Automotive

[Merged] Ask me anything about insurance!!

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Apr 21, 2004
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georvu wrote: Never knew that.

So G1 driver in your case still covered but need not be on policy until G2?
With TD Insurance, I believe it was like that when I inquired when my daughter got her G1. But even if G1 driver is added, should not show any occasional driver premiums until it turns to a G2.
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Aug 11, 2008
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companies need to know who's driving the vehicle and because a G1 driver needs to be with a qualified driver, accidents still do happen. Reason you need to disclose all lic'd ops in the household.
georvu wrote: Never knew that.

So G1 driver in your case still covered but need not be on policy until G2?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
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COSMIC5 wrote: companies need to know who's driving the vehicle and because a G1 driver needs to be with a qualified driver, accidents still do happen. Reason you need to disclose all lic'd ops in the household.
So talked to neighbour and insurance company is TD.

TD said they don't put G1 drivers on policy until become G2 and in fact they don't even want names of G1 driver(s).

At same time said drivers with learner's permit are already covered as long as with G driver in passenger seat.


On related note. When taking road lessons under whose insurance is the G1 driver covered?
The parents' policy or driving company policy?
2022: BOC raised 2 times and MCAP raised its prime next day.
2017 to 2018: BOC raised rates 5 times and MCAP raised its prime next day each time.
2020: BOC dropped rates 3 times and MCAP waited to drop its prime to include all 3 drops.
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Aug 11, 2008
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I don't deal with direct writers so I don't know their rules, only the rules of the companies I deal with. None of which place a G1 drivers name on the policy. They just have a note in their system of such G1 op.
G1 would be covered under the vehicle in which they are operating in...
georvu wrote: So talked to neighbour and insurance company is TD.

TD said they don't put G1 drivers on policy until become G2 and in fact they don't even want names of G1 driver(s).

At same time said drivers with learner's permit are already covered as long as with G driver in passenger seat.


On related note. When taking road lessons under whose insurance is the G1 driver covered?
The parents' policy or driving company policy?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
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Jul 6, 2019
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Idk if u will have an answer to this but.
So I have my G2. Is it cheaper if I get G after 1 year or after 2-3years? Im running quotes for fun and seems like if you have G2 for more then 1 year so maybe like 2-3 year, and then you get G licence, insurance is less.

Maybe becuz you have more G2 experience I guess and by the time you get G licence, you had the G2 for 2-3years which gets factored in and then another drop from G licence. If u get G right after 1 year, then you only had G for 1 year probably.
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Apr 20, 2009
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Unknown18281 wrote: Idk if u will have an answer to this but.
So I have my G2. Is it cheaper if I get G after 1 year or after 2-3years? Im running quotes for fun and seems like if you have G2 for more then 1 year so maybe like 2-3 year, and then you get G licence, insurance is less.

Maybe becuz you have more G2 experience I guess and by the time you get G licence, you had the G2 for 2-3years which gets factored in and then another drop from G licence. If u get G right after 1 year, then you only had G for 1 year probably.
What dates did you enter in both your simulations? It shouldn't matter as it's usually based on number of years licensed.
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Jul 6, 2019
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absolut123 wrote: What dates did you enter in both your simulations? It shouldn't matter as it's usually based on number of years licensed.
Like the gap between the G2 and G is more then maybe the insurance is less. Or does it not matter?
Like I got G2 in Oct 2021. If I get G in mid 2024, will my insurance be more or less then if I got my G in 2022?
Edit: Yeah its years licenced. That means my years licensed starts from G1 and rating starts from G2?
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Apr 20, 2009
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Unknown18281 wrote: Like the gap between the G2 and G is more then maybe the insurance is less. Or does it not matter?
Like I got G2 in Oct 2021. If I get G in mid 2024, will my insurance be more or less then if I got my G in 2022?
Edit: Yeah its years licenced. That means my years licensed starts from G1 and rating starts from G2?
Years licensed usually starts from G2, however some companies do give you at least one year from your g1 date.
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Jul 6, 2019
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absolut123 wrote: Years licensed usually starts from G2, however some companies do give you at least one year from your g1 date.
Ohok. What about if I get my G 2-3 years later instead of 1 year later, will that make my insuance more or less?

Like, for example i'm 25 years old, which of the following will result in more insurance
- G2 for 8 years, G for 5 years
- G2 for 8 years, G for 7 years

Basically is it better to go from G2 to G early for better insurance down the road or doesnt matter if I get G like later on b4 the 5 years is up?
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Jul 6, 2019
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Also what does it mean by max 3 stars when u on G2 and advance to 4 starts when u get G?
Meaning if I stay on G2 for 2 year, I have 2 stars and then when I get G i advance or something idk can u please explain? If this question is answered maybe this will answer by above question.
Sr. Member
Apr 20, 2009
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Unknown18281 wrote: Also what does it mean by max 3 stars when u on G2 and advance to 4 starts when u get G?
Meaning if I stay on G2 for 2 year, I have 2 stars and then when I get G i advance or something idk can u please explain? If this question is answered maybe this will answer by above question.
Higher star rating means a better rate.

Every insurer has their own rules on how they handle the star rating so unfortunately you can't generalize.

Having a longer or shorter gap between your g1, g2, g should not have any significant impact on your rates. Just do whatever works for you and shop around to compare rates.
Sr. Member
Jul 6, 2019
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absolut123 wrote: Higher star rating means a better rate.

Every insurer has their own rules on how they handle the star rating so unfortunately you can't generalize.

Having a longer or shorter gap between your g1, g2, g should not have any significant impact on your rates. Just do whatever works for you and shop around to compare rates.
I mean ideally its better to have full licence the longest?
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Dec 28, 2010
828 posts
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Toronto
Q: Is their a cool-off period to back out of insurance - home/car in Ontario?
Background : signed up yesterday with TD for new insurance - car/home bundled - since we bank with them and have mortgage etc..they threw in all the discounts they could.
Just did a compare online on other providers and getting Aviva for $350/yr cheaper.
It's the second day of new policy with TD, can we cancel without a penalty? Nothing has been charged yet on card- it takes 5 business days I was told.
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Apr 8, 2005
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ontario
Hello, any help would be appreciated.

I was in an accident last week, Pilot turned into me from the left-hand lane, I was in the right lane (not at fault). Car is a total write off. My concern is what all my insurance will cover for me. The agent said the towing is covered, great. I had my son's car seat in the back, is that covered? Finally, I recently spent over $700 on service and maintenance, will I be able to recover any of this?

Just out of curiosity, for the amount they are giving me for my car, 2010 Corolla, am I able to reject this offer? She said that JDPower did the estimate, and that their say is final, no wiggle room.

Thanks
Karl
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Aug 11, 2008
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you would have to check with TD. You have already been insured for a day. You do have the right to cancel at anytime; however, they will not back date the cancellation date.
Karma2000 wrote: Q: Is their a cool-off period to back out of insurance - home/car in Ontario?
Background : signed up yesterday with TD for new insurance - car/home bundled - since we bank with them and have mortgage etc..they threw in all the discounts they could.
Just did a compare online on other providers and getting Aviva for $350/yr cheaper.
It's the second day of new policy with TD, can we cancel without a penalty? Nothing has been charged yet on card- it takes 5 business days I was told.
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May 30, 2017
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Karma2000 wrote: Q: Is their a cool-off period to back out of insurance - home/car in Ontario?
Background : signed up yesterday with TD for new insurance - car/home bundled - since we bank with them and have mortgage etc..they threw in all the discounts they could.
Just did a compare online on other providers and getting Aviva for $350/yr cheaper.
It's the second day of new policy with TD, can we cancel without a penalty? Nothing has been charged yet on card- it takes 5 business days I was told.
While I've heard second-hand that some companies do this, they still can charge a penalty as per statutory conditions. Every company might have their own list of circumstances when they wouldn't charge (e.g. long-time customer with excellent history, death of an insured, agent/broker error or escalation). If they charge a penalty, it is within their right to do so.

This excerpt is from page 13 of your auto insurance policy wordings here: https://www.fsco.gov.on.ca/en/auto/form ... 215E.3.pdf
1.7 Cancelling Your Insurance
1.7.1 When You Cancel
You may cancel your insurance at any time by advising us.
If you cancel, we will calculate the premium you owe on a short rate basis. Short rate
means that the premium you owe will include our handling costs. We will refund
anything due to you as soon as possible.
There may be a minimum premium set out in your Certificate of Automobile Insurance.
This will not be refunded.
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Aug 11, 2008
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car seat should be covered as you cannot use it post accident.
Yes you can negotiate any offer that has been presented
karlsberg wrote: Hello, any help would be appreciated.

I was in an accident last week, Pilot turned into me from the left-hand lane, I was in the right lane (not at fault). Car is a total write off. My concern is what all my insurance will cover for me. The agent said the towing is covered, great. I had my son's car seat in the back, is that covered? Finally, I recently spent over $700 on service and maintenance, will I be able to recover any of this?

Just out of curiosity, for the amount they are giving me for my car, 2010 Corolla, am I able to reject this offer? She said that JDPower did the estimate, and that their say is final, no wiggle room.

Thanks
Karl
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Sr. Member
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Apr 8, 2005
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ontario
COSMIC5 wrote: car seat should be covered as you cannot use it post accident.
Yes you can negotiate any offer that has been presented
Thank you, any chance the maintenance I performed would be covered?
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Aug 11, 2008
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doubtful
karlsberg wrote: Thank you, any chance the maintenance I performed would be covered?
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Sr. Member
Apr 20, 2009
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Karma2000 wrote: Q: Is their a cool-off period to back out of insurance - home/car in Ontario?
Background : signed up yesterday with TD for new insurance - car/home bundled - since we bank with them and have mortgage etc..they threw in all the discounts they could.
Just did a compare online on other providers and getting Aviva for $350/yr cheaper.
It's the second day of new policy with TD, can we cancel without a penalty? Nothing has been charged yet on card- it takes 5 business days I was told.
What is the effective date of the policy? If it's in the future you probably can print cancel without any penalty. Some insurers do retain a minimum premium even if the policy never goes in force but I don't think TD is one of them.

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