-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Ontario Insurance Discussion
- Thread starter YusufT
- Start date
5_+JqckQttqck
Active Member
The Tesla haters would automatically use confirmation bias and say that if you afford such a luxury car, you can afford the insurance even though they suffer the same fate as us when it comes to Ontario insurance companies 
Struja
“Frost”
The Tesla haters would automatically use confirmation bias and say that if you afford such a luxury car, you can afford the insurance even though they suffer the same fate as us when it comes to Ontario insurance companies
The thing is that increasing insurance premiums hits everyone so it doesn't discriminate...from the Kia owner to Ferrari owner.
The part that should be shocking to every voter in this province is simply this... the government REQUIRES us to have auto insurance. It is against the law to not buy it. I think there are about 8 million drivers in Ontario right now, so the government has guaranteed insureres an 8 million strong, mandated stream of business.
In exchange, shouldn't insurers be required to report their profits? Like I said in a previous post, in September 2010, basic coverages for accident benefits were decimated and the trade off was suppose to be a 15% reductin in premiums... it never happened. Why???
I am a firm capitalist, so I have NO problem with the insurers making money. They should make money!!! They are in business to make money... but at this point in time, insurers are just exploiting this endless (legally guaranteed) source of income.
pcons
M3 AWD+
Interesting for your use case. I'm quite similar and just switched to TDMM last weekend from State farm/Desjardins. Back in the day state farm was ok, the acquisition by Desjardins has been horrible IMO.
Back to my question for you: what is your current combined cost with TDMM? I'm at just over 3k for the year, that's 2 cars (both EV) with house, I also have the 2m blanket liability. 500 deductable on cars, 5 year replacement cost on both cars, and have the winter tires, U of The (go blues!) discount, perfect record discount, web discount applied.
I'm wondering what they might boost the rate to this year because I'm pretty sure they have some steep discounts to get me to switch and will make up some crap to raise them next year....so I'm already planning to shop around in a year.
Struja
“Frost”
I am at just a tad over $3,500 per year with 2 cars, home, 2 million umbrella and I purchased sewer backup for 50k in damage, caregiver benefit for my wife and maximum income replacement benefit for me.
Just got my Aviva Traders annual renewal effective mid-July:
$2m liability
$1m/$1m Optional medical/optional catastrophic
Full vehicle replacement cost
Disappearing deductible/driving record protector
All perils $500 deductible
$990/year
I’m outside the GTA. This is up about $150 from last year. $60 of the increase is for the full replacement cost. I usually keep that for 3 years. It starts getting expensive after that.
$2m liability
$1m/$1m Optional medical/optional catastrophic
Full vehicle replacement cost
Disappearing deductible/driving record protector
All perils $500 deductible
$990/year
I’m outside the GTA. This is up about $150 from last year. $60 of the increase is for the full replacement cost. I usually keep that for 3 years. It starts getting expensive after that.
Bluewish
Member
$1.5K for X100D for 1 driver/ car with $1M coverage included accident forgiveness, full replacement, grand tour solution, $250 - $500 deductible and various discounts. I found it was cheaper to have 2 separate policies for 2 cars w/ 2 drivers.
Resurrecting an old thread to say I ran the numbers for a Model Y out of curiosity. For pretty standard coverage with TD ($1M, $2k deductible, grand tour, alumni discount) for an address in Toronto (Leslieville), the quote came to $204 per month plus HST. Looks like I'll be riding an ebike for a while yet.
Mine is $112, grand tour, alumni, $500 ded, $1mil, accident forgiveness, 5 yr replacement. Though I'm in North Oakville so probably rated as farmland or something.
Chetanh
Member
I know of a very good insurance broker in ontario (awesome service) if you need to compare or get a quote. PM for more details.
vraev
Member
I’m in Mississauga and my insurance significantly increased over the last 3ish years of having my car from $120 month to $190 to $270. No tickets...no accidents. Apparently because of our proximity to Brampton, insurance just kept going up and now the deductible is also $5000. It’s seriously messed up.
jamessssshi
Member
My monthly premium with TDMM increased from $204/month to $308/month when switched from model s 75D to model x P100D. Also got an quote from personal, rate is about $220/month for similar coverage, btw I’m in Maple/Vaughan
Chetanh
Member
Struja
“Frost”
TDMM rates skyrocketed for a lot of people (me included) with no tickets or claims. My premiums for our two cars jumped $114/mth for no apparent reason. I found a better rate with CAA but the best deductible they offer on wife’s RX is $2k and she currently has $500.
