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Nick Dasko bought his first car when he was 22 – a seven-year-old Mazda Protege that cost him $10,000.
For young men like Dasko in the 16-to-24 age group, the hit is the worst – classified by the industry as high risk, they are charged stratospheric rates.
In Toronto, the bill would range from $4,239 to $9,270  – an increase of 664 per cent.The obvious question – why?While it costs more to cover claims in Ontario (the province is plagued by insurance fraud) private insurers claim that the actuarial evidence used to rate drivers shows that males under 25 have the worst statistical record as a group. Consequently, individuals in the 16-to-24 group pay more, even if they’ve never been involved in an accident or received a ticket for a traffic violation. Essentially, young men are deemed guilty until proven innocent – at age 25.“You are being prejudged,” says Dasko.
Auto insurance is much less expensive for a 20-year-old full-time student in Winnipeg driving the same car as his counterparts in Toronto, Montreal and Calgary.The private insurance industry defends the actuarial approach. In Ontario, young drivers pay rates that reflect their actual risk.”Statistics show that young drivers do cause a disproportionate amount of damage.


Drivers aged 16 to 24 represent 13 per cent of the driving population, but account for 24 per cent of fatalities and 26 per cent of serious injuries. The costs reflect those risks.”Contrary to the public system, in Ontario, Alberta and other provinces, every driver must help bear layers of extra costs. Ontario’s industry is made up of more than 100 private companies that are overseen by a government agency called the Financial Services Commission of Ontario. The Consumers Association of Canada (CAC) deems private auto insurance to be one of the biggest rip-offs that Canadians face.
After studying the industry for years, CAC concluded that a properly run public insurance system was the best choice, but found itself locked into a debilitating public relations battle with the private industry.“There are some things that should be run by private industry,” says CAC president Bruce Cran. So we all pay, whether we have a car or not.”The CAC’s investigation of the insurance industry yielded interesting insights into the way it operates, and why costs are so high. In 2004, for example, CAC learned that private insurers had paid $290-million in secret commissions to insurance brokers who steered business their way.


This practice had a direct impact on consumers – instead of hunting for the best price for their customers, brokers sold the policy that offered them the highest commission.A public auto insurance system can offer fundamental business advantages. Public insurance plans can also control costs more effectively – body shops, medical clinics and towing companies must comply with rates set by the public plan, which wields monopoly power over suppliers. The site harvests quotes from different companies, but those companies do not necessarily quote for all cities; the Canadian Automobile Association does not sell service in Montreal.



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05.01.2016 admin



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