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Old 04-05-2013, 03:38 PM   #16
5th Gear Member
hockeyfan27's Avatar
Join Date: Jul 2009
Location: Durham Region
Posts: 961

Originally Posted by pawelgawel View Post
Everyone knows Insurance companies are one of the biggest “legal” frauds in this world. They make $billions$ every year and now have cut their expenses and OUR coverage by about ½ while increasing our rates for no reason at all.

Yes, GTA has many fraudulent insurance cases, but how is this any reflection on those who obey the laws and regulations. Those individuals are gouged left and right by everyone with greedy paws. OP, if you can, use an outside postal code. It’s not a fraud. No one can tell you where to “live” and where to “work”.

My blood boils when I hear someone defending insurance companies... we pay thousands every year and when it comes to a small claim in 10-15 years, the rates double or triple for the next 5-6 years. A speeding ticket worth 10km over should not increase your rates!

Insurance is a Business, and business is a gamble, you win some you lose some. But for “them” it’s always a win, no matter how you look at it. They pass on their expenses to the people no matter what the circumstances are, just like the Oil industry.
It should be Government regulated, and it shouldn’t punish good drivers for proud ownership of their vehicles.

.... there.. ok. im good now
Please don't misinterpret my advice as defending the insurance industry. I'm the first to agree it's a broken system. I could go on for pages about what needs to change.

Navigating insurance is all about finding the right company to work with. If you get the occasional ticket, find a company who allows 1 or 2 before they bump up the rate. If you are worried about the effect of an at fault accident on your rates, find a company who offers claims forgiveness. Don't get bent if you buy a product based solely on the lowest price and it doesn't do what you need it to. Buy the right product.

I do however understand your anger at being forced to buy the product.

Insurance IS government regulated. Companies work within the rules the government set out. Those rules say they are allowed to deny your claim if you misrepresent information on your contract.

Look at it from my side...

If you worked for a university what would you say if you overheard one student saying to another, "You need to cheat on your exams, you probably won't get caught and a higher average will give you a better chance at a higher paying job".

You'd offer your insight and try to stop that kid from making a bad decision.

1998 328ic - Sold
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Old 04-05-2013, 03:49 PM   #17
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Join Date: Nov 2010
Location: London
Posts: 423
^ I get your argument. But its different to use the available information on the test to your advantage and to cheat. According to law, we are "allowed" to use two addresses. Im not saying to lie. All im stating is, no one can tell you where to live and where to work. If OP decides to move, but continue to attend school or work in GTA, he's not cheating.
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Old 04-08-2013, 12:50 PM   #18
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Location: TO
Posts: 2,806
there is no debate that insurance is out of control in this province and straight up fraud (by the companies themselves)
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Old 04-08-2013, 09:55 PM   #19
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2000 M5 I'm in London and pay $120 a month full coverage as a second car with TD
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Old 04-08-2013, 10:40 PM   #20
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Location: Canada
Posts: 1,367
From what is going on, all level of government are failing its citizen, there are a lot of waste of tax payers hard earned money and they are running high deficit that the only way out is tax, tax, tax .. and insurance is no different, they pay out less benefit and yet the premium is sky high..

Don't be too happy that the next Liberal budget will have a provision for less premium;the NDP asked for 15% reduction within a year, I wouldn't bet on it...

Even with them crying of fraud, insurance companies are making a lot of money.
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