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Finally got around to calling for an auto insurance quote. My premium will go down by 129$/year from $1598 to $1469 when my Model S arrives. Sweet! (I'm driving a 2011 BMW 335d now).
Quote is from Aviva, 1000$ deductable, 1M liability.
Quote is from Aviva, 1000$ deductable, 1M liability.
mknox
Well-Known Member
You guys are killing me! I have a 6-star perfect no claims rating, home and second property discounts and can't come close to this in the Greater Toronto Area. I guess it's not surprising with all of the boneheaded drivers I see out there, but I hate getting lumped in!
Question on the liability: I've always carried the minimum ($1 M), but constantly get pressured to up it to at least $2 m. What's the consensus on this amongst Ontario owners?
Jaff
Active Member
For those with good driving records Mike, it's not that much...usually 6-9% of your Liability premium...for many folks, around 30-60 /yr.
Remember you are buying a limit that has to cover an injured party's lost wages...if you disable a person (or persons) earning $150,000 / yr at age 50, your $1,000,000 limit will be exausted fairly quickly...we have one mainstream market that mandates a $2,000,000 liability limit.
Remember you are buying a limit that has to cover an injured party's lost wages...if you disable a person (or persons) earning $150,000 / yr at age 50, your $1,000,000 limit will be exausted fairly quickly...we have one mainstream market that mandates a $2,000,000 liability limit.
znino
Member
When TD quoted you did they mention that they would only insure a car of this value if it had an approved tracking device installed (like boomerang)? That was a deal breaker for me.
I already have my Model S insured with TD and they did not require that. They did want a $5000 deductible though.
mknox
Well-Known Member
That's one hell of a deductible. Was that compulsory or by choice to keep the premiums down? I usually go for $300 to $500, but would consider maybe $1,000 if it made enough of a difference. There was no mention of such a high deductible when I called my company for a quote... just asked them to quote the same coverage I have now.
They said it was because of the price of the car. Oddly I didn't have that problem when I insured the Roadster. Go figure.
znino
Member
I come to learn that it's impossible to make heads or tails with insurance companies. Sometimes they come in with good rates. Other times not. There are so many factors and there can be huge differences between companies for the same cars. TD insisted on a tacking device with me and had high deductibles. Belair had good rates with no tracking device and $500 deductible. For others it seems it was the opposite.
dj905
Member
I have a quote of $805 with TD Meloche Monnex (engineers association affinity program). The only issue is a $5000 deductible. I have been insured with them for more than 10 years, and have had no problems whatsoever.
I've been with Meloche for 22 years also... and my rate is $800 too, also because of engineers discount. But at a $5000 deductible, it just doesn't make sense. I have a $500 deductible with Desjardins AND replacement value for 5 years. Meloche didn't want to offer me replacement value... they also require the installation of a tracking device which Desjardins does not. Is Meloche asking you guys for a tracking device?
I'll call them back and see if they'll bend on that if I'm willing to pay $1100+ for my premium...
It's when you call them that they spring all the gory details on you.
not in my case, this is after talking to them on the phone ...
Really? So bizarre, in that case, I'm going to call them back and mention your story... did they mention a $5000 deductible to you?
The range of deductibles we were discussing was from $250 to $1000. I didn't pull the trigger yet as I don't have a VIN nor a final MVPA but I will post an update with the finalized details when I do.
I was also discussing adding my house to the mix but that only amounted to something like a 6% reduction. I am not sure about the actual amount but it wouldn't/shouldn't affect the requirement for anti-theft mods.
I was also discussing adding my house to the mix but that only amounted to something like a 6% reduction. I am not sure about the actual amount but it wouldn't/shouldn't affect the requirement for anti-theft mods.
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