And what happens if immediate medical attention or property repair is required? Who's going to pay for it?
No company will take on that kind of risk let alone situation where you would never be able to pay it off in your lifetime.

God forbid you lose control and sideswipe a $30,000 car and injuring two passengers each requiring $150,000 worth of medical such as physio as well as ongoing medications & medical devices? What if there was also $50,000 worth of infrastructure damage? What about fines, charges or administration & lawyer fees?

There is NO way that will end up being payed off in one's lifetime, let alone having it ready for immediate use. And you don't forget that driving (and being insured) is optional (you could pool or take public transpo).

Thats why 'Liability' is the minimum required coverage. I understand collision/comprehensive is optional as you are more then welcome to risk your own property. The companies and gov't will not let you risk someone else's way of life or property on the chance of making a mistake.

Then that "fund" that you paid a reasonable amount into pays out for the damages, and you repay the fund for the rest of your life. What happens NOW when you have one million dollars in liability insurance and you are successfully sued for 2 million dollars?

The old system was BETTER!!

I think you do a great job Grant.....


I got a question... why not go further into it and divide it by race?

Its only fair right?. It's statistics.

**hypothetical...
Why should a person of Arabic descent pay more than someone of Japanese descent if it is statistically proven that someone of Japanese descent gets in more accidents???


I guess its better to be called a Sexist, than a Racist?

Simple flaw in your logic Mike - how about mixed races?

No one is 100% anything anymore.

Without trying to be funny, you can only be either male or female and your age is quantifiable.

Ah, good call.

That's a very nice thing to know.

.

Ahha!! Flaw in the logic! What about hermaphrodites? What do you class them as?

What about that 50-60 year old man that paid insurance his hole life, except one day he forgot to pay one of his payments, and his 25 yr old son rear-ended someone and the old bugger made a claim (or vise-versa), and he got caught doing 75km in a 60km zone, and he drives a 2005 Toyota 4runner, humm the end result would be...

- Thank you for your bussiness over the last xx years, but you screwed up big time and now you have to bend over for the rest of your life well we collect all those extra costs assosiated with the events of one day, even though we've been collecting from you for the past, that does not cover the costs of what you did today...

^^^
That's why there is such a thing as "accident forgiveness" offered by some companies.
After X years without a claim, you get a freebie.

Today, for the first time in my life, I am making a claim on my Auto Insurance.

Friday night, my landlord backed into our Aveo, causing upwards of 3000-4000 in damage. He took out the Headlamp, Parking Lamp, Bumper Cover, and Fender, also crumpling the rad support and Headlamp Support.

Parts alone (my cost) was $500, labor was $2300. We were going to do it under the table, but the costs including a rental for the time away, was going to be well over $3000, so we made a claim.

I am not at fault in this scenario, and my landlord just has to pay his deductable, All State's "accident forgiveness" allows him 1 freebie, and he's taking them up on that offer.

So, I'm rocking an 08 PT Cruiser for the next 2 weeks while our car gets repaired.

We'll see how it goes. I don't have to pay a thing, and the car gets repaired.

Ouch man, that sucks! Probably not a scratch on his truck eh? That thing is pretty big. Is the PT cruiser the turbo model!?

Sucks he has to waste his 1 get out of jail free card on a relatively minor accident.

You usually have a grace period of 21 days after your insurance is due to still be covered.

And so what if someone did pay 2000/yr for 30 years? That's only 60,000, the cost of a standard european sedan.

Ya so I guess in my example, he's still SOL, because they don't give out two or three freebies now do they( for those companies that give out freebies for a 5 star driver that is), and for one to become a 5 star driver you would have to stay in your house and not drive, or never report claims). I use to drive 100Km's per day, try to keep a clean record doing that in this area.
I guess insurance employee's make more than me(which makes sense aparentally) if you concider 2000/year is cheap for coverage you can never use cause you pay for it in the end all over again... This insurance buissiness sure is a schetchy one, reminds me of how a mob would operate. Insurance companies use the system as leverage to make you pay more, (ie., 15 km's over come on), and if that isn't enough they created there own system to collect & withdraw negative information about you to make you pay more again.

Has anyone ever tried cancelling insurance here after paying for the year, see what happens.

80% Cancellation Fee?

We have $0 cancellation fee - the only company left in Ontario to do so.

I pay $320/mth for a 2000 Audi S4, 2004 Mini Cooper S and $50K renters/tenant policy living in downtown Toronto. Both absolute full coverage with accident forgiveness.

Also worth noting I receive ZERO employee discounts either.

Insurance is definitely a dip in the land of the Trickster.

I've had my battles with them...and lost. Hence my Talon only being driven part of the year. I can't stand paying their extortion fees.

Some food for thought:
a) Males are worse than female drivers. In 1968, there was a commission established to see what was the case. The case found that male drivers did cause more accidents. The report went on to say that male drivers constituted the majority of drivers, and therefore could NOT conclusively say that males were worse than female. From what I understand, insurance companies used this as their template. All I have to say, is after two accidents, my sister was still paying LESS than I was during those 19-25 years.
b) I was with my insurance company for 16 years. Missed a payment as I wasn't working for a year due to the econony crush years ago. They cancelled me. When I protested, they demanded payment in full; hard to do when one is without work and money. I borrowed, paid...but years later I was labelled in the "utility" (where bad drivers, dui's, etc) go. Wife couldn't get me on her car, until my insurance company called hers. This is the greatest outrage. How does my inability to pay ONCE influence my rates and abstract? Meanwhile, they phoned me three times for my home insurance which had lapsed. Interesting.
c) Insurance companies, as private companies, ensure that they make money. During the awfulness of the twin tower destruction, there was ALOT of payment. Even then, insurance companies made 1.5% profit that year (on average). The money they collect is carefully invested. That $40k I paid with a perfect driving record from 16 to 30 would have doubled in profit atleast twice. Insurance companies continuously record profit (on average)
d) the largest problem for them is fraud. Fair enough, but a system of their own creation. In the earlier years, it was usually easier for them to just accept repairs and quotes. This is one thing that I deplore...is those that simply ruin it for others. Sure Insurance companies are the ultimate in corrupt capitalism. But that doesn't excuse people from ripping them off for millions where it wasn't necessary.

Stay safe my fellow Taloniers. Let's hope we never have to use the ransom we pay!

^^^Well put, insurance companies love statistics, and anyone who took stats knows they rarley relate/mirror real life, and can be curved to reveal what ever they want, or whatever they think would be more profitable to them, because they can use that as an excuse for high rates and leverage when you complain, and they can say sorry but your a guy and statistically your a danger.

I did not experience a cancellation fee with Echelon. This was September.