage types have nothing to do with it because you can’t predict who those clients hit. Could be a shitbox in a parking lot, could be a Viper on the highway. The math shows that they can’t be profitable in auto as it sits now, so to limit their exposure they’re just booting clients off using every trick in the book allowable under current regulations. The remaining clients will still lose money, just less money which will be offset by profits in other insurance products, probably less than what it costs to come back into Alberta market if they pulled out completely. When the problem is fixed, they’ll lift the restrictions and bring back clients.

That’s my best guess as to what’s happening. I’m sure there’s way smarter people there that have calculated how much to shrink their auto insurance exposure to offset the costs of marketing to bring clients back down the road as well.

That's a fair guess at least.

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I can't say the premium for my viper is that bad, but I had to agree to a 10k deductible.

Is it a Gen2 by chance? That doesn't sound like an arbitrary number in that case, as a fender bender costs them 10k to replace the clamshell hood.

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Exotic cars have high deductibles, but it's a choice for the customer. You don't want $10k? Fine. You can get $5k or less, just be prepared to pay a much higher premium. You can CHOOSE to get it as low as $500 but again, get ready to pay.
Haggerty is not going to force you into a ludicrous deductible, for example. Pay to play and weigh the risk/reward.

I'm surprised more guys don't do the same thing the exotic guys in the U.S. are doing. Just go register your car in Sask. and pay next to nothing.

I thought it was funny that Damon from DDE has his Murci registered in Alberta just to avoid having a front plate.

[tonytiger55]

Misterman;4797404]Yes Rage2 summed it up that insurance companies are losing a ton of money to people circumventing soft tissue injury caps. What does this have to do with 500hp cars?

Cost and an excuse to cut out a line of business. Soft tissue injury + cost of underwriting/reparing a exotic vs a Honda Civic would be higher. Thats my guess in this scenario.
But I'l admit the calculations are weird as hell sometimes. There is demograhic of drivers that the company I work for should not be offering insurance too if this is the case. Yet we are still able to. Its got our collegues questioning some of this logic too.

[Maxt]

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Did you check with anyone else or just agreed to it?

It was the same deal with all the providers, except for haggerty it was too new for them.

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Is it a Gen2 by chance? That doesn't sound like an arbitrary number in that case, as a fender bender costs them 10k to replace the clamshell hood.

Gen 5 special edition acr, which is probably worse. Another issue is the car was appraised higher than what traditional insurers want to cover for , they have a limit of 250k .

[ExtraSlow]

Problems I don't have anywhere within my automotive fleet. Vehicles worth more than $250k or vehicles with more than 500hp. Hell my three vehicles together might not have 500hp combined.

[rage2]

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Cost and an excuse to cut out a line of business. Soft tissue injury + cost of underwriting/reparing a exotic vs a Honda Civic would be higher. Thats my guess in this scenario.

They're cutting out "Honda Civic" owners as well by demanding 1 year upfront payments.

https://globalnews.ca/news/5173307/a...rance-changes/

[Misterman]

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Gen 5 special edition acr, which is probably worse. Another issue is the car was appraised higher than what traditional insurers want to cover for , they have a limit of 250k .

Surprisingly the new CF hoods aren't that expensive by comparison when I looked awhile back. Guessing your car being a "Collectible" or some sort of designation really screws your rates. Those ACR's are so rare, and their value went crazy when Dodge shut down production of the car. Nice choice though! I'd love an ACR, but at this point I'd be happy to just live somewhere I could justify getting my GenV GTS back.

[tonytiger55]

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They're cutting out "Honda Civic" owners as well by demanding 1 year upfront payments.

https://globalnews.ca/news/5173307/a...rance-changes/

lol.
Yep, all new line auto insurance in our company has to pay yearly now.

[Masked Bandit]

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I can't say the premium for my viper is that bad, but I had to agree to a 10k deductible.

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That's ridiculous.

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+1

Once the MSRP is over $100K a lot of insurance companies want a 5% deductible.

[firebane]

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They're cutting out "Honda Civic" owners as well by demanding 1 year upfront payments.

https://globalnews.ca/news/5173307/a...rance-changes/

Cause those stupid things get stolen so easy.

[DboyNismo]

Bump. Parents got a registered letter from Aviva in their mail. Aviva is demanding a SAF 1 form to be completed for renewal to "make sure they have all up to date information" as well as demanding payment in full for the year. They are also requiring that all vehicles under their policy carry TPL (i.e. no parking insurance) otherwise they will not be insured.

Parents do not have any cars over 500hp or a civc lol and are mostly clean drivers, I guess Aviva doesn't want that 55-60 year old demographic in their risk pool...

[jaylo]

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Bump. Parents got a registered letter from Aviva in their mail. Aviva is demanding a SAF 1 form to be completed for renewal to "make sure they have all up to date information" as well as demanding payment in full for the year. They are also requiring that all vehicles under their policy carry TPL (i.e. no parking insurance) otherwise they will not be insured.

Parents do not have any cars over 500hp or a civc lol and are mostly clean drivers, I guess Aviva doesn't want that 55-60 year old demographic in their risk pool...

Seems that they are forcing customers to end the contract, but there will always be cancellation fees unless you switch right before the expiry/renewal.

Maybe they are cashing in on cancellation fees?

[16hypen3sp]

Bumping.

Just got my renewal with anticipated increases. I have all the numbers below from what I was paying to what I will be paying.

Driver: 30 years old. Grid rating is negative 14. No accidents. One minor traffic conviction on file.

What I was paying:

- 2015 Hyundai Genesis Sedan = $1420 for full coverage.
- 2014 Ram 1500 = $1485 for full coverage.
- 2011 Ford Fiesta = $528 for Liability only.

What I will be paying going forward:

- 2015 Hyundai Genesis Sedan = $1626 for full coverage.
- 2014 Ram 1500 = $1639 for full coverage.
- 2011 Ford Fiesta = $972 for Liability only.

It appears that Fiesta's are a menace to society??? The car costs way more to insure for liability than my Genesis and Ram. Pretty nuts if you ask me.

Anyway, as I said, I anticipated the increases after how broken the insurance industry got here in AB. Nevertheless, substantial increases are something I'm not use to. I can't remember the last time my insurance went up like this, maybe when I was 19.

Some brief good news, my motorcycle insurance dropped by a huge amount this year after selling my CBR, but I expect it is going up next year when I get my renewal.

Anyway, just wanted to post this for any interested.

[ExtraSlow]

Small cheap cars are really expensive to insure because of who normally drives them. It's kind of unfair, but...

[370Z]

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Small cheap cars are really expensive to insure because of who normally drives them. It's kind of unfair, but...

That's racist

[Darell_n]

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Small cheap cars are really expensive to insure because of who normally drives them. It's kind of unfair, but...

Small, cheap people?

[snowcat]

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They're cutting out "Honda Civic" owners as well by demanding 1 year upfront payments.

https://globalnews.ca/news/5173307/a...rance-changes/

I don’t get the go to news to complain portion. Aviva did the same to me, my RDX wasn’t allowed for monthly and there was a big application to fill out via registered mail. They also wouldn’t provide comprehensive on my new car.

I just switched everything, house, bike, car to another insurance company. Problem solved!

[bjstare]

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Small, cheap people?

Teenage girls.

[370Z]

Was going to give Aviva a call since it was promoted at work... but now I think I'll just continue bending over for TDMM.

I called PC insurance a couple months ago and they flat out refused to insure me because I told them my wife uses her Juke to get to her gardening client's houses and she carries shovels in them, wtf?!