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Thread: Got An Insurance Question? Check here first:

  1. #1
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    Got An Insurance Question? Check here first:

    I had some time today, and I wanted to make it useful for something. I ended up saving a few bucks, and got better coverage compared to my old company. I figured we should start a thread to help all of us with little tidbits of info that we might not otherwise know. Hopefully everyone can participate with something good, and we'll make this thread worthwhile and one of the mods might make it a sticky. I just ask to please back up your info as best as you can, and not just "my friend told me". If you don't know if something is true or not, then ask it and hopefully someone can prove or disprove it.

    Just random stuff in my head;

    Shop around: Different insurance companies cater to different groups, so rates will vary from company to company. Sometimes its a few bucks a years, sometimes its a $1,000 or more a year. www.kanetix.ca and www.insurancehotline.com are online brokers I know. Your local yellow pages will have a few brokers, call them up and see. A broker deals with many different insurance companies and can shop around for you, they earn a little commission from the insurance company you chose to go with. An agent is someone that works for an insurance company, so you want a broker, not an agent.

    Claims: Claims and tickets have a very big impact on your rates. There will be more added to this later on.

    One good to know fact off the top of my head is that insurance companies in Ontario use Fault Determination Rules to determine who is at fault in an accident. This is completely different than the police charges. Insurance companies have to bring fault upto a 100% in any accident. Have a read at that page, theres some interesting stuff. The most interesting one to me is 9(3)(a), which says if you get rear ended and you hit the person in front of you, you're 50% at fault....WTF? So if I get rear ended by a truck and get pushed into the the guy in front of me, I'm 50% at fault. I hope it never happens to anyone, but just remember it says as long as your in "MOTION" you could be charged as well.

    I've heard that if you call your company and tell them you were in an accident, a claim gets registered regardless if you decide to claim or not. That means your rates could go up even if you don't make a claim. (I'm not 100% about this, I promise I'll find a decent source and report back).


    Family policies: Some companies will let you add your wife, husband, common law partner or whomever to your policy. You'll very likely save money at first, but if one person gets in accident, everyone on that policy will be affected. So its better to have two separate policies with the same company and get the discount. One example for this is you let your girlfriend/boyfriend come onto your policy, and one of you gets in an accident, then both of you are deemed to be in that accident. So even if you guys break up down the road, both of you have that claim on your record for upto 10 years. (Again, this need a little verification, and might not apply to all companies, but the ones I've spoken with use this policy).

    When you got your license: This bit me in the ass a little today. My birthday is in January, and I thought I went to get my license right away at 16. But I was either lazy or playing a good video game, and I didn't get my licence until March, G1 I'm talking about. So that cost me $150 on my policy this year. I would've qualified for a 10 star driver rating, but because my policy is in affect today, I'm a 9 star. In March I'll be 10 star and cheaper rates, but I'll have to wait until next January to hopefully get that discount. Point is, tell all the teenagers you know to get their G1 right away, even if they don't plan on driving for a while still.

    Wink, wink, nudge, nudge: This the "what they don't know, won't hurt them" area. Listen, I'm not a cop, a lawyer, or Ned Flanders. But realize if you do something like drive with no insurance, or anything like that, you're taking a really big risk. It may come back and bite you in the ass many times over. But as far as I know, its legal if you get pulled over for a ticket, then switch companies before your court date, and tell the insurance company you have no tickets, because a charge isn't a conviction. Most companies won't ding you bad for 1 or 2 minor tickets.

    Cancellations: If you're going away for a while and won't be using your car, see if you can only have fire and theft on your policy instead of cancelling your insurance. If you go a certain period of time with no insurance, you'll be considered a new driver when you return, and you'll pay a much higher rate.



    More later. Please add what you have, or if you have a question that you'd like answered. If you're a broker, adjuster, agent or whatever, please add your 2 cents, they're important. Don't name companies or anything, but just facts that would be a shame if we didn't know ahead of time.

    Cheers


    ************************************************** ************************************************** ***
    House insurance:

    This thread is mostly about auto insurance, but home insurance is just as important so I'll add some here, and hopefully others will chime in.

    Mortgage life insurance: This type of mortgage is offered to you from your mortgage company very likely when you take out the mortgage. They're cheap $15-$20 a month, and they promise to pay off your mortgage if you or your partner passes away. I HOPE, really hope, no one has fallen for that garbage. The video bellow will do a much better job than me explaining why you should have life insurance on you or your partner, instead of that garbage. Insurance companies make BILLIONS every year, and a lot of that comes from deceiving people. I always warn people to not believe everything they get from a so called "Financial advisor", "Insurance agent" or any of the like. If they aren't licensed appropriately and carry personal liability insurance, they're basically telemarketers with a commission to earn.

    http://www.cbc.ca/marketplace/in_denial/


    more to come......
    Last edited by MUD DAWG; 03-07-2010 at 09:01 AM. Reason: Thread title change for sticky.

  2. #2
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    If your a member of a Union or Credit Union .. find out about group policies.. they are more often then not a better deal..

    combine house/car/life insurance when you can.. could mean better deals..

    Dont always go with the cheapest, as they always say you get what you pay for..
    and god for bid you need to use your insurance, you want to make sure
    they will pay out...
    Jeeps, Bitches and Guns... Nuf Said

  3. #3
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    ^ Right on, good stuff. What is a shame however is that the Financial Services Commission of Ontario used to publish insurance company ratings, and consumer complaints. I emailed them today and they told me they no longer publish that info. Another shin kick to the consumer.

    Question I have: Are insurance companies in Ontario insured themselves? What happens in the unlikely case your company goes under and you have no choice but to make a claim?

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    Alright some more random stuff from my head.

    Deductible: Increasing your deductible will lower your premium, and often time worth it.

    Collision coverage: If your vehicle(s) are older, a collision coverage might be just be waste of money. Its not just the deductible, but the increased premiums over the years will likely cost you more than the vehicle itself, let alone the repairs. Fire and theft is usually reasonable on an older car, so it might be worth keeping that on.

    Birthday timing: For the younger drivers, certain years are supposed to make a difference on your rates. Some companies will lower your premiums when you hit 25 or 30 (sometimes). So I suggest if you're shopping around, try to setup your new policy after your birthday, to make sure you get that discount for the year. Some companies will do a revaluation of your policy midterm, but many won't, so keep that in mind. Also find out your current company's cancellation fees if they have one.

    Accident forgiveness: Or Crash Proof , or whatever else its called. If its cheap enough and you qualify, get the protection where the company will not penalize you harshly for your first at fault accident. Just make sure you ask about the details. You'll obviously have to stay with the same company, but find out what the little details are.

    Record check: Many people don't realize it, but just like your credit score, you're entitled to one free history check a year. This is the same history your insurance company pulls up (your driving abstract is available from the MTO for a fee). I do it every couple of years or so to make sure theres no inaccurate information. Heres the form <- They change the form every so often, I guess they don't want too many people taking advantage of the free one. Theres another one for home policy claims, I'll post it if I find it.


    Not much response to this thread??? We have no insurance brokers here? Add anything else you might have, or a question you're thinking of and we could all learn from.

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    If your car is written off ,before accepting payment spend some time on-line or wherever searching for a car as close in condition,options ,mileage etc as you can find .The insurance companies always low-ball your pay-out ,so when they tell you what your getting as a settlement ,tell them that you have checked ,and the cars for sale like mine are selling for x-amount .I have personally done this several times,and have helped many people with this ,and 100% of the time ,they paid what we asked for .

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    ^ Thats actually a pretty good point Bruces, you can (and should) definitely make sure they offer you something decent, and you're not required to accept their first offer.

    As far as I know, a claim is a claim on your record, regardless if they pay out a $1,000 or a $100,000. Make sure you find out whats covered exactly. Rental car, lost wages, personal property, etc.

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    This should be a sticky. We seem to have insurance questions weekly.
    2002 Jeep Grand Cherokee Overland
    4.7L HO

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    "I've heard that if you call your company and tell them you were in an accident, a claim gets registered regardless if you decide to claim or not. That means your rates could go up even if you don't make a claim. (I'm not 100% about this, I promise I'll find a decent source and report back)."

    Been there, done that... paid the bills for it. DO NOT CALL YOUR INSURANCE COMPANY UNTIL YOU HAVE DECIDED TO MAKE A CLAIM
    The only other problem to this is if the other person in the accident phones their insurance company.... your insurance company will find out anyways.
    Last edited by Sidepipes; 01-27-2010 at 01:09 PM.

  9. #9
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    I sell larger commercial so the personal lines stuff is pretty foggy.

    The accident forgiveness is a good one. Not all companies do it but a hand full do and it's only like $30-40 a year for a get out of jail free card.

    Also, if you tagged in an accident there is a reporting period. If you think the future could hold back, neck, etc problems from said crash you might wanna let em know, even if your not claiming.

    If an insurer goes under the insured's are ok if it comes claim time. The other companies have to kick in.

    And if you're interested in Insurance Company ratings, not sure why you would be, this is the place to go www.ambest.com

    Anyway, thought i'd toss in a little. Cheers
    97 TJ - The Build
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    Quote Originally Posted by ricktj View Post
    This should be a sticky. We seem to have insurance questions weekly.
    Exactly, but thats not the only reason for this thread, I'm more worried about the little "gotchas" that many of us don't know, but really should know.

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    Made a sticky. Changed the title to reflect it.

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    Quote Originally Posted by Sidepipes View Post
    "I've heard that if you call your company and tell them you were in an accident, a claim gets registered regardless if you decide to claim or not. That means your rates could go up even if you don't make a claim. (I'm not 100% about this, I promise I'll find a decent source and report back)."

    Been there, done that... paid the bills for it. DO NOT CALL YOUR INSURANCE COMPANY UNTIL YOU HAVE DECIDED TO MAKE A CLAIM
    The only other problem to this is if the other person in the accident phones their insurance company.... your insurance company will find out anyways.
    Thanks for confirming that, its good to know. If 2 parties do decide to leave out insurance, maybe a written agreement is in order. But there are many variables and legal ramifications, and you have to decide for yourself, or seek some legal advice.

    What an incredible rip off though, you get paid $0 for the claim, but your rates jack up as if you've cost them a million dollars.

  13. #13
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    Quote Originally Posted by Curt's_97 View Post
    I sell larger commercial so the personal lines stuff is pretty foggy.

    The accident forgiveness is a good one. Not all companies do it but a hand full do and it's only like $30-40 a year for a get out of jail free card.

    Also, if you tagged in an accident there is a reporting period. If you think the future could hold back, neck, etc problems from said crash you might wanna let em know, even if your not claiming.

    If an insurer goes under the insured's are ok if it comes claim time. The other companies have to kick in.

    And if you're interested in Insurance Company ratings, not sure why you would be, this is the place to go www.ambest.com

    Anyway, thought i'd toss in a little. Cheers

    Thanks, good contribution. And let me clarify something quickly. If you're in accident with big enough damage, or personal injury, you MUST by law report it, and its likely the best financial decision as well, thats the whole reason behind insurance. I was strictly talking about little fender benders, or "beauty marks" on our piles of junk.

    I knew about A.M.Best, but they only report on financial stability of a company, I was hoping there'd be one about customer surveys and what not. Shame on the FSCO for not publishing those reports anymore.

  14. #14
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    Ahhh, i see. Should have done more reading and less skimming.

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    Quote Originally Posted by NINE-T-1-RENEGADE View Post
    Made a sticky. Changed the title to reflect it.
    Cool dude. I was hoping to keep it "Solid, good to know info". But we could open it up and make it more general/specific and have just one thread instead of one a week.

    The one thing that'll get asked for sure is "Insurance on modded Jeeps". Thats a pretty big one to tackle, and it won't have an easy answer. I can just offer a quick piece of advice to keep in mind. The value of your modifications aren't worth jack compared to the liability aspect of them.

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    Quote Originally Posted by MUD DAWG View Post
    Cool dude. I was hoping to keep it "Solid, good to know info". But we could open it up and make it more general/specific and have just one thread instead of one a week.

    Just selected it because your post has some of the best comprised information and we run into this topic a lot. Sort of like the MTO thread etc.

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    Quote Originally Posted by NINE-T-1-RENEGADE View Post
    Just selected it because your post has some of the best comprised information and we run into this topic a lot. Sort of like the MTO thread etc.
    No worries at all, hopefully it'll be helpful to all. And the more people we get to chime in/verify information the better the thread will be.

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    Hey guys..
    I'm asking on behalf of modified vehicles!
    as I only have a 4" lift (only mod)
    does ANYONE know of ANY insurance companies that will insure it???????????
    I just found out no one wants to insure a modified vehicle.. and until i'm able to get a 2nd vehicle i still NEED insurance or I wont have a job.. i'm in a very sticky bind right now....
    thanks
    Chrissy
    Wheelin' In Memory of Anthony Silvio Gualandi.
    7/31/85- 4/20/09 Badlands!! Miss you and love you!

  19. #19
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    Chrissy I hope you were able to find an answer. Its by far the most asked insurance question on here, and theres no easy answer to it. You're gonna have to call a few companies and a few brokers, and hopefully one of them will be of help. I used to be with State Farm a few years ago, and they told me as long as I didn't have NOS or changed engines, then I was OK.

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    Question; If I were to switch my vehicle from Daily Use to "Recreational" what kind of savings would I be likely to see from my insurance company on the truck? Right now the plan is to cancel the insurance on my truck, as I bought a car for commuting.
    ....-Noltz
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