insurance rate after accident

[canuckerjay]

I've had a couple accidents; both followed me for minimum 7 yrs.

[Dirtytoes]

I've had a couple accidents; both followed me for minimum 7 yrs.

sorry to hear that man....i think it's different from state to state....what state do you live in?

[Kal]

Wow, I'm glad I've never made a claim before. Not looking forward to it. There needs to be laws to protect the customer, not just fill the pockets of these crooks.

Protect which customer though???

The thing that twists me completey out of shape about the compnsation culture that we are moving towards over here is the way that people view money from Insurance Companies as free money.

It's not f***ing free.... the money has to come from somewhere, and that somewhere is everyone elses insurance.

In other words f***wits that comit fraud or receive inflated claims are basicly stealing the money from me. B******'s.

<edit>

I just reread my post and while I stand by everything I said in it I should point out that I'm not accusing anyone here of inflating claims or submitting fraudlant insurance claims. Its just a subject that bends me a little out of shape.

[Dirtytoes]

Wow, I'm glad I've never made a claim before. Not looking forward to it. There needs to be laws to protect the customer, not just fill the pockets of these crooks.

Protect which customer though???

The thing that twists me completey out of shape about the compnsation culture that we are moving towards over here is the way that people view money from Insurance Companies as free money.

It's not f***ing free.... the money has to come from somewhere, and that somewhere is everyone elses insurance.

In other words f***wits that comit fraud or receive inflated claims are basicly stealing the money from me. B******'s.

<edit>

I just reread my post and while I stand by everything I said in it I should point out that I'm not accusing anyone here of inflating claims or submitting fraudlant insurance claims. Its just a subject that bends me a little out of shape.

kal, you have a good point, you just basically described an insurance company.......they take money from one person and give it to another........although you are right and it is other people's money.....well, technically it WAS other people's money.......
it was once other's people's money that is now turned into the insurance company's profit.

it is wrong to steal money from insurance companies, but it is also wrong for them to take back w/e they paid you......that's basically what they will try to do to me next year......accident repair cost: $2,350.....next year premium: +$2,000......coincidence?

P.S. just by what i said don't get the wrong idea, i'm not trying to encourage fraud in any way.

[canuckerjay]

I've had a couple accidents; both followed me for minimum 7 yrs.

sorry to hear that man....i think it's different from state to state....what state do you live in?

NO STATE!

Toronto Ontario Canada.

And up here, the insurance industry is one I've come to abhor. For years, the insurance companies around here have said they have to raise people's rates year after year because they were literally making almost no profit due to rising levels of insurance fraud.

But if we look at the amount of money insurance companies charge and how many clients they tend to have, and think of the comparitavly small number of fraud cases against legit claims; how does that reasoning stand?

Some might want to give Ontario's insurance companies the benefit of the doubt. But rates were soaring to ridiculous proportions, to the point where a lot of people I know who avoided legitimally making a claim on their policy; because what was happening was as soon as you had ONE even MINOR mark on your record, rates were doubling or more.

This got to the point where most were simply paying thier premiums as another cost of driving; with no benefit to themselves whatsoever. That's like paying a tax, but not to the gov't; to a corporation -- and it's all profit made from you, since you're likely not to claim a damn thing.

Some still wanted to give Ontario's companies the benefit of the doubt. Then last year, the Gov't launched a study into it and concluded that insurance companies were making a KILLER profit, no matter what they were telling the public. They then introduced legislation ordering insurance companies to lower rates. Those new rates are better, though it's still gouging everybody.

[sapaul]

We have always had our watch dogs and Ombudsman here. I am really suprised to hear that from your part of the world.

[Dirtytoes]

...and concluded that insurance companies were making a KILLER profit, no matter what they were telling the public.

think about it.....if insurance companies didn't make profit, they wouldn't still be alive today!......i'm not too into the insurance business but i've NEVER heard of an insurance company going out of business.

.....idk about any other places but here in the United States, people MUST have at least liability, you can't legally drive if you don't have liability......and although liability is usually very cheap.....lets assume GEICO has a 1,000 customers and 10%(although way too much)or a 100 of them crash who are at fault....(50% might crash but only 10% will be at fault)....no matter how much the damages are, the company is still collecting money from the other 900 people, and i'm sure there will be alot left over for the insurance company at the end which will be pure profit.

...i might be wrong about the percentages/numbers.....i can't image that more than 50% of customers get involved in a crash every year.

[Sev]

Last year in Alberta insurance companies posted something like a quarter billion dollars in profit.

[Dirtytoes]

Last year in Alberta insurance companies posted something like a quarter billion dollars in profit.

i knew it was alot by damn

[CNF2002]

Last year in Alberta insurance companies posted something like a quarter billion dollars in profit.

CEO ferraris and 50 story buildings are expensive.

Then again that profit may not be alot when you look at other businesses...what was McDonald's profit last year? Microsoft? Oil (ugh) companies?