Automotive

Auto Insurance increase and Family Protection

  • Last Updated:
  • Feb 7th, 2020 2:45 pm
[OP]
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Jan 15, 2009
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Auto Insurance increase and Family Protection

I just got my insurance renewal documents and both my auto and home insurance went up by about $100. I suppose they got the green light from the FSRA again to raise the rates?! On a similar note, I noticed that there's a Family Protection coverage in my policy, which I never signed up for, when I researched it it looks like it's optional. I wanted to get some more input before I go ahead and check if I can drop it to see how much I can recoup.
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Feb 19, 2010
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You are lucky! Mine went up $400! no accidents, claims tickets no nothing..
[OP]
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Toronto
I'm not sure if lucky is the right word here. I have the same clean record with multiple-vehicle discount, etc also and it doesn't deter premium increases year by year (another $200+ this year). #@#*ing ridiculous.
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Oct 23, 2008
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Only $100? Count your lucky stars.
Tis banana is IRIE :razz:

10% off is cold, 50% off is warm, 75% off is hot, but FREE IS RFD!
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Never made a claim in my life. Only thing that dropped rates was moving closer to work and driving much less. I get same rates on my 20 year old $5k BMW as on our new $40k Audi.
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I'm with TDMM and it seems most of the increase this year was due to higher premiums for Accident Benefits. Are we getting higher coverage in 2020?

The other increases can be attributed to the 5-year replacement cost of about $70 and charges for Accident Forgiveness,which used to be at no cost.

I didn't know that once you drop Comprehensive and Collision coverage, Accident Forgiveness becomes free, even in 2020. :)
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alanbrenton wrote: I'm with TDMM and it seems most of the increase this year was due to higher premiums for Accident Benefits. Are we getting higher coverage in 2020?

The other increases can be attributed to the 5-year replacement cost of about $70 and charges for Accident Forgiveness,which used to be at no cost.

I didn't know that once you drop Comprehensive and Collision coverage, Accident Forgiveness becomes free, even in 2020. :)
Yup, that sounds exactly like my TDMM

-Accident Benefits premium increased
-Accident Forgiveness now has a premium
-5yr Depreciation Waiver premium increased (going into year 3of5, will cancel next year)

Unless your car is old and worthless, would you really want to drop the collision and comprehensive portions (and only have 3rd party) though?
Tis banana is IRIE :razz:

10% off is cold, 50% off is warm, 75% off is hot, but FREE IS RFD!
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chimaican wrote: Yup, that sounds exactly like my TDMM

-Accident Benefits premium increased
-Accident Forgiveness now has a premium
-5yr Depreciation Waiver premium increased (going into year 3of5, will cancel next year)

Unless your car is old and worthless, would you really want to drop the collision and comprehensive portions (and only have 3rd party) though?
It doesn't make sense for me to switch provider since I won't have the accident forgiveness.

I'm still waiting for the 16 RAV4H to be stolen but I think the theft have been with the RX'es. :( I am paying only $250 for the replacement cost and the car is on year 4 of 5 so I'll suck it up just in case because the 2020 RAVH looks nice lol.

My 02 Civic is old and worth nothing so I dropped both coverage last year. Just surprised I'm not paying for Accident Forgiveness on it. ;)
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showmethemoney2009 wrote: I'm not sure if lucky is the right word here. I have the same clean record with multiple-vehicle discount, etc also and it doesn't deter premium increases year by year (another $200+ this year). #@#*ing ridiculous.
Well, no winter tires mandate and 200 crashes on 1 storm. You have seen nothing yet.

Insurance will keep going up until someone has a magic bullet to stop losses.
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Xtrema wrote: Well, no winter tires mandate and 200 crashes on 1 storm. You have seen nothing yet.

Insurance will keep going up until someone has a magic bullet to stop losses.
Magic bullet is self driving cars to get rid of the idiot drivers.
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engineered wrote: Magic bullet is self driving cars to get rid of the idiot drivers.
seen recent Autopilot and Openpilot comparison, we are still very far from level 5.
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Xtrema wrote: seen recent Autopilot and Openpilot comparison, we are still very far from level 5.
Yes, it's still a while away, especially in non-ideal conditions. That said, I'd be happy to replace the bottom 30% of drivers with Autopilot right now.
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alanbrenton wrote: It doesn't make sense for me to switch provider since I won't have the accident forgiveness.

I'm still waiting for the 16 RAV4H to be stolen but I think the theft have been with the RX'es. :( I am paying only $250 for the replacement cost and the car is on year 4 of 5 so I'll suck it up just in case because the 2020 RAVH looks nice lol.

My 02 Civic is old and worth nothing so I dropped both coverage last year. Just surprised I'm not paying for Accident Forgiveness on it. ;)
I thought the forgiveness is for the driver, not the policy or the car, right?

Anyways, it's also due to the low rate causing insurer to bleed through negative return on assets. So they must charge more to stay afloat. Whether the low rate and more crashes are correlated is up to debate. I don't think there's linkage there.
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LongLiveRFD wrote: I thought the forgiveness is for the driver, not the policy or the car, right?

Anyways, it's also due to the low rate causing insurer to bleed through negative return on assets. So they must charge more to stay afloat. Whether the low rate and more crashes are correlated is up to debate. I don't think there's linkage there.
I was told accident forgiveness, at least for one of the cars, will cover my daughter. I will probably email to get written confirmation.

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