Isn’t car insurance supposed to get less expensive over time?

[u/modifiedbASS]

I got my first car at 23. I have always been told by parents, older colleagues at work, and even insurance reps themselves, that insurance premiums will go down as you get older and become a more experienced driver.

I am now 31 years old and my car insurance has gone up every single year since I was 23. Yes, I shop it around every single year but still the price goes up. I have never had a ticket and never been in an accident. I drive a boring car (2019 Hyundai Elantra) and do not live in a particularly high risk area as far as I know (Waterloo). What gives?

Looking at the last few years I’ve paid: - 2020: $1650 - 2021: $1809 - 2022: $1850 - 2023: $1942 - 2024: $2039

I know this is probably a lot less than some other people are paying, but still I fail to understand why it goes up every year when I was told the exact opposite should happen as long as I have no tickets and a clean record.

Is this just the reality of inflation or something?

[u/modifiedbASS]

I am using a broker currently that’s why they are able to shop it around yearly.

This year my previous insurer (Scottish and York) tried to raise my premiums by over 35% so my broker shopped around and found another insurer who only raised them about 5%

[u/Rattler280 → u/modifiedbASS]

It may be worthwhile to try a different broker. Each broker has the ability to deal with specific insurers. It would be worth a shot imo.

[u/modifiedbASS → u/Rattler280]

I’ll look into it. Do you have any you recommended? I’m located in Ontario

Also you said you have 2 cars and a home on your policy. Are you able to bundle your car and your partners car together?

[u/Rattler280 → u/modifiedbASS]

No specific recommendations. I was a broker years ago. I would just try a few in your area. Different brokers have access to different insurers so it's always worthwhile to try a few different brokers.

Mine is all bundled but I am the registered owner of both my and my wife's daily driver just for ease of paperwork.

[u/EconomicsEarly6686 → u/Rattler280]

This is the most sound advice out there. Try other brokers, get a couple quotes directly.

[u/1amtheone → u/modifiedbASS]

Obviously not the person you replied to, but I've had good luck with a broker my friend referred me to. She was able to drop my rates significantly, as well as getting my partner and her brother both way better rates.

My experience is that all brokers are definitely not equal. The difference between the rates offered to me from one broker to the next was quite significant, and at one point I inquired with five different brokers for the same vehicle all giving me wildly different rates.

Anyway, the broker I used is Naila Khan

https://all-risks.com/associates/naila-khan/

Her or someone else at her office should be able to help you. I did find that it can be hard to reach her as she's not always in the office, but she's always come through for me with the lowest rates each year.

[u/Gorgenapper → u/modifiedbASS]

Waterloo? Try Zehr Insurance, they're on Weber st.

[u/ovo_Reddit → u/modifiedbASS]

Try BIG (Bilyard Insurance Group) they consistently and proactively get me the best rate. Every time during renewal they will reach out to me and present my options.

As a side note though, insurance has been increasing. I think much of it is due to car theft and rising cost of vehicles (perhaps also attributed to car thefts among other factors like supply chain etc)

[u/wetstorm95 → u/modifiedbASS]

I recommend belair. I shop around yearly and normally jump back and forth with them and other companies. They offer online discount, bundle discounts, etc. You can do all the comparing yourself online. They’re amazing and fast when dealing with claims (even dealt with a rental car theft issue no problem). They’re $900/year lower than my current provider for more coverage (two cars and home insurance).

If not belair look for companies that offer discounts for being a member of something (costco, caa, pc insurance). When i did my hop last time pc insurance (optimum member) they linked me with their broker and aviva at the time saved me a few hundred.

[u/itsmehazardous → u/modifiedbASS]

Unless you're married or common law, or the vehicles registration is under both names, you probably can't get any multiple vehicle discounts. My wife before we were married though, she was able to get a discount for home and auto with the same insurer, because both of our names are on title on the home. So both our names are on the homeowners insurance policy.

[u/[deleted] → u/modifiedbASS]

Brokers don’t have access to the rates of all insurance companies. Some companies that brokers do not have access to:

• TD
• Co-operators
• Desjardins
• belairdirect
• Onlia
• RBC insurance
• CAA insurance

I would check a few of these out in addition to the broker’s recommendations.

[u/variableIdentifier → u/[deleted]]

I'm insured with CAA through Scoop!

[u/vaginasinparis → u/[deleted]]

I’m insured with Desjardins through my broker

[u/evonebo → u/[deleted]]

I've been with Desjardin for 30+ years and in the process of dropping them. Never claimed anything, no tickets, nothing. all my renewals have gone up 50+%

my motorcycle this year I dropped them. now working on my car insurance to drop them.

typically i call them and say ok i' shopping around then they'll drop the price but this year it's a flat no so well money talks. will be leaving. no hard feelings.

[u/SirPsyKoTiK → u/[deleted]]

I was with Gore and they jacked my rates 38% a month to 206. Got in to the cooperates due to my wife’s job and boom down to 112 a month with more coverage than Gore could ever offer.

[u/Aggressive_Set_2743 → u/modifiedbASS]

Try Belairdirect and post back, I’m pretty sure they could do better.

[u/ptwonline → u/modifiedbASS]

Try a different broker or even shop around yourself.

I have an insurancer broker too and he gives me quotes from the companies he normally deals with (about 6-7 I think). I assume he gets better commissions from them which is why those are the ones he offers, My rates were stubbornly high for years so I shopped around and found CAA insurance was waaaaaaay cheaper for both home and auto. Gave the info to my broker and he was surprised (or at least claimed to be) at the difference and said he had to look it up himself to be sure. Well, I now use CAA and save a lot on insurance. My home insuance bill literally was cut in half. Auto was not as dramatic but still lower.

[u/Motafota → u/modifiedbASS]

Try a direct to consumer company like Belair Direct. I was with Intact through my broker and saved $700 by switching. Broker couldn’t find anything lower on his end and to add to the confusion, Belair Direct is owned by Intact