Insurance increased over 400%?


(Ontario, Canada)

Hi Everyone,


I feel like I am being taken. My husband and I have been with our insurance company for over 10 years- all of which have been FREE of at fault accidents. We each currently have a ticket on our record from 2009. This past December, my new car was backed into and it was put through insurance- the person stayed and it was covered through their policy. In January of this year, my husband made his first at fault claim when he slipped off the road into a ditch- the claim was worth $3000. I received a call last week from my insurance agent to inform us that my husbands car insurance would be increased from $110 a month to over $500 a month. That is an increase of over $400 on a 2003 Saturn Ion. I don't understand- I have heard of increases of 20-40% after a claim, but not 400%? I know we have tickets, but they are from 2 years ago- shouldn't we have experienced an increase from those last year when we renewed our policy?
HELP!

Rate Increase Of $400/month After Claim


Hi there,
This one hurts.

The second claim is considered at fault and an at fault accident brings your driving record down to the equivalent of 0 years of experience (unless you have some form of accident forgiveness or driving record protection).

The tickets on top of an at fault accident makes it even worse. Your agent/broker is likely switching you to a high risk carrier.

Sorry, the best you can do is ask lots of questions (ie don't you have Accident Forgiveness) and shop around if your agent/broker won't do anything.

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

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