Automotive

Am I paying too much for insurance

  • Last Updated:
  • Jun 20th, 2018 4:07 pm
[OP]
Newbie
Apr 13, 2013
27 posts
2 upvotes
Mississauga

Am I paying too much for insurance

I am paying $840 for home and car insurance broken down as follows:

house $ 149.50
mazda 3 $ 381.42 - One at fault accident in 2017
honda CRV $ 310.00- one speeding ticket in 2016
TOTAL $ 840.92
4 adults in the household all with G licences

Any insurance brokers out there
17 replies
Deal Addict
Mar 22, 2010
3702 posts
1629 upvotes
how long have you been driving with G? All 4 are insured and you are the primary driver? Who's insuring your vehicles?

At first glance, it's not that bad with your driving record and 4 individual being insured. Did you get at least 10% off on bundling home and auto insurance?
[OP]
Newbie
Apr 13, 2013
27 posts
2 upvotes
Mississauga
driving for 9 years. I am the primary driver. Got the 10% discount. Intact insurance thru a broker
Deal Expert
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Oct 5, 2008
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that looks dirt cheap to me (if annually)

Edit: hella expensive if monthly but warranted
Last edited by Swerny on Jun 20th, 2018 12:15 pm, edited 1 time in total.
Member
User avatar
Dec 20, 2006
400 posts
133 upvotes
Depends on whether it's $840 per year or $840 per month.

I suspect it's per month for an annual premium of over 10 grand which would align with a household of 4 with at fault accidents and tickets.
Swerny wrote: that looks dirt cheap to me.
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Deal Expert
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Oct 13, 2009
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lol it's per month

op is in mississauga

hella premiums
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Deal Addict
Nov 13, 2006
1325 posts
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WOW EXPENSIVE!!!

I pay 190$ a month for a 2018 CRV and a Home.
Banned
Dec 25, 2017
686 posts
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Rockwood
No one even a broker will be able to tell you over the forums if you're paying too much. The CRV didn't get the speeding ticket one of the drivers did so their driving record comes to play in premiums. Do the other drivers have bad records?

Do some leg work yourself and call a few brokers with your info and get a quote then you'll know for sure. You could try those online quote things as well.
Deal Expert
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Feb 11, 2007
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I was paying $765/yr on our Q5 and $725/yr on our 3-series, but the Q5's renewal just came up and it jumped to $925/yr... wtf? Do I have Drug Ford to thank for this?
I pay $874/yr on home insurance.
If the women don't find you handsome, they should at least find you handy.
Deal Addict
Nov 17, 2004
3181 posts
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This thread is pretty useless with the lack of information given.

We also need to know the gender and age of the drivers. Adult driver means nothing. 9 years driving experience can put a driver under the age of 25. One person also can’t be primary driver on more than one car with a household full of drivers. No idea if the house is a condo/town-home/semi/detach, size, value etc.
Banned
Dec 25, 2017
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Rockwood
engineered wrote: I was paying $765/yr on our Q5 and $725/yr on our 3-series, but the Q5's renewal just came up and it jumped to $925/yr... wtf? Do I have Drug Ford to thank for this?
I pay $874/yr on home insurance.
I posted this in another thread but apparently they've increased rates, within guidelines as they're trying to make up for losses incurred. My insurance went up 30% for auto alone.

Also many companies have reduced the multi policy discount, Aviva also removed loyalty discounts and are now charging for things that were once free.

If you're at renewal I highly suggest shopping around, though to be honest all companies have raised their rates substantially. I think I'm going the direct insurer route as it was the cheapest option for me.
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Aug 22, 2011
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None12 wrote: I posted this in another thread but apparently they've increased rates, within guidelines as they're trying to make up for losses incurred. My insurance went up 30% for auto alone.

Also many companies have reduced the multi policy discount, Aviva also removed loyalty discounts and are now charging for things that were once free.

If you're at renewal I highly suggest shopping around, though to be honest all companies have raised their rates substantially. I think I'm going the direct insurer route as it was the cheapest option for me.
Try Coseco.
I was with their parent company Co-operators prior and saved $200 annually switching to them this year.
They still offer many discounts...
Multi-Product
Multi-Vehicle
Driver Training
Student Driver
Alarm System
Claims Free
New Home (<15y)
New Home (16-20y)
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Feb 11, 2007
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None12 wrote: I posted this in another thread but apparently they've increased rates, within guidelines as they're trying to make up for losses incurred. My insurance went up 30% for auto alone.

Also many companies have reduced the multi policy discount, Aviva also removed loyalty discounts and are now charging for things that were once free.

If you're at renewal I highly suggest shopping around, though to be honest all companies have raised their rates substantially. I think I'm going the direct insurer route as it was the cheapest option for me.
Yea, I've shopped around before and I wouldn't be surprised if they're all higher. I was already getting a good deal with my group rates. I just wish they'd raise rates on the bad drivers, not the claim free ones.
TomLafinsky wrote: It is pretty useless to mention how much you pay for your house. Insuring a $300K house isn't the same as insurance a $1 mil house. Apples to apples and oranges to oranges.

OP: given your situation what you are paying is in line with the average.
Well insurance doesn't care what you paid for your home, as in the GTA it's mostly land value. The replacement value of a 1 million Toronto home is $200-400k.
If the women don't find you handsome, they should at least find you handy.
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Dec 25, 2017
686 posts
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Rockwood
vkizzle wrote:
Try Coseco.
I was with their parent company Co-operators prior and saved $200 annually switching to them this year.
They still offer many discounts...
Multi-Product
Multi-Vehicle
Driver Training
Student Driver
Alarm System
Claims Free
New Home (<15y)
New Home (16-20y)
I'll give them a look thanks for the heads up.

Their reviews are pretty poor but then again so are Sonnets, Aviva and I assume most other insurance companies. It makes it hard to make a switch when you read that stuff.
engineered wrote: Yea, I've shopped around before and I wouldn't be surprised if they're all higher. I was already getting a good deal with my group rates. I just wish they'd raise rates on the bad drivers, not the claim free ones.
I couldn't agree more, sort of sucks to be such a careful driver with no tickets or accidents only to have your rates increase 30%, then add insult to injury by removing a loyalty discount.
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Aug 22, 2011
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None12 wrote: I'll give them a look thanks for the heads up.

Their reviews are pretty poor but then again so are Sonnets, Aviva and I assume most other insurance companies. It makes it hard to make a switch when you read that stuff.

I couldn't agree more, sort of sucks to be such a careful driver with no tickets or accidents only to have your rates increase 30%, then add insult to injury by removing a loyalty discount.
They all suck one way or another and I'm at the point where I will take my chances on poor service to save on premiums.
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Aug 11, 2008
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Ontario
House premium if thats per month seems a bit high. --thats like almost 1800/year; however, without knowing ANY info, hard to judge

for the cars, not much you can do as you had the at fault in 2017... are you using the accident waiver protection for that? Have you done the "my driving discount" program with the mobile app? that will give you 10% per qualified vehicle. I'm a broker for Intact.. I know their rates have gone up in some cases.. hard to fathom a guess at your rates as there are too many unknown factors in your post..

dataonelk wrote: I am paying $840 for home and car insurance broken down as follows:

house $ 149.50
mazda 3 $ 381.42 - One at fault accident in 2017
honda CRV $ 310.00- one speeding ticket in 2016
TOTAL $ 840.92
4 adults in the household all with G licences

Any insurance brokers out there
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Deal Addict
Mar 22, 2010
3702 posts
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When is your insurance up for renewal? Try TD next time. They are pretty flexible.
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Feb 11, 2007
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TomLafinsky wrote: The whole world doesn't live in the GTA. This is why quoting home insurance is pretty useless without saying the street value of the house.
The OP does though. So his house is probably worth at least $800k-1.2m
Street value doesn't matter though, only the replacement cost (listed on your policy) which is much less than street value.
If the women don't find you handsome, they should at least find you handy.

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