Canadian Insurance company profits up 673%

[Scouzer]

Link

Ugh. This sure does justify my $3100/yr rate. I'm 17 with a clean record and Driver's Education. 4 door Chevrolet Corsica.

Fvcking criminals. They'd still up my rate if they had the chance (Albertan rates are frozen right now thanks to provincial law)

 

[ElFenix]

$3100 canuckle is $2000 US per year, you're 17, and you're bitching?!?!

 

[DorkBoy]

Originally posted by: ElFenix
$3100 canuckle is $2000 US per year, you're 17, and you're bitching?!?!

If I was paying $2,000 a year Hell Yeah I would Bitch about it !

What are you paying ?

 

[Scouzer]

Originally posted by: ElFenix
$3100 canuckle is $2000 US per year, you're 17, and you're bitching?!?!

This is for $1 million liability and nothing else.

 

[Crazymofo]

Originally posted by: Scouzer

Originally posted by: ElFenix
$3100 canuckle is $2000 US per year, you're 17, and you're bitching?!?!

This is for $1 million liability and nothing else.

WOW! Now yes I sure as hell would be mad! You don't even have comp and collison? I think the insurance industry has gone out of control up north!!

 

[ElFenix]

Originally posted by: DorkBoy

Originally posted by: ElFenix
$3100 canuckle is $2000 US per year, you're 17, and you're bitching?!?!

If I was paying $2,000 a year Hell Yeah I would Bitch about it !

What are you paying ?

$1100 a year in real dollars, but i'm 25. when i was 17... i don't even want to think about it

 

[WinkOsmosis]

Pwned!

 

[TwinkleToes77]

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

 

[Argo]

I think all companies selling required services (insurance, utilities) should be regulated to the point where their profit margins are frozen. A company shouldn't be allowed to have profit margins higher than 25 percent.

 

[Howard]

Why is insurance required anyway?

 

[Argo]

Originally posted by: Howard
Why is insurance required anyway?

Scenario:

You drive 95 Honda Civic. You hit a BMW 5 series and it's your fault. The bimmer is totalled and you can't afford to pay the owner. The owner has to take you to small claims court, you can't pay, so you're declared bankrupt, etc, etc...

 

[Mean MrMustard]

Originally posted by: Argo
I think all companies selling required services (insurance, utilities) should be regulated to the point where their profit margins are frozen. A company shouldn't be allowed to have profit margins higher than 25 percent.

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.

 

[bernse]

Originally posted by: Scouzer
Link

Ugh. This sure does justify my $3100/yr rate. I'm 17 with a clean record and Driver's Education. 4 door Chevrolet Corsica.

Fvcking criminals. They'd still up my rate if they had the chance (Albertan rates are frozen right now thanks to provincial law)

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.

 

[Argo]

Originally posted by: ELP

Originally posted by: Argo
I think all companies selling required services (insurance, utilities) should be regulated to the point where their profit margins are frozen. A company shouldn't be allowed to have profit margins higher than 25 percent.

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.

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.

 

[bernse]

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.

 

[Viperoni]

I'm approaching 21y/o, 1 "minor" speeding ticket 2.5 years ago, liability only, 1991 mercury topaz, and I pay $4000cad. You, sir, have nothing to complain about. The ticket makes a small difference, BTW, maybe $300.

 

[brigden]

Insurance is the biggest scam around.

 

[xSauronx]

Originally posted by: ELP

Originally posted by: Argo
I think all companies selling required services (insurance, utilities) should be regulated to the point where their profit margins are frozen. A company shouldn't be allowed to have profit margins higher than 25 percent.

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.

i would imagine with what you pay...they have rather comfy beds

 

[CPA]

I thought it was only those greedy American companies that had profits like that.

 

[Pocatello]

Originally posted by: CPA
I thought it was only those greedy American companies that had profits like that.

Apparently, those Canadian companies are learning. Profit, profit and profit.

 

[BullyCanadian]

Originally posted by: Scouzer
Link

Ugh. This sure does justify my $3100/yr rate. I'm 17 with a clean record and Driver's Education. 4 door Chevrolet Corsica.

Fvcking criminals. They'd still up my rate if they had the chance (Albertan rates are frozen right now thanks to provincial law)

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.

 

[Ranger X]

I was paying $2500/USD a year while in college. I was driving an old 5-series but I know I was being robbed.

 

[GasX]

Originally posted by: Argo
I think all companies selling required services (insurance, utilities) should be regulated to the point where their profit margins are frozen. A company shouldn't be allowed to have profit margins higher than 25 percent.

Based on what? That's just idiotic.

 

[SagaLore]

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.

 

[GasX]

Originally posted by: SagaLore
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.

If your last word applies to the rest of your post, then I agree with you...