[Merged] Ask me anything about insurance!!

Got into accident today.

I was at an intersection waiting to make a left. The traffic light turns yellow and I wait as it was still not clear. The light turns red, and on-coming cars stop and I proceed to go through with my left. There were cars on the other side that were making a right onto the same street as I was going to. The first car squeezes in so I was going to go after it. The second car making the right continues to go and hit my passenger side door.

I get out to exchange insurance info and the other driver asks me where did I come from because she was just making a right on a "green" light. WTF!?! I said, listen lady the lights were "red" for everyone that's why the traffic stopped at the intersection. I said I was making to left to clear the intersection, that

How does this rating system work? I noticed that when I switched insurance companies this changes. In my old insurance, they were BI-9;PD-9;AB-9;DCPD-9;COLL/AP-9. Now with the new insurance company I have ratings of BI-6;PD-6;AB-6;DCPD-6;COLL/AP-6. Does this change every time you switch insurance company? How much of a factor does your rating affect your overall rate?

P.S. I get much better rates with the lower rating at new insurance company than with the higher rating at the old company.

TiA

sorry guys i have been busy at work all question will be answered by 11pm est thanks

I really appreciate you taking the time to answer these questions.

My scenario:

A few days ago I rear ended someone. Barely any damage, it was a really low speed collision but it was like -30 outside and the road was frozen solid. I didn't notice any damage on the persons car and I had a dent about 6"x6" in my bumper. Anyways, we had a verbal agreement that I would pay for the damage and that was it.

Later in the day I get a message from the persons insurance company saying the person has "neck pains". Predictable? Yes. The claim was filed and long story short it's all over for me now.

I'm at fault and I expect my premiums to double as my policy expires next month. I'm 24 and it seems I'm going from my 4 star rating to a 0 star rating. How much of a change can I expect when I turn 25? A little lower or a fair amount?

I know you said you're not a claims adjuster but... how far will an insurance company invenstigate a "neck injury" claim. Considering how low speed this collision was (I estimate 10-15km/h tops) how much of a case does this person have? I am almost certain it's fraud.

Does it matter for my record how expensive the claim ends up being?
Does the weather have a factor? Considering how many accidents happen in the winter time does that change anything?

As I understand it, it's all black and white. Either you're at fault or you're not.

Again, thank you for any information.

[quote="Neb" post_id="4763088" time="1173280957" user_id="8248"]HI Mafia, thanks for answering some of the questions, Here are a few of mine

1) we have a 1996 car, this year the premium went up ~10%, is that normal ? even though the car is getting older (worth less) no change in drivers, tickets, or any accidents.

answer: 90% not normal premium usually goes down year by year
unless it was a general rate increase but that hasnt happened in 5 yrs
in ontario


2) My wife had an accident 6 yrs ago in july, our agent says it will be off the record this year July (7yrs), however, our renewal is in April. The quoted premium is still based on the driving record with an accident. Can you renew or reassess in july? or middle of the term?

answer: Most insurance contact is 1 year term, insurance companies dont reassess policies midterm. But if its been over 6 yrs then you shouldnt worry about it.
the other option is to find insurance company with 6 months policy terms

3) My father in law and I are both registered in the same address, car ownership is under his name, and my car under my name. I was told by an insurance company that I can't have both these vehicles under the same policy, as it is under a different name. But if it was under my wife's name then it is fine. Is that true?

For insurance husband/wife or commanlaw, same sex partner
usually under one policy

answer: children, relatives always seperate if they have own vehicle and is the registered owner seperate policy, its just a rule of thumb

PrinceMS wrote: ↑- I mite be going on a vacation, do i need to do anything with home insurance?

- Recommend a bike insurance broker?
- Recommend a commercial insurance contact? (PM if need too).


Thanx in advance.

How long ur going for vacation if its more then 30 days then ur house will need a vacany permit. advise the insurance who will be looking after the house will ur gone, example contact, name etc just incase something happens.

Motorcycle insurance depends m2 or m most try kingsway as they deal with that type of risk, or royal sun alliance.

Commerical not sure about that my guess yellowpages or a broker

sorry ownly personal for home/auto i know

[quote="laterscooter" post_id="4763965" time="1173292197" user_id="20375"]Got into accident today.

I was at an intersection waiting to make a left. The traffic light turns yellow and I wait as it was still not clear. The light turns red, and on-coming cars stop and I proceed to go through with my left. There were cars on the other side that were making a right onto the same street as I was going to. The first car squeezes in so I was going to go after it. The second car making the right continues to go and hit my passenger side door.

I get out to exchange insurance info and the other driver asks me where did I come from because she was just making a right on a "green" light. WTF!?! I said, listen lady the lights were "red" for everyone that's why the traffic stopped at the intersection. I said I was making to left to clear the intersection, that

ah_long wrote: ↑speeding

most likely 15% increase if the speeding ticket was over 45km> posted limit
consider that a major conviction

if the speeding was 45km and less then considered a minor
5% increase you will see

but as i said varies company to company how much they charge

Memory wrote: ↑How does this rating system work? I noticed that when I switched insurance companies this changes. In my old insurance, they were BI-9;PD-9;AB-9;DCPD-9;COLL/AP-9. Now with the new insurance company I have ratings of BI-6;PD-6;AB-6;DCPD-6;COLL/AP-6. Does this change every time you switch insurance company? How much of a factor does your rating affect your overall rate?

P.S. I get much better rates with the lower rating at new insurance company than with the higher rating at the old company.

TiA

Each company rates vehicles different
that is determined by the acturial department
one company might say onething another company disagrees

[quote="Spitfire" post_id="4765561" time="1173313699" user_id="36856"]I really appreciate you taking the time to answer these questions.

My scenario:

A few days ago I rear ended someone. Barely any damage, it was a really low speed collision but it was like -30 outside and the road was frozen solid. I didn't notice any damage on the persons car and I had a dent about 6"x6" in my bumper. Anyways, we had a verbal agreement that I would pay for the damage and that was it.

Should have gotten it written down on paper

Later in the day I get a message from the persons insurance company saying the person has "neck pains". Predictable? Yes. The claim was filed and long story short it's all over for me now.

I'm at fault and I expect my premiums to double as my policy expires next month. I'm 24 and it seems I'm going from my 4 star rating to a 0 star rating. How much of a change can I expect when I turn 25? A little lower or a fair amount?

Little change 0 star is tough, mostly likely they wont even renew and send you off to high risk facilty carriers

I know you said you're not a claims adjuster but... how far will an insurance company invenstigate a "neck injury" claim. Considering how low speed this collision was (I estimate 10-15km/h tops) how much of a case does this person have? I am almost certain it's fraud.

From the claims adjuster and AB specialist i would say this is fraud
person would have to get a few test done, see specialist etc.
Then they can determine

Does it matter for my record how expensive the claim ends up being?
Does the weather have a factor? Considering how many accidents happen in the winter time does that change anything?

Winter = doesnt matter
Weather = doesnt matter
expensive claims doesnt matter as that person insurance is paying for it




As I understand it, it's all black and white. Either you're at fault or you're not.


rear end 100% at fault sorry about that
p.s These are the types of people why insurance premium are because of fraud $1 billion dollars a year in ontario alone. i feel ur pain

mafiastyles wrote: ↑How long ur going for vacation if its more then 30 days then ur house will need a vacany permit. advise the insurance who will be looking after the house will ur gone, example contact, name etc just incase something happens.

Motorcycle insurance depends m2 or m most try kingsway as they deal with that type of risk, or royal sun alliance.

Commerical not sure about that my guess yellowpages or a broker

sorry ownly personal for home/auto i know

FYI i got a statefarm quote for bike. Its much less than i expected. Just thought i let u know. Thanx for response

If I don't have my own insurance policy, but I am on my uncle's policy, can I rent a car and use that policy or do I have to pay insurance?

Thrasher wrote: ↑If I don't have my own insurance policy, but I am on my uncle's policy, can I rent a car and use that policy or do I have to pay insurance?

Hi Thrasher if your under your uncle policy thats fine, make sure he has the opcf27 damage to non-owned vehicles on his policy.
Does he have full coverage on his vehicle because what will happen

example: rent car from Hertz, if involved in accident you will pay the same deductible that is listed on your uncles policy.

So $500 or whatever it is

If not sure contact ur local broker or agent

mafiastyles wrote: ↑Sorry about the accident,

from insurance point of view hard to tell

insurance use fault determination rules to see percentage of whos at fault
could be 50/50 or 100%
but rule of thumb is left turn = ur fault in general even though light was red
unless you have a witness

Thank you for your response. No witnesses, nobody stuck around -I presume because it was during rush hour and the damage "looked" minor. The damage is worse on my car than the other's. They had minor scratches on the driver side front bumper of their car.
What is the time limit to report the accident? Because if it's either going to be 50% or 100% my fault then what would be the problem if I wait to see whether the other party decides to report/make a claim?

Would a license suspension for not paying speeding ticket fine on time affect insurance premiums?

Hi mafiastyles,

So here is the situation. My girlfriend is currently leasing a 2005 honda civic from Honda, which she started driving 2 years ago and is the registered owner. She is only 20 years old and currently has her G2 license class which she has had for 3 years.

Earlier this week she received a call from honda saying that she hasn't had insurance on the car since August 2006 (6 months). Apparently her mother wasn't paying the insurance as she had promised so my girlfriend has been driving around for that time not covered. And honda rightfully so is p!ssed off.

Anyhow she is freaking out because her old insurance company is now refusing to insure her and preliminary estimates look like they have doubled to nearly 4500 a year, which she cannot afford

Right now she is living with a grandparent and is enrolled in school full time.

can she transfer ownership to a grandparent and be a secondary driver?
any advice you can offer is much appreciated?

cheers

laterscooter wrote: ↑Thank you for your response. No witnesses, nobody stuck around -I presume because it was during rush hour and the damage "looked" minor. The damage is worse on my car than the other's. They had minor scratches on the driver side front bumper of their car.
What is the time limit to report the accident? Because if it's either going to be 50% or 100% my fault then what would be the problem if I wait to see whether the other party decides to report/make a claim?

Usually accidents should be reported in a 24hr timeframe.
Problem, depending on the insurance company there should be no problem but they be wondering why did you call right away and there going to ask few question about, but really no concern

rayner55 wrote: ↑Would a license suspension for not paying speeding ticket fine on time affect insurance premiums?

If the suspense is less then 30 days for unpaid fines
then it wount effect your driver rating
premium will stay the same

Corinthein wrote: ↑Hi mafiastyles,

So here is the situation. My girlfriend is currently leasing a 2005 honda civic from Honda, which she started driving 2 years ago and is the registered owner. She is only 20 years old and currently has her G2 license class which she has had for 3 years.

Earlier this week she received a call from honda saying that she hasn't had insurance on the car since August 2006 (6 months). Apparently her mother wasn't paying the insurance as she had promised so my girlfriend has been driving around for that time not covered. And honda rightfully so is p!ssed off.

Anyhow she is freaking out because her old insurance company is now refusing to insure her and preliminary estimates look like they have doubled to nearly 4500 a year, which she cannot afford

Right now she is living with a grandparent and is enrolled in school full time.

can she transfer ownership to a grandparent and be a secondary driver?
any advice you can offer is much appreciated?

cheers

If her mom wasnt paying then most likely cancelled for non payment
which is not good, meaning shes had a gap of insurance for 6 months.

Transferring car and lease would have to been taken over by her grandparents and they have to be the registered owner. And then she can be attached as occasinal driver, call honda leasing seeing if she can do that.

Only option i can see

Hi, just saw this post and your topic, can you tell us is it true?
I mean, will the insurance company really so picky on small stuff like this?
Light bulb, extendion cord............

http://www.redflagdeals.com/forums/show ... p?t=416208

Thread#10:

Wonder what your insurance would say if your house burned down,

due to a non-CSA approved light bulb being used....

Good luck getting anything on a claim.