question on ONTARIO "fire and theft insurance"

[marcus]

my insurance company just told me if i insure another vehicle and not use the yaris i still need to pay over $100 just for fire and theft..and was told its not good to stop insurance... but really im keeping the insurance just insuring a different vehicle just for winter...i dont get why i need to pay or ever put an insurance on a car i dont use. and its fully paid by the way,

[WeeYari]

$100/month, or for total duration of the winter?

Did you check what the multi-vehicle discount would be by keeping minimum insurance on the Yaris? Chances are that the discount you'd receive would more than offset the cost of keeping minimum insurance on the Yaris.

You're dropping Collision and Liability coverages, the components of insurance that are required when the vehicle is in use. The insurance company is asking you to keep in place the component that covers you when the vehicle is not in use.

[marcus]

they said thats over $100 per month.. i cant do multi since the wife still got g2 and its gonna cost me alot..trying to insure the 2nd vehicle till she gets her g licence this summer..and park the yaris for 6 months..


$100/month, or for total duration of the winter?

Did you check what the multi-vehicle discount would be by keeping minimum insurance on the Yaris? Chances are that the discount you'd receive would more than offset the cost of keeping minimum insurance on the Yaris.

You're dropping Collision and Liability coverages, the components of insurance that are required when the vehicle is in use. The insurance company is asking you to keep in place the component that covers you when the vehicle is not in use.

[Bluevitz-rs]

Holy Geez!! I pay $6/month to keep fire/theft on my old '85 honda. The reason you want to keep the insurance on it is for the sake of building up your time insured with the company and eventually get a time based discount. If you plan on changing every year then it won't make any difference and you could save a hell of a lot of money.

[MUSKOKA800]

That's crazy! It's got to be a mis-quote.
I pay about that much for full, in use coverage albeit not a Toronto address.

[marcus]

well apparently its not a misquote.. coz my brother in law just stocked his sti for winter and he is paying about $120 cnd per month just for fire and theft he was expecting $20 per month...

[yaris2010RS]

I'd look for a different company.....

[jayeh]

well apparently its not a misquote.. coz my brother in law just stocked his sti for winter and he is paying about $120 cnd per month just for fire and theft he was expecting $20 per month...

I'm afraid to ask what the regular rate is!

[marcus]

I'm afraid to ask what the regular rate is!

full coverage is only $210 ... its just ridiculous to pay $120 just for fire and theft...

[jayeh]

full coverage is only $210 ... its just ridiculous to pay $120 just for fire and theft...

Damn. I pay $120 a month in Ottawa.

[Viperoni]

The Brampton, Mississauga and Toronto area have some of the highest insurance rates in North America.

Generally you'd want to keep fire and theft on the car, but if it's really not worth much, I'd take it off. You should not have any lapses in your coverage because your primary car will still have coverage on it.

[SKurj]

I am currently shopping for insurance as I am about to add a second car and relegate the Yaris to winters only. I was told the same by all of the companies I have so far contacted that fire and theft only isn't even an option anymore.
Now I am getting full coverage on both cars but storing each for 6 months of the year. While the car is in storage it will still have all of the coverage with the exception of accident benefits deduction of some sort. Basically I was told when I pull the car out of storage I would get a refund based on how many days in storage. For the Yaris it works out to something like $550 refund (would just be applied to my remaining payments)

I was quoted $2900 for 2 cars full coverage for the year, and after the refunds it would work out to not much more than I pay now for one car. ($165/month)

I am also in the GTA.

[Viperoni]

I pay $2100 a year for the Echo... full coverage, clean record, with multi car & multi policy discounts as well. It's brutal out here.

[SKurj]

I should add.. I am over 40

I did have a bad run 10 yrs ago with the only 2 at fault accidents I have ever had, happened to occur within 3 yrs.. I was paying 3500$ a yr basic coverage for a 10 yr old corolla that i paid $2800 for..

My insurance is only just starting to get reasonable. Prior to those accidents I was looking at less than $100/month.

[johnny_vitz]

I pay $9 per month for my 05' Echo's fire/theft, and thats in one of the worst postal codes in Hamilton...rates here are very high.

[thebarber]

I'm with TD meloche and they recently changed their insurance. When I have the vibe GT insured alone, I pay $1200year. When I had the yaris on f&t and the vibe GT full coverage I paid about $1000/ye. Now I need to put basic insurance on a second vehicle even if its parked. I guess there was some fraud happening around people who go to Florida for the winter (or similar) and coking back to a damaged car

I forget what the broker on the phone said, exactly, but you had to pay min coverage to drive it even parked and they'd reimburse you when you get it back on the road.

Its all a scam. Try parking it and.getting it covered under your house insurance...

[marcus]

ill just take the yaris off the road and insure the new used car...im not paying over $100 bucks a month for a car im not using...yaris will be out for a year..*sigh :(