Poll of the Day > Woke up to my car being dinged, no note to even apologize

(+) Yeah! (+)

InfestedAdam posted...

That sounds extremely generous, practically too generous. Which company is this?

SGI, which is provincially owned government insurance. They're a break even government body, so they need to worry about profits to some extent, but they have no shareholders to appease so they don't need to worry as much about it. They are also the only auto insurer in the province, so they have a monopoly here.

Amusingly, when I lived in Lloydminster (which is on the Saskatchewan/Alberta border), you had a choice of going through SGI, or going through private insurance in Alberta. If you were under 25, SGI was significantly cheaper, but as you got older (assuming your driving record was good), the private insurance would eventually get cheaper.

As for whether it's "too generous", I would imagine they probably make money on it. They only write off a vehicle if the damage outweighs the cost of fixing it (or if the car is simply unfixable). So I would imagine they don't actually pay it out all that often.

But then again, my last car got written off when someone t-boned me, so anything can happen.
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InfestedAdam posted...

Now I am actually confused. What is the $15 per month for? Your actual auto insurance or your gap insurance?

Gap insurance. Actual auto insurance is like 85. 100 combined, Then tax to bring it up to around 110 a month total.
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Dynalo posted...

InfestedAdam posted...

Now I am actually confused. What is the $15 per month for? Your actual auto insurance or your gap insurance?

Gap insurance. Actual auto insurance is like 85. 100 combined, Then tax to bring it up to around 110 a month total.

That makes a lot more sense now, thank you for the clarification. $15 a month for the coverage you described was just baffling but $85 sounds a lot more reasonable.

EDIT: I need to stop skimming. Went back to read what you posted earlier and now see where you mentioned $110 a month with $200 deductible.
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$15/month for any insurance seems like a good way for a company to go bankrupt <_<
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mastermix3000 posted...

Lokarin posted...

Ya, that's what insurance is for. If insurance didn't cover it - then insurance is a scam and the entire system goes down, mass hysteria!

Heres the kicker, my rate will go up even though I didnt do anything lol. Already paying $420 with a clean record (car is financed so needed full comprehensive coverage)

Gotta love the bean. Seriously cant wait to move out of here, people drive like idiots; youd think this was an exclusive trait for people in the East Coast

You don't always need 'full coverage' on a vehicle loan. Look into the terms on your loan. Insurance companies will argue you do need it, but it is rarely not a condition of the loan itself.
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MaverickXeo posted...

You don't always need 'full coverage' on a vehicle loan. Look into the terms on your loan. Insurance companies will argue you do need it, but it is rarely not a condition of the loan itself.

I looked at the loan note; full coverage is required. Pretty sure insurance companies won't argue that it's needed but will assume it is, not sure where they argue that
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