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Old 09-12-2013, 10:39 AM   #16
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how old are you? that has lots to do with it.

also everyone forgets that rating a vehicle as a commuter greatly increases the price of insurance. 01 roadie, 2M liability, comprehensive and collision (300$ deductible) costs me 1700 a year. I'm 26, but dont drive to school or work. I live in DT.
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Old 09-12-2013, 12:41 PM   #17
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When I moved from Ottawa back to Scarborough, the rates jumped almost 2k per year for our 2010 MS3. I asked my parents to use the address in Oshawa and the rates came down almost 2k lol. I pay $250 all in with full jam insurance so even if there is a hail storm I'm covered for damage (happens anyways since the car is financed). Just turned 25 as well. No tickets or anything now since I've smartened up since being young.
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Old 09-12-2013, 12:50 PM   #18
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Quoting car insurance used to be fairly straight forward. We would look at 10-15 criteria and generate your rate. Now, many companies are moving toward a systems called "individualized rating". There can be more than 100 criteria considered.

As an example, It used to be that as your commute distance increased, so did your premium. Now the logic is; people who drive further are likely doing so for a better paying job with better benefits (which leaves the insurance company with less to pay out in the event of an injury claim) so a longer commute can actually reduce your premium. SO as you are obtaining quotes, be painfully specific with your details: exact KM commute, exact age, married, divorced, common law, etc. it could shave a few points off your overall price.

Part of the quoting system that is still the same is the way different cars are rated. Each car is given a report card of sorts pertaining to each type of claim of that specific model (and even trim package). If a car is at the top of the stolen vehicle list, you pay more for theft coverage; If a car is more expensive to repair, you pay more for collision coverage; If occupants of the car suffer greater injuries, you pay more for accident benefits.

The "report card" is called a VRG (vehicle rate group) It assigns a numeric value to 4 sections of coverage: liability(TP), accident benefits(AB), collision(CL), and comprehensive(CM). the higher the number, the greater the premium.

AB has the greatest effect on premium. Then in decreasing order: TB, CL, CM.

Generally the VRG is standard from company to company, though slight variations can occur (esp. if a company has a particularly bad experience with a specific make or model).

Quote:
Originally Posted by Jay22 View Post

I was thinking about:

1. 2008 Honda Civic 4 door
2. 2006 Honda Accord 4 cylinder
3. 2006/07 Nissan Altima
4. 2005/2006 Toyota Corolla
Here are the VRG's for the cars you listed and a few others..... for science

TP-AB-CL-CM
1. 33-36-32-25 08 Civic
2. 32-38-25-15 06 Accord 4dr 4 cyl
3. 32-36-29-15 07 Altima 4dr 4 cyl
4. 33-36-24-18 06 corolla
5. 36-27-33-37 10 M3 'vert
6. 35-32-34-56 10 911 Carrera
7. 25-27-34-37 10 Sierra ext cab 4wd

If you notice, the convertible and the pick-up have an identical injury rating. Why? An executive with a car allowance and a leased M3 is going to have top notch benefits leaving the insurance company with little to pay in the event of an injury claim. (VRG's are based on claims $$ paid out, not safety rating)

To see the difference I ran a quote on myself as the driver (33yr married male, no tickets, no claims, in Pickering) on each car. coverage: $2 mil liab, $1000 deductibles for collision and comprehensive, accident waiver in. 10 km commute.

1. $1855 - 2008 Honda Civic 4 door
2. $1771 - 2006 Honda Accord 4 cylinder
3. $1756 - 2006/07 Nissan Altima
4. $1754 - 2005/2006 Toyota Corolla
5. $1861 - 2010 BMW M3 'vert
6. $2072 - 2010 Porshce 911
7. $1668 - 2010 GMC 1500

I added in the BMW, GMC and the Porsche to illustrate that the type of car you drive has very little impact on the price. The older a car gets the cheaper is gets. If that GMC was 10 years older it might be $1400/yr.

TL/DR: When a client calls looking for a quote on the "cheapest car to insure" I ask then what car they like the most, the premium isn't going to vary that much.

Cheapest cars to insure: mid 2000 volvo & subaru station wagons or pickups are about on par.

Feel free to PM me with any questions. Good luck.
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Old 09-12-2013, 12:57 PM   #19
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Quote:
Originally Posted by HavocSteve View Post
When I moved from Ottawa back to Scarborough, the rates jumped almost 2k per year for our 2010 MS3. I asked my parents to use the address in Oshawa and the rates came down almost 2k lol. I pay $250 all in with full jam insurance so even if there is a hail storm I'm covered for damage (happens anyways since the car is financed). Just turned 25 as well. No tickets or anything now since I've smartened up since being young.
I know of 2 companies that are actively investigating all address changes that goes from GTA to suburbs. Tread lightly, by signing a policy you have already given them permission to investigate.
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Old 09-13-2013, 04:37 PM   #20
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Old 09-13-2013, 09:04 PM   #21
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Quote:
Originally Posted by hockeyfan27 View Post
Quoting car insurance used to be fairly straight forward. We would look at 10-15 criteria and generate your rate. Now, many companies are moving toward a systems called "individualized rating". There can be more than 100 criteria considered.

As an example, It used to be that as your commute distance increased, so did your premium. Now the logic is; people who drive further are likely doing so for a better paying job with better benefits (which leaves the insurance company with less to pay out in the event of an injury claim) so a longer commute can actually reduce your premium. SO as you are obtaining quotes, be painfully specific with your details: exact KM commute, exact age, married, divorced, common law, etc. it could shave a few points off your overall price.

Part of the quoting system that is still the same is the way different cars are rated. Each car is given a report card of sorts pertaining to each type of claim of that specific model (and even trim package). If a car is at the top of the stolen vehicle list, you pay more for theft coverage; If a car is more expensive to repair, you pay more for collision coverage; If occupants of the car suffer greater injuries, you pay more for accident benefits.

The "report card" is called a VRG (vehicle rate group) It assigns a numeric value to 4 sections of coverage: liability(TP), accident benefits(AB), collision(CL), and comprehensive(CM). the higher the number, the greater the premium.

AB has the greatest effect on premium. Then in decreasing order: TB, CL, CM.

Generally the VRG is standard from company to company, though slight variations can occur (esp. if a company has a particularly bad experience with a specific make or model).



Here are the VRG's for the cars you listed and a few others..... for science

TP-AB-CL-CM
1. 33-36-32-25 08 Civic
2. 32-38-25-15 06 Accord 4dr 4 cyl
3. 32-36-29-15 07 Altima 4dr 4 cyl
4. 33-36-24-18 06 corolla
5. 36-27-33-37 10 M3 'vert
6. 35-32-34-56 10 911 Carrera
7. 25-27-34-37 10 Sierra ext cab 4wd

If you notice, the convertible and the pick-up have an identical injury rating. Why? An executive with a car allowance and a leased M3 is going to have top notch benefits leaving the insurance company with little to pay in the event of an injury claim. (VRG's are based on claims $$ paid out, not safety rating)

To see the difference I ran a quote on myself as the driver (33yr married male, no tickets, no claims, in Pickering) on each car. coverage: $2 mil liab, $1000 deductibles for collision and comprehensive, accident waiver in. 10 km commute.

1. $1855 - 2008 Honda Civic 4 door
2. $1771 - 2006 Honda Accord 4 cylinder
3. $1756 - 2006/07 Nissan Altima
4. $1754 - 2005/2006 Toyota Corolla
5. $1861 - 2010 BMW M3 'vert
6. $2072 - 2010 Porshce 911
7. $1668 - 2010 GMC 1500

I added in the BMW, GMC and the Porsche to illustrate that the type of car you drive has very little impact on the price. The older a car gets the cheaper is gets. If that GMC was 10 years older it might be $1400/yr.

TL/DR: When a client calls looking for a quote on the "cheapest car to insure" I ask then what car they like the most, the premium isn't going to vary that much.

Cheapest cars to insure: mid 2000 volvo & subaru station wagons or pickups are about on par.

Feel free to PM me with any questions. Good luck.
awesome info - thanks a bunch!
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Old 09-14-2013, 12:04 PM   #22
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your logic is sound hockeyfan27 but its different between all insurance companies, that might be your companies that you represent. but with my particular company the rate increases the higher the commute, regardless of distance. sure it could level off at a point for example no difference in premium between 100km commute to 200km commute.

its best to always shop around every single renewal, under all circumstances. year after year. no matter what.

not doing so your burning a hole in your pocket. because at any one year one company will see you as "higher risk" while at the exact same time another company can see you as "lower risk". very rarely one company will have the best rate for you year after year.
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Old 09-14-2013, 03:04 PM   #23
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Quote:
Originally Posted by hockeyfan27 View Post
I know of 2 companies that are actively investigating all address changes that goes from GTA to suburbs. Tread lightly, by signing a policy you have already given them permission to investigate.
I'm not too worried as I frequently visit and stay weekends at my parents. I use the gf's parents house during the weekdays for school (less travel). So I'm roughly 65/35 in Scarborough compared to Oshawa. When I'm done school I plan on going back to Ottawa anyways as that's where the Tech industry is located anyways. I just feel that it's a rip off from one place the other. Just living on the other side of the street could bring in a high premium =\ Thank you for the look out though, I don't like the idea of lying where I live, but I'm a student with no job, and a financed car. Can't pay 3k more because of simple address change.
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Old 09-16-2013, 03:33 PM   #24
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Quote:
Originally Posted by ericdalinda View Post
your logic is sound hockeyfan27 but its different between all insurance companies, that might be your companies that you represent. but with my particular company the rate increases the higher the commute, regardless of distance. sure it could level off at a point for example no difference in premium between 100km commute to 200km commute.

its best to always shop around every single renewal, under all circumstances. year after year. no matter what.

not doing so your burning a hole in your pocket. because at any one year one company will see you as "higher risk" while at the exact same time another company can see you as "lower risk". very rarely one company will have the best rate for you year after year.
Ericdalinda, you're right, individualized rating is still very new. Most companies are still using the: 10km or under, 10km to 25km, and 30km + as commute definitions. Of the ten companies I work with, only two use individualized rating; Unica & Intact. Intact, being one of the largest property and casualty insurers in Canada is a trendsetter and many other companies will follow their lead, especially as it is a competitive advantage to those who are currently using it; the rest of the market is penalizing a long commute and this alternative logic awards it.

I agree it is important to review your insurance with some frequency but I wouldn't say its rare for a company to offer the best price year after year. I have many clients who call to check around each renewal and remain with the same company, year after year. (some for 30 yrs, same company.)

Moving from company to company can have it's drawbacks, too. A few companies will toss in the accident waiver/claims forgiveness if you are with them for a few years in a row. If there is a favour to ask it always helps to be able say, "long time customer". Whenever you move from company to company, your driving record gets pulled. If you picked up a conviction or two there is no chance of it going unnoticed. VERY few companies pull records for each annual renewal, most do it every 3-5 yrs.
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Old 09-17-2013, 11:20 AM   #25
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Interesting bit from TD - they called me back yesterday (dont know if this is cos they had an idea I would cancel - since I was talking to them on and off last few days) -- they said one of my tickets would go off the record in about 2 months so after 2 months they would offer me a rate of 204 monthly for comprehensive on the E90 - which will drop to 9.99 monthly when I store it - for the accord they are offering a rate of 247 monthly with the missus as the primary - so comes to about 451 for both cars - with comprehensive on both. Still way too much. I had them give me a quote if I change the postal code back to burlington and it would be 288 for both cars!!!!!!!!!!
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Old 09-17-2013, 11:22 AM   #26
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btw hockeyfan - have a question - lets suppose my missus is driving the accord and has an at fault collission - will my premium go up too or just hers?
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Old 09-18-2013, 09:56 AM   #27
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Each driver is rated on the car they primarily operate. Her claims will only affect her rate. (as would her convictions) Now, if you decided to get rid of her car: the insurance company could insist that she be rated as the primary driver on the only remaining car.

I often run into the situation where husband and wife have 2 cars; then the husband has an accident. The accident + the 2 minor convictions already on his record = non renewal of the whole policy. We can often get the husband excluded from the wife's policy, but it gets sticky when all the cars are in the husbands name and also adds a layer of complexity to he family's situation as the husband can no longer drive that car.

If you'd like me to run some specific #'s for you, just PM me your details.
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Old 09-18-2013, 12:07 PM   #28
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TDMM got rid of the jsut theft and fire so make and moved to "suspended coverage". So make sure TD itself is still offering that for real. Id triple check.

Id call around for more quotes.


my 00 Civic is 17xx/month in the burbs for liability only. Its not much more to cover the car but its a pos so I dont care. You really are only paying to cover your ass.

I grabbed some quotes for some cars Ive been looking at(all newer) and my rates would drop 2-300/yr. damn civics.
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Old 09-18-2013, 12:22 PM   #29
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Quote:
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TDMM got rid of the jsut theft and fire so make and moved to "suspended coverage". So make sure TD itself is still offering that for real. Id triple check.
SiR raises a great point! Before you sign up with a new company, make sure the broker/agent/sales rep is aware of your future plans as well. If you have a summer and winter car that you switch back and forth and your new company doesn't do comp. only or won't accept older cars, you can be in for a world of hassle!

Sometimes a company will not do comprehensive/specified perils only if there is only 1 car on the policy. (not sure if that is the case with you, SiR)
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Old 09-18-2013, 02:04 PM   #30
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I had two cars. They did it for me last winter but let me know when it was time to renew that they were not offering that coverage anymore to anyone(this is for tdmm). There song and dance was about losing a court battle to a guy with a lambo. Someone drove through his garage and wrecked his car. Thats not covered when its under that coverage in the winter. He fought and won...or so a couple of the people over the phone told me.
I laughed said it was odd to cancel it for everyone else based off one event. I suspect its for other reasons too.(probably make more money as people may forget to call to get reimbursed).

I still question that too. How can you prove you never drove it over the winter? They are just going to take your word for it? So you probably get roped into it thinking youll get money back and then you are in for a surprise when they deny you.



Needless to say but I took that car off the policy with them specifically for that reason(of not offering that coverage).
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