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Canadian Insurance company profits up 673%
- Thread starter Scouzer
- Start date
WinkOsmosis
Banned
Pwned!
TwinkleToes77
Diamond Member
When i was 17 my insurance was $1200us (different policy) ... im 26 and STILL have a perfect record and our insurance went up $900 just this year alone to $2000cdn
Mean MrMustard
Diamond Member
There we go, now that's a plan. I totally agree. The gov't will regulate the people, telling them they must have the insurance, yet won't regulate the insurance companies... what kind of sh!t is that?
Luckily, I'm about to turn 25, so my rate will be going down, except for the fact that they decided to raise my rate nearly 50% on my last payment. I now pay $593/6 months up from $400. I haven't had anything on my record since I was 17. I don't know how they sleep at night.
You're a young punk 17 year old. You've got a clean license. Big whoop. What have you been driving for, a year?
You are incredibly more likely to get in a wreck and cost the insurance companies a pi$$ load of money more than almost anyone else on the road. That's why your rates are so high.
Stay clean and get some pubic hair. Your rates will start to go down.
Actually the insurance companies are regulated, however, it's a loose regulation. Basically the company b*tches to local legislature, saying that their profit margins are down and local governing body passes rate hikes. At least that's the way it is in US. However, the ever increasing insurance prices tell us that this regulation is being enforced on a rather loose basis.
Came off a little strong in my earlier post so let me clarify.
Insurance rates in the private industry are set almost entirely on statistics. These are formula a mile long (by actual measure!)
Simply put, and to the suprise of nobody here I suspect:
Young male, virtually no experience = BIG BUCKS. Doesn't matter so much if you drive a Corvette or a Chevette. It's the liability that costs money.
What that article is not saying is that a very, very large majority of "profits" that the insurance companies are making are from investments. This has nothing to do with what they charge you and me for premiums. I do not see it as fair in a free enterprise society that the can put limits on what a company or other entity can profit... be it an insurance company or a private citizen.
My advice: Buck up, pay your premiums and drive extra careful. Don't get any tickets or accidents...
And next time you see an idiot driving, take a look at them. Odds are they're a male under 25. And, that is exactly why you pay so much for your premium. It's not you per se, but the other idiots bringing up your odds.
Insurance rates in the private industry are set almost entirely on statistics. These are formula a mile long (by actual measure!)
Simply put, and to the suprise of nobody here I suspect:
Young male, virtually no experience = BIG BUCKS. Doesn't matter so much if you drive a Corvette or a Chevette. It's the liability that costs money.
What that article is not saying is that a very, very large majority of "profits" that the insurance companies are making are from investments. This has nothing to do with what they charge you and me for premiums. I do not see it as fair in a free enterprise society that the can put limits on what a company or other entity can profit... be it an insurance company or a private citizen.
My advice: Buck up, pay your premiums and drive extra careful. Don't get any tickets or accidents...
And next time you see an idiot driving, take a look at them. Odds are they're a male under 25. And, that is exactly why you pay so much for your premium. It's not you per se, but the other idiots bringing up your odds.
BullyCanadian
Platinum Member
your complaining about $3100?!?!? i'm 18 with a clean record and for me it would be $5000 /year minimum freaking ONTARIO RATES HIGHEST IN THE COUNTRY so i said Fvck that and walk.
SagaLore
Elite Member
I think all insurance companies should be outlawed.
Instead, if the government is going to enforce something like that, then make it mandatory savings payment. If you get in an accident and your "insurance savings" can't pay for it, then it should be taken as credit, and as you continue to pay into savings the credit is paid off.
There is no reason Insurance companies should be making a profit - it's not like they're providing a voluntary service. You're mandated to pay them, and when it comes time they need to cover damage/loss, you rarely get it 100% covered and then your insurance goes up a few months later to make up for it anyway. Stupid.
Instead, if the government is going to enforce something like that, then make it mandatory savings payment. If you get in an accident and your "insurance savings" can't pay for it, then it should be taken as credit, and as you continue to pay into savings the credit is paid off.
There is no reason Insurance companies should be making a profit - it's not like they're providing a voluntary service. You're mandated to pay them, and when it comes time they need to cover damage/loss, you rarely get it 100% covered and then your insurance goes up a few months later to make up for it anyway. Stupid.
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