Can folks here give the Insurance company names and websites or agents they are using for Auto Insurance here in Ontario.

The rates here are crazy, the govt. was sitting doing nothing while things became so bad. I have about 6 years of driving history in North America of which 4 years is in US and the last 2 in Canada.

When I tried to get a quote from State Farm Canada here in Toronto as I was insured by them in US, I was shocked at the price. $220 per month for a 1 million liability, $500 collision, $300 Comp for a 1998 Honda car.

This is just crazy, I used to pay $90 bucks per month in US. I can understand the currency difference and such, but so much. They were not even keen on insuring me. It seems they are not even writing any new auto policies, but do that for me as I was insured with them in US. I got quotes from RBC Insurance and CAA. RBC was way worse and CAA came close to what State Farm was quoting, but still higher, despited I being a CAA member.

I have absolutely no tickets and have not made any claims.

So if you guys can let me know your insurance companies, I can get some quotes and also if you are members of some association, please give some details on that. I had some Chinese colleagues who used to members of some association of people from China and they got some good Group rates.

There are lots of auto insurance companies ... try all the banks, they all have auto insurance on top of them

Belair Direct
Primmum Insurance
Sun Life
Zurrich
All state

But remeber what you were paying in US is not what you will be paying here. If the rates are too high for you, you can go for a higher deductible maybe or third party insurance, in which case your car or you are not covered if someone hits you, your insurance company will pay for the other person car and damage and that's it and if you hit someone then you are not covered at all.. it is an option...

Cookie

Of course, you can increase your deductible in order to pay a little less but you are right, the auto insurance premiums in Ontario are outrageous.

However, I would say try some insurance broker. He might be able to get a good quote for your car. We have amongst us one Auto Insurance Broker ( I belive happyji) and you can surely contact him and he would love to help you. You can seach in Charcha by putting his ID as happyji and can find his phone number or email address

Good Luck

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

http://www.canadiandesi.ca/read.php?TID=1475&page=1#6123 " target="_blank">http://www.canadiandesi.ca/read.php?TID=1475&page=1#6123

Quote:

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Hi
Good to know that you are moving to GTA area. You will have better opportunities in GTA area for sure. If you wish, you can contact me @416-409-8291 or 905-672-3789 for all your real estate, mortgage, auto insurance needs. My wife is a certified Mortgage Consultant and she is closely associated with few very good Real Estate agents in GTA area. She is also from Chandigarh, sector 18.
Wish you good luck in all your endeavors!\"

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If the rates are too high for you, you can go for a higher deductible maybe or third party insurance, in which case your car or you are not covered if someone hits you, your insurance company will pay for the other person car and damage and that's it and if you hit someone then you are not covered at all.. it is an option...
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Auto insurance in Ontario, Canada
I totally agree with Navin that in Ontario, Canada, auto insurance rates are very high but as regards to underwriting guidelines, it is still better that few other provinces in Canada.
For example: In Ontario, in order to get the benefit of your license tenure, you may require only 1 day insurance history! Like ,lets say, if someone took his driver license in 1994 (10 years ago) but because of any reason, he could not purchase a car and also was not listed as driver on some policy, if he purchases the car today and goes for insurance, insurance companies will treat him as a brand new driver and will give him either 0 star rating or 1 star rating (varies from company to company) but if he has any prior insurance history (MIND YOU ....YOU REQUIRE ONLY 1 DAY INSURANCE HISTORY) as the primary driver or secondary driver, they will give you the benefit and you would be either 5* or 6* (again depends upon company's guidelines). Every company has different underwriting guidelines which they have to follow and they had submitted those to FSCO (financial commissioner of Ontario) and got approval.
As regards to increasing deductible or removing coverages, higher the deductible, lower the premium!!! For an old car, getting full coverage might not be a wise thing because in case of any accident, company will give you only the ACV (actual cash value) or sometimes we call it Book Value of the car. For example: if you have a 1994 Chev Cavalier and you bought that car last month for, say, for $3000 and you take full coverage for that with a deductible of $500 and GOD forbid, there is some accident yesterday and it was your fault and the car is a total loss, company will not pay you $3000. Company will look at the ACV (depreciated value) of the car, which might be apprx $800-1000, so company will charge you the deductible of $500 and will give you rest of the money ($300 - $500). The case does not end here. That at fault accident will remain on your record for 6 years and will impact your premium.
If you take third party liability coverage only, damage to your car will still be covered provided the accident is NOT YOUR FAULT. Then the car will be fixed without any deductibles. Auto insurance covers the automobile and not the person. It is not a life insurance BUTT in an accident, if you or the passengers travelling with you, receive any injuries, the medical rehabiliation , attendant care , weekly income replacement etc. will still be covered under your policy even though you have only third party liability coverage.
In Ontario, it is NO FAULT INSURANCE meaning: you talk to your insurance company and the other party will talk to his/her insurance company. YOUR INSURANCE COMPANY WILL NOT COMPENSATE THE OTHER PARTY. ITS HIS COMPANY WHO WILL COMPENSATE HIM.

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I had already offered some free information seminars and discussions on Auto Insurance but did not get any response at all (Just one from Nishit). I thought it would be very helpful for everybody, esp. for new comers but I do not know, why my friends did not respond to that offer. MAY BE ITS A FREE SEMINAR, THATS WHY. OKAY! THERE WILL BE A FEE OF $15 PER PERSON AND THE SESSION WILL BE FOR TWO HOURS. ANY PERSONAL QUESTIONS/POLICY REVIEWS WILL BE CHARGED EXTRA!!
(I am hopeful, I will get good response now )

Thx and Rgds,

Thanks Sanjeev for explaining things little more clearly. I have moved here from US, so don't mean to indicate that US is good....Canada is bad...but I feel the Regulatory Bodies here were just sleeping.

My agent from whom I got the quote tells me that people here sue a lot than in US, it seems they are happy to get 400 bucks tax free per week from the insurance company, which is why rates here have become so bad.

Some of the companies I called and rates they gave me ON TOP OF CONDITIONS AND DOCUMENTATION THEY want before giving me insurance was laughable.

Bel Air Direct wants me to fork out $4000 bucks a year.
RBC Insurance want me to fork out $5500 bucks a year.
CAA whose member I have been for 6 years wants me to fork out $2600 bucks a year.

Despite all this there is no dearth of cars on the streets of Toronto