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12-31-2019, 09:57 AM
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Join Date: Dec 2008
Location: Alberta
Posts: 24,071
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All Alberta Insurance jumping 20% Jan 1?
Just like the 'Federal Carbon Tax', Alberta only??
My son is with the same company I am, got an email 2 days ago warning of impeding doom.
I will be dropping insurance off a couple vehicles parked outside, pulling batteries to keep them somewhat safe. Gotta start saving where we can.
Have you talked to your brokers yet?
__________________
Only dead fish go with the flow. The rest use their brains in life.
Originally Posted by Twisted Canuck
I wasn't thinking far enough ahead for an outcome, I was ranting. By definition, a rant doesn't imply much forethought.....
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12-31-2019, 10:05 AM
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Join Date: Jun 2007
Location: calgary
Posts: 3,006
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Not everyone's will be going up that much but some will be depending on your company and your insurance record. Between 10 and 15% is where it will most likely fall. Companies that have had high claim ratios will likely be more and those that have done OK not so much but yes hold on because some people will be going way up.
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12-31-2019, 10:08 AM
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Join Date: May 2007
Location: Calgary
Posts: 5,297
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Talked to my insurance company and im good for the year but have been warned about any future claims..
Paying for something that you might never use and taking it right where it hurts the most...
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Avatar by Gitrdun
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12-31-2019, 10:08 AM
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Moderator
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Join Date: Feb 2015
Posts: 7,673
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This is getting out of hand.
Insurances, utilities, taxes, mortgage/rent, not much left at the end of the day.
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12-31-2019, 10:16 AM
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Join Date: Dec 2008
Location: Alberta
Posts: 24,071
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I am just going to start dropping values on stuff I guess. Drop 100,000 on home and 100,000 contents, have been paying that much for 20 years and no claims, they sure know where to get money from us.
Also, the tractor, loader, boat, all going to be dropped or significantly reduced.
Claim free my entire life and have paid out I don't want to even think how many hundred thousand dollars for nothing.
__________________
Only dead fish go with the flow. The rest use their brains in life.
Originally Posted by Twisted Canuck
I wasn't thinking far enough ahead for an outcome, I was ranting. By definition, a rant doesn't imply much forethought.....
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12-31-2019, 10:17 AM
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Join Date: May 2007
Posts: 15,851
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It’s time for communities to create co-op’s and self insure.
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“I love it when clients bring Berger bullets. It means I get to kill the bear.”
-Billy Molls
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12-31-2019, 10:21 AM
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Join Date: Jun 2014
Location: Canmore
Posts: 2,106
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Quote:
Originally Posted by Ken07AOVette
Just like the 'Federal Carbon Tax', Alberta only??
My son is with the same company I am, got an email 2 days ago warning of impeding doom.
I will be dropping insurance off a couple vehicles parked outside, pulling batteries to keep them somewhat safe. Gotta start saving where we can.
Have you talked to your brokers yet?
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Hey Ken, make sure to leave fire & theft on the ones you plan to uninsure, will save you having to get a safety check when you put them back on the road.
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Woke up with a pulse, best day ever
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12-31-2019, 10:24 AM
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Join Date: Jan 2012
Location: AlbertaSask
Posts: 4,180
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Quote:
Originally Posted by chuck
It’s time for communities to create co-op’s and self insure.
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This may work.. we are now getting hosed from another direction, please world stop... I wanna get off!
Zip
__________________
"Never be ashamed of scars it just simply means that you were stronger than what tried to hurt you"
"Good judgement comes from experience, and experience...well,That comes from poor Judgement"
"KEEP SMILING"
Zip
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12-31-2019, 10:28 AM
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Join Date: Mar 2009
Location: Edmonton
Posts: 9,677
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I renewed in Nov, no increase since last Nov. But I am worried come next November. My newest ride is a 2012 Summit lol. My car is a 2010 and truck an 04 so don't expect too much of a hit as they are not worth that much compared to a newer vehicle. My 50 yr old bungalow? Who knows, that one always seems to increase just a bit with no real changes to it.
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12-31-2019, 10:32 AM
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Join Date: Dec 2008
Location: Alberta
Posts: 24,071
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Quote:
Originally Posted by The Cook
Hey Ken, make sure to leave fire & theft on the ones you plan to uninsure, will save you having to get a safety check when you put them back on the road.
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The one good thing about them is they never ask for inspection to reinsure. I have dropped them completely for winter or summer or whatever, and they just email me a new pink slip when I need it again. That is likely only if the vehicle changes hands.
__________________
Only dead fish go with the flow. The rest use their brains in life.
Originally Posted by Twisted Canuck
I wasn't thinking far enough ahead for an outcome, I was ranting. By definition, a rant doesn't imply much forethought.....
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12-31-2019, 10:37 AM
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Join Date: Mar 2008
Posts: 2,073
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Quote:
Originally Posted by Trochu
This is getting out of hand.
Insurances, utilities, taxes, mortgage/rent, not much left at the end of the day.
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Right?
I was thinking about this the other day. I'm making roughly the same as I was 4 years ago but constantly find I have less money for savings/disposable income than I did. In that time we have gotten rid of one vehicle payment, one mortgage (and all associated costs of a second house), I quit smoking and cut way down on drinking. I also have been trying to sell/trade toys to finance more instead of stockpiling (guns/hobby stuff ect.)
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12-31-2019, 10:38 AM
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Join Date: Apr 2008
Location: alberta
Posts: 1,959
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Quote:
Originally Posted by Ken07AOVette
I am just going to start dropping values on stuff I guess. Drop 100,000 on home and 100,000 contents, have been paying that much for 20 years and no claims, they sure know where to get money from us.
Also, the tractor, loader, boat, all going to be dropped or significantly reduced.
Claim free my entire life and have paid out I don't want to even think how many hundred thousand dollars for nothing.
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my insurance company hub international said we could not lower the value of the house
example it is valued at 750g and we could rebuild the house 2 storey for 400 max
wanted to lower it to 400
they said if 50% loss they would pay us 200 minus the loss of insured premiums on the 350 so we owe them mo eu, nuts eh
they would not put it in writing
Now insured with SGI but still could not get numbers in writing for losses and why we cannot I sure for lesser amount?
nuts but insured with them brokers for 20 years hate to change
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12-31-2019, 10:43 AM
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Join Date: Apr 2008
Location: East of the big smoke
Posts: 1,496
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The ucp is going to take all our money and put it in pockets of big corporations and federal government.
rather than local government. I'm all for less taxes but. If I'm paying someone for no reason it may as well be the gonverment. Private sector sure isn't putting any of that money into local jobs. As the last year has showed us!
Rachel isn't looking so bad now.
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12-31-2019, 10:50 AM
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Join Date: Dec 2014
Posts: 798
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I was wondering when the insurance industry here would change. I hear guys at work brag how they got paid out more for their beater truck than they paid for it in the first place. Surely that is not sustainable?
It seems at the end of the day all insurance is underwritten by only a few companies. I bet you our premiums are somehow connected to losses caused by the fires in Australia and California.
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12-31-2019, 10:52 AM
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Join Date: Dec 2008
Location: Alberta
Posts: 24,071
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When I was young sometimes I had a choice to make. Insurance or power/heat. Sometimes on the old mobile home I went a year or 2 without insurance.
I have no mortgage, if I dropped insurance on the house for 2 years I would save nearly $8000.00. Drop the boat another $2000.00.
I can't do it, because I would stand to lose far too much it something awful happened.
I had a talk with my insurance company one time, they were the insurer for 3 house fires I attended. Of the 3 2 were proven to be deliberately lit. The 3rd they were unable to trace signs of set fires. I forget the actual % of deliberately lit homes, but it is much higher than you would think it is. The truth is new homes (and businesses) do not generally just burst into flames.
We are paying for other people's loss, and we are about to pay a hell of a lot more.
__________________
Only dead fish go with the flow. The rest use their brains in life.
Originally Posted by Twisted Canuck
I wasn't thinking far enough ahead for an outcome, I was ranting. By definition, a rant doesn't imply much forethought.....
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12-31-2019, 11:08 AM
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Gone Hunting
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Join Date: Feb 2009
Location: Lougheed,Ab.
Posts: 12,736
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Quote:
Originally Posted by bsmitty27
The ucp is going to take all our money and put it in pockets of big corporations and federal government.
rather than local government. I'm all for less taxes but. If I'm paying someone for no reason it may as well be the gonverment. Private sector sure isn't putting any of that money into local jobs. As the last year has showed us!
Rachel isn't looking so bad now.
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Well...I guess that's one way of looking at insurance premiums...????
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The future ain't what it used to be - Yogi Berra
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12-31-2019, 11:22 AM
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Join Date: Oct 2008
Location: In the shadow of the Valhalla Mountains, BC .
Posts: 9,175
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Two Suggestions For Insurance 👇
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'Shop Around' ... at least every two or three years. Get your agent to do it for you, and you can also go to other agents as well. I've been doing this for years now, and it has paid off 'Big Time'.
'Self Insure' ... On Older vehicles, only carry Liability Coverage. The money I save is added to investments I have, that are specially intended for vehicle replacement & repairs. While the money is sitting there (Investment TFSA's), it earns Interest, Dividends, and Capital Gains, and is Not subject to income tax.
There's more than one way to skin a cat ❗
Selkirk
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12-31-2019, 11:29 AM
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Join Date: May 2016
Location: Parkland County
Posts: 2,384
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Yeah I am in the same boat. Have not gotten my exact quoted premium for the incoming year as my broker wants to try to explore some discounts but I'm assuming I'll get slapped with 10%+ increase. I have a truck and a beater insured, think I might try to sell the truck and beater and get a cheap beater truck instead.
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And unlike the clock on the wall at your momma house, I do not have time to hang.
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12-31-2019, 11:37 AM
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Join Date: Jun 2007
Location: calgary
Posts: 3,006
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That type of thinking is a big part of why the rest of us are going to pay to support them. My wife has a girl at work that cant wait for the next hail storm so she can get a new vehicle. 3 new in the last 5 years and is ready to change again. We are paying for her big time.
Quote:
Originally Posted by Immigrant
I was wondering when the insurance industry here would change. I hear guys at work brag how they got paid out more for their beater truck than they paid for it in the first place. Surely that is not sustainable?
It seems at the end of the day all insurance is underwritten by only a few companies. I bet you our premiums are somehow connected to losses caused by the fires in Australia and California.
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12-31-2019, 11:38 AM
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Join Date: Dec 2008
Location: Alberta
Posts: 24,071
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Quote:
Originally Posted by jstubbs
Yeah I am in the same boat. Have not gotten my exact quoted premium for the incoming year as my broker wants to try to explore some discounts but I'm assuming I'll get slapped with 10%+ increase. I have a truck and a beater insured, think I might try to sell the truck and beater and get a cheap beater truck instead.
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I am sharing that boat for sure, have a truck for pulling the boat, truck for DD, truck for work, truck for snow plowing, and an old spare diesel I just cant bring myself to get rid of. I have the 1 ton parked with Comp for winter, just dropped the plow truck because I have a little tractor with a snowblower, took collision off the 09 'work truck' because they wouldn't give me anything for it anyway if something happened.
It sure is easy to pay too much for insurance.
__________________
Only dead fish go with the flow. The rest use their brains in life.
Originally Posted by Twisted Canuck
I wasn't thinking far enough ahead for an outcome, I was ranting. By definition, a rant doesn't imply much forethought.....
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12-31-2019, 11:41 AM
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Join Date: Oct 2010
Location: Central Alberta
Posts: 691
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Reward high deductibles
One thing I’m not happy about is they don’t adequately adjust premium to reflect someone accepting their own risk by carrying a large deductible.
I’ve raised my deductible to 1 or 2000 on most things but the premium doesn’t drop enough to go higher.
On buildings or liability I’d gladly raise to 10,000 if the premium would reflect the dramatic drop in likelihood of claim.
I think it would be a great way to identify low risk customers and reward them.
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12-31-2019, 11:51 AM
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Join Date: Mar 2008
Posts: 2,073
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Quote:
Originally Posted by Rancid Crabtree
One thing I’m not happy about is they don’t adequately adjust premium to reflect someone accepting their own risk by carrying a large deductible.
I’ve raised my deductible to 1 or 2000 on most things but the premium doesn’t drop enough to go higher.
On buildings or liability I’d gladly raise to 10,000 if the premium would reflect the dramatic drop in likelihood of claim.
I think it would be a great way to identify low risk customers and reward them.
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Agree. I raised all of my deductibles for a slight discount but it didn't change much at all. I would be willing to carry a higher deductible like 5-10k but it just wouldn't be worth the risk for the small savings.
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12-31-2019, 11:54 AM
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Join Date: Jul 2010
Location: Edmonton
Posts: 11,858
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Quote:
Originally Posted by Ken07AOVette
I am just going to start dropping values on stuff I guess. Drop 100,000 on home and 100,000 contents, have been paying that much for 20 years and no claims, they sure know where to get money from us.
Also, the tractor, loader, boat, all going to be dropped or significantly reduced.
Claim free my entire life and have paid out I don't want to even think how many hundred thousand dollars for nothing.
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Me too ......... not one claim and hundreds of thousands paid to them and now they want more from me, as "average joe" places claim after claim every time a fly poops on his windshield.
We really need insurance to recognize the clear distinction between their clients.
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12-31-2019, 11:55 AM
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Join Date: Dec 2014
Posts: 940
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Just renewed and both home and auto dropped, no change on coverage. A few other people are the same, so not everyone will be seeing an increase
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12-31-2019, 11:57 AM
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Join Date: Oct 2017
Location: Calgary-Red Deer area
Posts: 3,261
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I'm scared to call and see if mine are going up. Don't poke the bear!
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I'm not really a licensed bodyman or heavy duty mechanic. I just play one at work.
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12-31-2019, 12:39 PM
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Join Date: Nov 2017
Posts: 175
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Insurance
Have you ever noticed when you go into any big city that the tallest building belongs to an Insurance Company? SunLife, London Life etc.
These insurance companies are like any form of government, they have to have their "pound of flesh". So, you reduce your premiums, Joe Smoe has it tagged on to his because these big insurance companies are being held responsible by their share holders.
I pity the younger generation.
Stumbled across this one: "Ten years ago we had Steve Jobs, Bob Hope, and Johnny Cash. Now we have no jobs, no hope, and no cash."
I am 70 years old. I have seen much better days. I have a few good years left, but I am afraid they are behind me with all the government & corporate hypocrisy.
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12-31-2019, 12:41 PM
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Join Date: Apr 2008
Location: East of the big smoke
Posts: 1,496
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Quote:
Originally Posted by hal53
Well...I guess that's one way of looking at insurance premiums...????
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I dont think you understand why they are going up then. UCP changed regulation to make it legal for insurance companies to increase rates to their likening.
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12-31-2019, 12:55 PM
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Gone Hunting
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Join Date: Feb 2009
Location: Lougheed,Ab.
Posts: 12,736
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Quote:
Originally Posted by bsmitty27
I dont think you understand why they are going up then. UCP changed regulation to make it legal for insurance companies to increase rates to their likening.
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They removed the cap that the dippers implemented....
__________________
The future ain't what it used to be - Yogi Berra
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12-31-2019, 01:16 PM
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Join Date: Apr 2008
Location: East of the big smoke
Posts: 1,496
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Quote:
Originally Posted by hal53
They removed the cap that the dippers implemented....
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Yep and it's going to cost middle class and small business!
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12-31-2019, 01:19 PM
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Gone Hunting
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Join Date: Feb 2009
Location: Lougheed,Ab.
Posts: 12,736
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Quote:
Originally Posted by bsmitty27
Yep and it's going to cost middle class and small business!
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So you're in favor of the Gov't. telling big and small businesses what they can charge?...sounds like a good plan...what could possibly go wrong?
__________________
The future ain't what it used to be - Yogi Berra
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