Automotive

[Merged] Ask me anything about insurance!!

Member
Apr 23, 2017
212 posts
126 upvotes
My vehicle is a 1991 (in great mechnical shape). Is that going to cause my insurance cost to be higher or lower than if my vehicle were <20 years old?
Deal Fanatic
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Aug 11, 2008
7730 posts
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Ontario
no, however, if you want collision & comprehensive, most companies may require photos/appraisal
the vehicle will be rated for what it is plus it will include all your details such as age, location, insurance history, driving record etc.
zinger9 wrote:
Jan 19th, 2018 12:47 am
My vehicle is a 1991 (in great mechnical shape). Is that going to cause my insurance cost to be higher or lower than if my vehicle were <20 years old?
RIBO LICENCED INSURANCE BROKER, over 30 years experience
Jr. Member
Apr 20, 2009
145 posts
24 upvotes
zinger9 wrote:
Jan 19th, 2018 12:47 am
My vehicle is a 1991 (in great mechnical shape). Is that going to cause my insurance cost to be higher or lower than if my vehicle were <20 years old?
Depends on the company. As COSMIC5 mentioned you will likely be asked for photos and you will likely need to pay a mechanic to complete an inspection of the vehicle. Some companies do favour newer vehicles more than older ones and that is reflected in the premiums.
Newbie
May 30, 2017
29 posts
8 upvotes
Here's a question for brokers and agents: If your client has some extra expenses to spare, which optional accident benefits would you recommend?
Jr. Member
Apr 20, 2009
145 posts
24 upvotes
boat73 wrote:
Jan 19th, 2018 11:25 am
Here's a question for brokers and agents: If your client has some extra expenses to spare, which optional accident benefits would you recommend?
This would depend on what other private disability, extended health, accident, life insurance, and how accomodating your employer is.

If you have no other private health insurance, medical rehab, and attendant care coverage should be increased. If you have kids or elderly family members who you normally care for, you might want to look into purchasing the optional caregiver and dependent care coverages.

If you have no other disability insurance coverage and cannot survive on $400 a week, then you should look into increasing your income replacement benefits. Also if the nature of your work makes it difficult to make accommodations due to an injury (for example work that requires hands-on work, long periods of standing or extensive travel) you would also want to increase your IRB coverages.
Deal Fanatic
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Aug 11, 2008
7730 posts
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Ontario
Personally, I would recommend increasing all benefits that pertain to you and your family life, go over the individual coverages with your Broker.. keep in mind, your plan you have with your employer will always be primary. The Benefits you get under the "standard accident benefits coverage" is really not adequate. Get a quote for the increased AB and go from there, its not as expensive as you may think.
boat73 wrote:
Jan 19th, 2018 11:25 am
Here's a question for brokers and agents: If your client has some extra expenses to spare, which optional accident benefits would you recommend?
RIBO LICENCED INSURANCE BROKER, over 30 years experience
Newbie
Jan 24, 2015
72 posts
9 upvotes
York, ON
Thank you! I will look into all of it going forward...
COSMIC5 wrote:
Jan 18th, 2018 8:43 am
yes, when you have not had the same type of insurance before, there are no discounts to be applied plus there is no insurance history, so the company will rate accordingly. There also may be other factors such as type of building, amount of building coverage(and type of coverage), location, age of building, updates (roof/elec/plumbing/heating), rental income coverage etc. Perhaps look at other brokers and see how their quotes compare.
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Aug 11, 2008
7730 posts
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Ontario
good luck
Steejn wrote:
Jan 22nd, 2018 4:11 pm
Thank you! I will look into all of it going forward...
RIBO LICENCED INSURANCE BROKER, over 30 years experience
Newbie
Jun 20, 2017
6 posts
Hi - I was involved in a not at fault accident that wrote off my vehicle and I have just completed six months of physio for a WAD II injury of my neck and back. I was just wondering if I should be dealing the at fault driver's insurance company myself regarding an injury claim? or if communication should go through my insurance company? These injuries are capped in Alberta, so most lawyers aren't interested in these cases, and I don't know who to ask about this stuff. The other insurance company just contacted me and asked me to sign a medical records release that seems way too broad and invasive, and I would rather not release my entire medical history to them.
Deal Expert
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Apr 21, 2004
44457 posts
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Good pm.

What exactly is the difference between BUSINESS and WORK use?

If we take the Go Train to work, does that mean we have to split between Pleasure and a little WORK component? The station is only 5-6 km away.

Is going to school once in a while also considered WORK use?
Deal Guru
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Mar 1, 2008
11637 posts
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Toronto, Ontario
alanbrenton wrote:
Jan 25th, 2018 1:14 pm
What exactly is the difference between BUSINESS and WORK use?

If we take the Go Train to work, does that mean we have to split between Pleasure and a little WORK component? The station is only 5-6 km away.

Is going to school once in a while also considered WORK use?
Business use means you are using the vehicle for business purposes. For example, using it to carry clients, driving around to see clients, maybe have to drive from office to office throughout the day. Work use would be commuting basically. So your morning drive to work, driving to the bus station, and driving to school for example.
Jr. Member
Apr 20, 2009
145 posts
24 upvotes
mfid34 wrote:
Jan 23rd, 2018 6:03 pm
Hi - I was involved in a not at fault accident that wrote off my vehicle and I have just completed six months of physio for a WAD II injury of my neck and back. I was just wondering if I should be dealing the at fault driver's insurance company myself regarding an injury claim? or if communication should go through my insurance company? These injuries are capped in Alberta, so most lawyers aren't interested in these cases, and I don't know who to ask about this stuff. The other insurance company just contacted me and asked me to sign a medical records release that seems way too broad and invasive, and I would rather not release my entire medical history to them.
Are you applying for standard accident benefits? If so, releasing your medical records is part of the process and you won't really be able to get away with that.

If you're just applying for accident benefits, I would say most of the time you do not need a lawyer unless the insurance company is pushing back and refusing to pay claiming you don't need X or Y treatment.

If you plan on suing the at fault party for pain and suffering and other compensatory damage, going it without a lawyer is not recommended.
Deal Addict
Oct 22, 2014
2036 posts
566 upvotes
Toronto
In GTA, I'm looking for home and auto insurance bundle for beginning of June renewal. I want to get it done as early as possible.

How early can I start getting quotes from different insurance companies? How long are insurance quotes valid for?

Thanks
Deal Guru
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Mar 1, 2008
11637 posts
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Toronto, Ontario
Elfwood wrote:
Jan 26th, 2018 2:14 pm
In GTA, I'm looking for home and auto insurance bundle for beginning of June renewal. I want to get it done as early as possible.

How early can I start getting quotes from different insurance companies? How long are insurance quotes valid for?

Thanks
I would say you may start finalizing youe new insurance quotes and policies in early April to mid April. Anything before that is too early in my opinion, and I wouldn't be comfortable binding you. It backfired on me a couple times cus I binded too early.

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