Comments on: Reducing auto insurance fraud is best way to cut rates for drivers, Wynne says http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/ Tue, 21 May 2013 04:33:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Drivealot http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1029089 Drivealot Thu, 07 Feb 2013 13:50:52 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1029089 Unfortunately the way it works is they pay out claims with the pooled premiums of everyone else and whatever's left over is their profits. If claims exceed all the pooled premiums the companies report a loss and will have to raise premiums to recover their losses or be in a position to cover future risks. Make no mistake, these companies exists to make the highest profits for their shareholders, not help the public out of the kindness of their hearts. Adding state-run insurance will increase taxes since there will be operating costs for administering it. Unfortunately the way it works is they pay out claims with the pooled premiums of everyone else and whatever’s left over is their profits. If claims exceed all the pooled premiums the companies report a loss and will have to raise premiums to recover their losses or be in a position to cover future risks. Make no mistake, these companies exists to make the highest profits for their shareholders, not help the public out of the kindness of their hearts. Adding state-run insurance will increase taxes since there will be operating costs for administering it.

]]> By: Cisco http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1028952 Cisco Thu, 07 Feb 2013 13:14:27 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1028952 The common man, general premium paying public keeps hearing about FRAUD, why are we paying for the fraud ? If the insurance company cannot control this fraud, that we have been hearing about every single time that this topic comes up, then they (the insurance companies) should bear the loss, not the honest premium paying customers. The government has put us in this position, - made insurance mandatory, let the insurance companies gouge us, and they sit back and watch the fun. What are they doing about it. Bottom line is that the insurance companies will gouge JUST BECAUSE THEY CAN ! The more they can charge, the happier they are. Their interest is to make the maximum amount that they can for the share holders. It is a business like any other. So, till we all get together and hammer this down on our MP's and MPP's nothing is going to change. We will keep hearing the same story - FRAUD..... they will throw out some stats, this is not for You and Me as the premium paying public to pay for the FRAUD, or pay the insurance companies to keep their profits high by us taking the hit for the fraud that they have not been able to manage for all year after year. The common man, general premium paying public keeps hearing about FRAUD, why are we paying for the fraud ? If the insurance company cannot control this fraud, that we have been hearing about every single time that this topic comes up, then they (the insurance companies) should bear the loss, not the honest premium paying customers. The government has put us in this position, – made insurance mandatory, let the insurance companies gouge us, and they sit back and watch the fun. What are they doing about it. Bottom line is that the insurance companies will gouge JUST BECAUSE THEY CAN ! The more they can charge, the happier they are. Their interest is to make the maximum amount that they can for the share holders. It is a business like any other. So, till we all get together and hammer this down on our MP’s and MPP’s nothing is going to change. We will keep hearing the same story – FRAUD….. they will throw out some stats, this is not for You and Me as the premium paying public to pay for the FRAUD, or pay the insurance companies to keep their profits high by us taking the hit for the fraud that they have not been able to manage for all year after year.

]]> By: Singh http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1028913 Singh Thu, 07 Feb 2013 13:04:09 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1028913 Same tactics by the Insurance Bureau as by the Gun Lobby in America. It is sad that our government buys into it completely. We used to pay $120 per month (new driver in USA/California) for a comprehensive cover on a new car. Now the higher fraud figure of $236 per year Insurance Bureau of Canada should bump up my insurance rate by about $20 per month. So we should expect to pay about $120 + $20 = $140 per month. But in Ontario we are paying $320 per month for a 3rd party + theft (no comprehensive cover) on a car with a similar overall safety record. It has been four plus years now in Ontario with no accidents or tickets that affected the insurance rates. So while the fraud may contribute to up to a $20 per month increase, How does the Insurance Bureau explain the additional $180 per month? Same tactics by the Insurance Bureau as by the Gun Lobby in America. It is sad that our government buys into it completely.

We used to pay $120 per month (new driver in USA/California) for a comprehensive cover on a new car.

Now the higher fraud figure of $236 per year Insurance Bureau of Canada should bump up my insurance rate by about $20 per month. So we should expect to pay about $120 + $20 = $140 per month.

But in Ontario we are paying $320 per month for a 3rd party + theft (no comprehensive cover) on a car with a similar overall safety record. It has been four plus years now in Ontario with no accidents or tickets that affected the insurance rates.

So while the fraud may contribute to up to a $20 per month increase, How does the Insurance Bureau explain the additional $180 per month?

]]> By: Ian http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1027162 Ian Thu, 07 Feb 2013 07:15:49 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1027162 I think the best way to keep a check on insurance rates is for Ontario to operate it's own insurance company right along beside the existing insurance companies and the consumer can buy either government run insurance or private company insurance. This would certainly help keep the insurance companies more honest. I think the best way to keep a check on insurance rates is for Ontario to operate it’s own insurance company right along beside the existing insurance companies and the consumer can buy either government run insurance or private company insurance. This would certainly help keep the insurance companies more honest.

]]> By: Vic Bartram http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1025459 Vic Bartram Thu, 07 Feb 2013 01:06:17 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1025459 The insurance industry is getting away with price gouging plain and simply put. It's mandated by law, and they can charge what they desire. The government fails to intervene due to the ones who actual hold the power, which are the same people who own the various insurance companies, or have a vested interest in them. The entire industry needs to be overhauled and revamped, if not, we are just seeing the beginning of how some of the country's 'big brothers" become even richer at our expense. Enough is enough. The time has arrived for these buffoons to stay out of politics and our wallets. The insurance industry is getting away with price gouging plain and simply put. It’s mandated by law, and they can charge what they desire. The government fails to intervene due to the ones who actual hold the power, which are the same people who own the various insurance companies, or have a vested interest in them. The entire industry needs to be overhauled and revamped, if not, we are just seeing the beginning of how some of the country’s ‘big brothers” become even richer at our expense. Enough is enough. The time has arrived for these buffoons to stay out of politics and our wallets.

]]> By: Marie http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1025415 Marie Thu, 07 Feb 2013 00:52:30 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1025415 So as an honest policyholder, I have to pay more money for lesser benefits because someone else is dishonest? Does that seem right?? So as an honest policyholder, I have to pay more money for lesser benefits because someone else is dishonest? Does that seem right??

]]> By: Geoff http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1025408 Geoff Thu, 07 Feb 2013 00:49:35 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1025408 The Insurance industry in this province are, collectively, nothing but thieves and liars. I simply can not believe that their claims of wide scale fraud are the reason for our high rates. If they were simply charging what they must to covers costs, then why is their profit so obscenely high? They are parasites who exist to prey on us all. I would like to see a combination of private insurance, and a bare-bones, public program to cover those of us who are being beggared by these criminals (not the fraudsters, but the agencies) The Insurance industry in this province are, collectively, nothing but thieves and liars. I simply can not believe that their claims of wide scale fraud are the reason for our high rates. If they were simply charging what they must to covers costs, then why is their profit so obscenely high? They are parasites who exist to prey on us all. I would like to see a combination of private insurance, and a bare-bones, public program to cover those of us who are being beggared by these criminals (not the fraudsters, but the agencies)

]]> By: Ted http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1025277 Ted Thu, 07 Feb 2013 00:10:14 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1025277 Mark, Quebec insurance is partly government-operated. We can thank Ms Horwath's predecessor as NDP leader, Bob Rae, for a climbdown on a commitment to public auto insurance in Ontario. That having been said, Ms Wynne's lack of visible ties to the organized crime wing of the Liberal Party means she is well placed actually to crack down on insurance fraud. At least it's a start. But I've lived in both Quebec and Saskatchewan as well as Ontario, and this province's stratospheric insurance rates are the main reason I no longer own a car. I'll pay a fair price for fair protection, but I won't pay the mob. Mark, Quebec insurance is partly government-operated. We can thank Ms Horwath’s predecessor as NDP leader, Bob Rae, for a climbdown on a commitment to public auto insurance in Ontario. That having been said, Ms Wynne’s lack of visible ties to the organized crime wing of the Liberal Party means she is well placed actually to crack down on insurance fraud. At least it’s a start. But I’ve lived in both Quebec and Saskatchewan as well as Ontario, and this province’s stratospheric insurance rates are the main reason I no longer own a car. I’ll pay a fair price for fair protection, but I won’t pay the mob.

]]> By: Max Driver http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1025275 Max Driver Thu, 07 Feb 2013 00:09:56 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1025275 So why then is there forgiveness for accidents while accident free drivers have their rates raised? Wouldn't it make more sense to raise the rates of those who make claims while those who are accident free are given special reduced rates for their safe driving score? Seems to me that there is an incentive to make fraudulent claims rather than work hard to keep a perfectly clean driving record. Perhaps the fraud isn't as much on the road as it is in the premium. So why then is there forgiveness for accidents while accident free drivers have their rates raised? Wouldn’t it make more sense to raise the rates of those who make claims while those who are accident free are given special reduced rates for their safe driving score? Seems to me that there is an incentive to make fraudulent claims rather than work hard to keep a perfectly clean driving record. Perhaps the fraud isn’t as much on the road as it is in the premium.

]]> By: ed http://www.wheels.ca/news/reducing-auto-insurance-fraud-is-best-way-to-cut-rates-for-drivers-wynne-says/#comment-1025199 ed Wed, 06 Feb 2013 23:55:15 +0000 http://ec2-107-20-15-173.compute-1.amazonaws.com/?post_type=news&p=35640#comment-1025199 why don't people get as upset at the banks? 1 of the big 5 banks makes as much in 1 year as the entire insurance industry combined? I have been informed by my bank that if i want a paper bank statement i need to pay an extra $2.00 per month. Why doesn't the NDP go after the credit card companies charging 19% interest when we are lucky to get 1% interest on our savings account? why don’t people get as upset at the banks? 1 of the big 5 banks makes as much in 1 year as the entire insurance industry combined? I have been informed by my bank that if i want a paper bank statement i need to pay an extra $2.00 per month. Why doesn’t the NDP go after the credit card companies charging 19% interest when we are lucky to get 1% interest on our savings account?

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