Ontario Smart Insurance

[DropDeadRed 0]

I'll be doing my own homework in a month or two to comparisson shop insurance prices but I was wondering what results folks had so far.

Currently I am a 3 ticket guy but by mid August I'll only have 1 left on my record, hence the planned shopping for later this year. I'm at Monnex (security national actually) currently and a hostage. I wouldn't qualify to get this policy as a new customer due to getting the third ticket. Almost 3 years ago I got 2 tickets a month apart which will both be gone soon off the 3 year window. If I had shopped around when I got the smart, I'd have had to move to a lower tier of insurer and MUCH more expensive insurance.

Relevant Questions:

Do you have 0, 1-2, or 3+ tickets on your 3 year record, and/or an accident? This will change which insurers you can even shop at as I have found.

What companies did you comparisson shop at?

Price highlights? Cheapest? By how much? Most expensive?

Were there any group rates that were skewing your comparissons?

DDR

[spinner 0]

I can't answer all your questions, but for me being a first-time owner and long-time driver with a clear record (in my 30s), Canadian-born resident, I was able to get full coverage for around $2000/yr. through State Farm. Prior to that, I was shopping outlandish high premiums, and the the more moderate -- until I was referred to a broker -- was coming from the ING-owned insurers, quoting around $2700/yr. The concession I had to make to get quick approval was to make it a two-line business (auto PLUS tennant's).

In my situation, I would have liked to explore the bank offerings, but (by law) they couldn't move fast enough. I couldn't wait weeks for an offer to be made while my delivery is sitting at the dealership, especially since I jumped on an abandoned order.

[imposter 0]

I'm insured with Pilot, for about $1600/yr, which is about the same rate as PC insurance (based on what I was quoted from their website). The smart was about $200 more to insure than my previous 2000 Elantra, but Pilot was still far less than I've been quoted by everyone else I've checked out (excluding PC, of course). I didn't think $200 more was unreasonable for a car 5 years newer and to add on 2 years of purchase price protection. Pilot also features the Autograph program, which will save you a minimum of 5% if you sign up. I'll be joining that as soon as it's out of beta testing (my broker isn't on the beta test list, but you can probably find one in your area if you're changing companies anyway).

[mixed 1]

I have the car insured through BELAIR direct

stats ~ 40 years old, married, homeowner, presently three vehicles, my 97 F-150, wife's 2003 Mistubishi Lancer and MY fortwo

$ 1700.00 per year just for MY fortwo ..... a bit high I think but renewal is coming up on the house and all three vehicles soon and as such I expect to shop the entire package around for much better pricing..........

[smartboy 0]

Ive got a clean record and am insured with Dominion of Canada. The twc cars, Spectra5 and smart Passion cabrio are with them. Smart if about 200.00 less than the 2005 Spectra at $ 1512.00 per year.

[SM4RT_JMC 0]

If you are a good driver crank up the deductible to $1000 and it changes things big time. There are really only 2 types of accidents one that you can fix yourself (by purchasing and replacing the damaged part) or two where you write the car off! I think I am paying like $1250 per annum.

Good company to look into is Certas. I got a deal through house and so I am with someone else. I was with Certas before and they have excellent customer service, you do it all over the phone, and they reward good drivers (no claims) accordingly (lower rates) you need 3 years accident free though I think as a pre-requisite maybe less.

http://www.certas.ca/CERTAS/?Redirection=h...__www.certas.ca

[JakeMorgan 0]

I have a clean record, and for the two of us, with a legnthy commute to work, we were able to get insurance for around $1800/annum.

I personally would boycott State Farm as they willingly discriminated against my spouse and I when we were seeking home insurance. I purchased my first home at 25, and had no apartment insurance at my previous place, as we had maybe $1000 of belongings between the two of us. I also had been a fully insured primary driver on my motorcycle for over 5.5 years, and each of us were holding an accidental death policy as well. State Farm informed me that I "had no history of prior insurance", and therefore they "could not insure me", as my bike was a "recreational vehicle". This was nonsense. I put 7000km/per year on my bike....hardly recreational driving. I just about lost the sale of my house as finding insurance was a stipulation in the offer. State Farm is an evil corporation that exercises legal descrimination. I have no interest in feeding this machine in the future, even if it saves me on my premiums. I'm not bitter...really.

advice: -Get an insurance broker to do the leg work for you. They have insider contacts, and will be able to get you the best rates.

-Jake

[smart65 28]

Under a group plan with The Personal - full coverage $1 million liability, two year full replacement, $500/$300 deductible collision/comprehensive for $1034/annum.

Also insure 1999 Saturn SW2 and have my home insurance with them. I've never found a company that can touch their rates.

One problem, encountered when I informed them of my full wrap, installed for Humber College degree courses: their policy is to refuse to cover any vehicle which carries ANY sort of advertising, or is used for other commercial purposes. I had to promise in writing to refrain from entering into any similar contract after my Humber College wrap was removed, in order for them to continue to provide coverage for the smart car. Given the low cost of the insurance, I was eager to toe their line in order to keep my coverage intact.

[CheekySmartieGirl 0]

I actually just signed my insurance agreement today. I went with State Farm. I got about 15 or so quotes and I was so surprised at the difference in the them. They ranged from 2300 to 6700! Insane. If you go with State Farm they will likely opt to bundle you with rental insurance and that lowers the cost. I have no tickets or accidents but I have the fact that I haven't had insurance for about 10 years and I am single and 30. But I found that if you take the $1000 deductible on collision and tell them you will only be communting and you will keep the KM's under 10,000 a year - it'll drop the price.

My advice is to shop, shop, shop around. Since you have the time perhaps try the banks. I couldn't wait months for a quote from them so who knows if they are offering anything fab or not. If you are in the Toronto area I would be happy to give you the name and number of my guy - he's very helpful.

Amanda

[SM4RT_JMC 0]

Nice thing about insurance too is if you find a better deal you can always switch like that. Wow 6700, that company must want business!

[mattdaddy 0]

1500ish/year w/ AXA

[SM4RT_JMC 0]

Try and crank the deductible up to $1000 really anything under that I'd fix myself. The mysterious and wonderful world of bondo, fibreglass and colour matching at Canadian Tire is one of those little joys from life. Really any half decent collision is gonna be a big one, just don't make it your fault.

[JakeMorgan 0]

By increasing our deductible to $1000, we lowered our monthly payment by $15. If any damage that may take place is between $500-$1000, would you really make a claim?

[stampy13 0]

Just got my quote from State Farm. $106.50/mo (or $1278/yr) Seems fair to me and sounds close to what others above a getting.

[Malcolm 0]

Car insurance is a swamp. Which we all have to go into, but why is it that some of us get sucked in much deeper than others...

Here's how to keep your head above the water...

If you're in a Province with a Mandatory Plan, ignore the rest of this... you're pretty much getting the best available, and you have little room to manoeuvre.

Too bad, so sad.

BACKGROUNDER: Insurance was initially conceived (around 1650AD) as a sharing of risk, primarily for homes, and primarily for fire. If everyone in the village chipped in, they could buy a fire engine, and then when a house burned there would be some people committed to putting the fire out. And enough money in the kitty for a re-build for the family who'd had the fire. Nice.

Really nice.

Then came cars.

Same deal - we all throw a bit in, and if someone crashed, there would be $$ available to do the repair. All drivers were equal.

That was then, this is now (sadly).

Now we have a bazillion Insurance Companies, all of which are trying to tie our home / car / life insurance needs together in one bundle. All of whom (each Insurance company) are using statistics to establish their premiums. Young drivers, New drivers, New cars, commuters vs. recreational drivers, suburban owners / city dwellers... everyone is separated, and all of us are therefore penalised. There is no longer a "Large Pool" of drivers... just a bunch of Insurance industry-defined, distinctive little puddles... which they aggressively manipulate to get higher premiums out of our pockets.

It's really bad, folks, but the Gummint won't intervene (Provincial Plans excepted), so know your deal where you live.

The Insurance Companies (I REALLY like the company named Grey Power - how's that for discrimination! 55+ and your in...) are trying to jam us all into niches (little puddles) so they can control the risk (and the Premium $$) to get the most income (Premiums) - with the minimum risk to them. No more 'Big Pools'. Facts are not their issue (Senior drivers crash more often than teenage males, believe it or not, but that difference is dependent upon the number of kms driven per year; younger guys drive farther, but their grandparents crash more often!). So who gets the big bill - the young guys, of course... they haven't realized that they're being picked on, while the old folks have the time (and the $$$) to argue about higher insurance premiums.

Sighh...

To successfully minimize your annual auto insurance rates, do this...

1) make a note of your current annual car insurance policy fee. Write it down on a piece of paper.

2) check your credit rating. If you can get a new plastic card with a $3,000 credit limit, without any annual fee, do so immediately. That will be your "Crash Insurance" card.

3) call your current Insurance company and ask 'em what your annual car insurance rate would be with a $2,500 deductible.

4) call or e-mail a whole bunch of OTHER insurance companies to get a car quote (and, as Smart_JMC reco'd) include your tenant or house policies in the request.

5) take the best deal you get quoted.

6) then take your savings per month (old policy vs. New Deal) and put EVERY ONE of those $$ into a brand-new (to you) bank account / GIC.

7) if you have a crash, use the new credit card (with the $3,000 limit) to pay your new $2,500 deductible fee.

8) if you're a good driver, within 6 or 7 years of crash-free driving you will have a bank account with some $2,500 in it (the accumulated total of your savings from going to a $2,500 deductible + interest).

9) at this point ($2,500 in a cash account), cancel that credit card you signed on to for your insurance deductible.

10) Live free, and prosper. You now have a cash account to cover your deductible, should you make a driving error and cause an 'at fault' crash.

This isn't a theory, it's a fact. If you choose to ignore this advice, you will be the poorer for doing so.

[SM4RT_JMC 0]

Great advice.

[dmoonen 54]

Just got my yearly renewal letter from the co-operators. And to be honest I just pay my bills and don't really look at them but I was a bit shocked when I read it; $1,564 (including $664 in discounts) a year for the Brabus!, $1,107 for my smart coupe!, My truck is $666, Audi TT roadster $673, my 500e $821. Wow highway robbery and everything is registered to my hobby farm. Ironically the vehicle I'm most dangerous in has the cheapest with an evil price. Time to go shopping, what companies are you guys all using?

[David_18 13]

I pay around 400$ for 2006 in Québec... I have 25..

[Francesco 71]

Yep, we've been over this a bunch of times. The cost of insurance in Ontario is truly staggering. Last year I switched our aging cars to liability-only and now pay a total of $230 for both, taxes in. But for the six years before that my smart cost less than $500 a year taxes in, and only went up about $20 after a $6000 at-fault claim in 2012. I'm with Aviva.

[MikeT 747]

About $1300 a year in BC for each of my three cars that are on the road, and $30 for the one that's not. Maximum discount is applied, plus three drivers with under 10 years' driving experience allowed. To and from work, over 15 km, collision, comprehensive and 5 million liability. I'd like to get rid of the Ford but at the moment we need it.

[dmoonen 54]

I know we went over this a while back hense why I posted in this thread . Thought I'd ask around now adays to see today's prices on the market. I was kinda surprised the smart is double my trucks insurance since it's the third of the size:p .

Edited April 8, 2014 by dmoonen

[Lito 2]

Compare prices! When I did I was shocked at how they can vary by more than 300%!!!I am currently with RBC, and lowered it further by having my wife's car and house with the same.Back when I did it, I used one of those sites that submits to several companies and it paid of for me. Good luck!

[dmoonen 54]

I'm going to put my package together and take the day off on Thursday to go insurance shopping.

I should be able to get a decent bulk bundle price as I have quite a bit:

[*]8 Cars in total

[*]3 houses

[*]4 apartment buildings

[*]3 business's

[*]3 Drivers, 1 with a ticket

I'll let you know what prices I get for the smartie till then please post your rates and companies so I have a list to go by.

[scwmcan 0]

For my smart ( no collision at this point) 890 / year ( have to lower the milage driven per year now, may lower it somewhat) about $1000 for my Toyota Matrix,( think a bit less actually) with The Personal. They were also very good to deal with when we had to make claims last year for the tree damage to my matrix and the garage.

[dmoonen 54]

So far from calling around looking for prices for the Brabus and things are quite reasonable mind you I was expecting horrible prices since I'm 21.

Basic:

[*]Nobel: $763/ Year ($927 for advanced)

[*]TD: $912/Year ($1,127 for advanced)

[*]PC: $1,266/year ($1417 for advanced)

[*]Co-operators: $1,564 (current)

Still waiting on: Statefarm, CAA and Belair direct

Edited April 9, 2014 by dmoonen