Looking for some insurance help
Page 1 of 3 123 LastLast
Results 1 to 10 of 25

Thread: Looking for some insurance help

  1. #1
    Member
    Join Date
    Jan 2010
    Posts
    67

    Looking for some insurance help

    Hi everyone

    I have a question related to my car insurance that is coming up for renewal. would appreciate any answers, but can i request that rickson9 if you are reading this post please don't reply. I know you will not have anything constructive to add.

    Anyways here is the question.

    1.My car (honda accord 2003) and condo insurance is coming up for renewal Feb. 2010
    2. My current rate is $352 based on 1 at fault accident and 2 tickets
    3. Both tickets fall of my record in March after the three year period.
    4. Since my insurance renews in february though, both of them will show on my record and result in higher premiums for the next year

    Here is what i'm considering:
    1. Put my wife as the only driver on the car, which will mean only she can drive, wait till April and reinstate myself as a secondary driver at which point my tickets will be off my record. Is this viable/legal? Pros and cons of this option?
    2. Get rid of my insurance and stop driving the car for a month and reinstate my insurance in the month of april. This will result in a month of no insurance.....

    What are ppls thoughts? Appreciate any answers

    Thanks


  2. #2
    Senior Member Berubeland's Avatar
    Join Date
    Sep 2009
    Location
    Toronto
    Posts
    1,887
    I don't believe you can take yourself off the insurance as a second driver because i think every adult over 16 who has a driver's license and no other car must be insured.

    Like wise being uninsured getting insurance gets you a higher quote.

    Best thing is to spend hours on the phone getting this quoted to find the cheapest insurance for yourself

  3. #3
    Member
    Join Date
    Dec 2009
    Posts
    95
    Quote Originally Posted by financeguru View Post
    Here is what i'm considering:
    1. Put my wife as the only driver on the car, which will mean only she can drive, wait till April and reinstate myself as a secondary driver at which point my tickets will be off my record. Is this viable/legal? Pros and cons of this option?
    This won't work for several reasons.
    First of all, all adults of legal driving age living in the same household have to be listed on the policy.
    You cannot just remove yourself, esp. since you own the car.
    Secondly, it is a bad idea to have a gap in your insurance coverage, even if it is 2 months.
    Gaps is insurance coverage are perceived negatively and this can hound you for years.
    2. Get rid of my insurance and stop driving the car for a month and reinstate my insurance in the month of april. This will result in a month of no insurance.....
    Again, bad idea. Gap in coverage is not good.
    Also, as part of your car registration you are required by law to maintain the minimum liability insurance coverage at all times.

    I suggest get a 6 month policy at whatever best rate you can get now.
    In April, shop around and if you find a better rate, switch insurance companies.
    Make sure that the one you buy now is cancelable.
    Then switch in April.
    It'll need you to spend some time on the phone - now as well as again in April, but you'll save money and don't have to do all those monkey tricks and drop your insurance coverage.

  4. #4
    Senior Member
    Join Date
    Nov 2009
    Location
    Ontario
    Posts
    420
    Quote Originally Posted by SixesAndSevens View Post
    I suggest get a 6 month policy at whatever best rate you can get now.
    I agree. I renewed my auto insurance on January 1st and was shocked to learn that my previous insurer had started writing policies on a semi-annual basis and won't even do annual policies anymore. My broker said this is not uncommon. Hopefully you can tough it out with a six month policy and renew at a better rate.

  5. #5
    Member
    Join Date
    Jan 2010
    Posts
    67
    Thankyou for your replies everyone....Dana would it be possible for you to let me know the name of your insurance broker? I'm based in Toronto.

  6. #6
    Senior Member
    Join Date
    Nov 2009
    Location
    Ontario
    Posts
    420
    Quote Originally Posted by financeguru View Post
    Thankyou for your replies everyone....Dana would it be possible for you to let me know the name of your insurance broker? I'm based in Toronto.
    Here you go

  7. #7
    Senior Member
    Join Date
    Apr 2009
    Posts
    262
    I've never had a problem making changes to my insurance throughout the year... heck, I even called them when I changed jobs to see if a smaller commute would save me money, and it did. So no matter what you do, definately call your insurance company back once the tickets drop off and say "ok, now what can you do for me?"... they'll probably lower your rate for the rest of the year.

  8. #8
    Senior Member
    Join Date
    Apr 2009
    Posts
    228
    What a timing for the thread ... my auto insurance also coming up for renewal in April and I am in the same situation, have 1 speeding ticket that's driving up my insurance and it will fall off the 3-year period in July.

    My initial thought was getting an insurance renewal as usual but then cancel it out after the ticker fall off record.

    I didnt know we have 6-months auto insurance term in Canada? Do you guys know which insurance companies offer 6 months insurance?

    Also, after the 3 year period does the ticket totally erased from your record or is there any way the insurance company to figure this out? eg. Can they ask whether you have any ticket in the last 5 years?

  9. #9
    Member
    Join Date
    Dec 2009
    Posts
    95
    Quote Originally Posted by CuriousReader View Post
    I didnt know we have 6-months auto insurance term in Canada? Do you guys know which insurance companies offer 6 months insurance?
    Some do.
    For example, State Farm has 6 month terms only.
    Also, after the 3 year period does the ticket totally erased from your record or is there any way the insurance company to figure this out? eg. Can they ask whether you have any ticket in the last 5 years?
    Yes, the MTO has all historical records.
    The insurance company can find out if they really wanted to.
    Don't lie on your insurance application.

  10. #10
    Senior Member
    Join Date
    Apr 2009
    Posts
    228
    Quote Originally Posted by SixesAndSevens View Post
    Yes, the MTO has all historical records.
    The insurance company can find out if they really wanted to.
    Don't lie on your insurance application.
    Nah, wont even try to lie ... just want to know what they can legally use as part of consideration to calculate insurance rate


Page 1 of 3 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •