What is going on with car insurance rates in Ontario?

gibor365365 wrote: ↑ What is going on with car insurance rates in Ontario? For last years , Liberals were announcing that they reduced insurance rates., but Our insurance (Honda Civic 2009 and Toyota Sienna 2006) is suddenly increased by 15.7% (w/o any claims past year). When I called insurance (The Personal), they said that this is because:
- older cars has less safety features , thus insurance is more expensive
- they reduced multi-cars/home discount from 15% to 7.5% in order "to be in line with competitors")
- because increased number of accidents of Honda Civics, other Honda Civic owners should pay for it. Rep also added that this is because Honda Civic is very popular and many cars on the roads - more accidents. (So maybe I should buy very rare car that don't have accidents at all ).

In order to save, rep advised to cancel collision and comprehensive, that we will be paying for our car repairs if accident at out fault, and 3rd party still be covered by insurance.
Thus, we can save $520 annually. Not sure if it make sense to cancel, as we won't have coverage for total lost if "at fault". What do you think?
Is anybody knows website where I can check how much insurance would pay "total lost" for our cars?

ctc027 wrote: ↑ This is why you and most Ontarians didn't get any reduction.
stretch goal
Shop around every year when it's time for renewal.

You can check VMR Canada for your vehicle's retail value.

gibor365365 wrote: ↑ What is going on with car insurance rates in Ontario? For last years , Liberals were announcing that they reduced insurance rates., but Our insurance (Honda Civic 2009 and Toyota Sienna 2006) is suddenly increased by 15.7% (w/o any claims past year). When I called insurance (The Personal), they said that this is because:
- older cars has less safety features , thus insurance is more expensive
- they reduced multi-cars/home discount from 15% to 7.5% in order "to be in line with competitors")
- because increased number of accidents of Honda Civics, other Honda Civic owners should pay for it. Rep also added that this is because Honda Civic is very popular and many cars on the roads - more accidents. (So maybe I should buy very rare car that don't have accidents at all ).

In order to save, rep advised to cancel collision and comprehensive, that we will be paying for our car repairs if accident at out fault, and 3rd party still be covered by insurance.
Thus, we can save $520 annually. Not sure if it make sense to cancel, as we won't have coverage for total lost if "at fault". What do you think?
Is anybody knows website where I can check how much insurance would pay "total lost" for our cars?

Avatar wrote: ↑ Don't cancel the collision and comprehensive. Cancel the whole thing.

No point asking the insurance company. They always have reasons that you never knew if they are ture or not. You will be surprised after you have done your research and found a great rate and then wondering why you stay with this company for so long.

In short it doesn't hurt to shop around. You have at least a month to do so.

TomLafinsky wrote: ↑ What you pay for your 1989 rx7 is what I pay for a 2011 Lexus GS350 Ultra Premium and I'm in Ontario. Seems to me like you are paying a lot.

vkizzle wrote: ↑ My 2000 and 2001 summer vehicles, costs the same as my newer 2016 and 2018, to insure yearly!

eldiablo wrote: ↑ What do you think would be a sensible explanation if you ask the insurance company on this??

I'm currently with Travelers. Give them a try.

RobertSmalls008 wrote: ↑ We are going through a hard market.

It will not change until at least 2-3years from now.

Auto insurance in Ontario has been unprofitable for a few years now.

RobertSmalls008 wrote: ↑ We are going through a hard market.

It will not change until at least 2-3years from now.

Auto insurance in Ontario has been unprofitable for a few years now.

gibor365365 wrote: ↑ So, I;ve good reviews about Travelers, Johnson..... Something else?

ctc027 wrote: ↑ This is why you and most Ontarians didn't get any reduction.
stretch goal
Shop around every year when it's time for renewal.