Financial Services Commission of Ontario (FSCO) reviews the insurance legislation. They set the profit margins for insurance comapnies ( i think its around 11% i may be wrong here) and insurance company inturn show the cost in terms of past claims (adding fraudulant claims by Bramptonians) and extrpolated cost estimates by crook repair shops. One fist dent leads to complete overhaul of the 10 year old car.
Paper work is impeccable so politician fighting on behalf of common man cannot rebut easily, thus loses.

We pay every month for somebody's fraud , somebody's bad driving skill.
Next time you see two cars on road standstill back to back, do not laugh, you are actually paying for that mistake!!! LOL !

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Originally posted by san-hugo

We pay every month for somebody's fraud , somebody's bad driving skill.
Next time you see two cars on road standstill back to back, do not laugh, you are actually paying for that mistake!!! LOL !

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Good one, Hugo. That's true.

One city where insurance rates are still lower is Milton. But hey! Wait till Desi's keep flocking there as well. And, they already are...

Insurance Business in North America incl Canada is just like Gold market in India. I have been doing research on insurance in general: Life, Car, Assets etc since couple of years. The most scary thing is Insurance companies dominates Insurance bodies in Canada. People just accept what Insurance and government quotes for its services. People don't shop around nor negotiate for insurance rates.

There are many services where people are just made literally fool by institutions. Do you know you can even dispute your property taxes with your city council. The Law allows it but you will not. Its because desis including myself have a perception that "this is Caannadda' and it is wrong to argue.

Here there are flaws in the corporate taxes (incl USA) and some people esp corporates take advantage of it. Talking about insurance, its like a chain business, you make a sub broker with you and you get premiums for lifetime from that sub broker. Thats why it is most lucrative and non capital expenditure and non loss making business if I am not wrong.

Well unfortunately no politician will help you because every Canadian 'Babu' is a businessman and will not interfere with Corporates. Though they are not scared to raise taxes on middleman as they never speakup.

I have personally messed with Corporations like ICBC (BC biggest Insurance co) when there was a claim, Insurance premiums negotiations and have always won in my favor as I do my homework first to make them loose but then they recover the profit from the rest of the 99.9% of the people.

So the bottom line, you cannot really reduce you insurance rates unless you think like Gandhi. Good Luck for that

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Originally posted by shaz

Insurance Business in North America incl Canada is just like Gold market in India.

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Just like Gold sellers in India sell you by misquoting the correct purity of Gold, similarly the insurance companies sell Insurance with all limitations on claims on specific properties and charge you for entire coverage.
Like lets say if you buy a home insurance for 200000 and then you think that you are covered for anything which is lost till 200000 is a misconception. Lets say the next day there is a theft in your house and thieves steal Gold worth 100000 then you will not get 100000 back but only 5000 to 10000 depending upon how much you purchased this specific asset insurance at the time of signup.

People generally realise this when they actually incur loss.

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Sahi gyan hee Canada mein aapko aapka haq dila sakta hai.
If you want to message / email me then just click on Profile button and on the left side click on 'Send an E-mail'

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Originally posted by febpreet

I somehow couldn't understand why no politician has thus far raised this issue and clinged on to it? Looks like public by and large is a mute spectator and take any these inflicting wounds (every month) with open arms - after a little hue and cry on a forums such as these.

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