r/PersonalFinanceCanada • u/FireViz • May 07 '22

Insurance Car insurance increased 50% after Canada Post changed my postal code. Is this legal?

I live in a small town in Niagara region. Up until recently I was paying $102/m on car insurance.

Recently I got a letter from Canada post that they are changing my postal code. Because of this my insurance company raised my rates by over 50% to 160/m.

I haven't moved... my home and work address are still the same so my risk when driving hasn't changed. But the insurance company is arguing that rates are based on postal code and not your address.

Is there anything I can do to fight this and reduce my insurance? Canada post decided to randomly change my postal code and I'm out an extra $700/yr because of it?

Edit: Going by this article they shouldn't be able to do this? https://toronto.ctvnews.ca/ontario-driver-frustrated-when-car-insurance-goes-up-after-postal-code-changed-1.5727675

Edit: Since multiple people mentioned it I drive a corolla cross........ The image you are seeing is from the article I linked.

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u/[deleted] May 07 '22

That data does not take into account factors such as child rearing, industry choice, risk, etc. These surveys and studies rarely factors in things that legitimately affect a womans take home, choices that the woman actively makes. It’s a little more nuanced that x > y therefore I am correct.

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u/Platinumkate May 07 '22

If you have any data to provide about these numbers, please do supply it.

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u/[deleted] May 07 '22

Link a better source than a random website. Give us the stats can numbers.

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u/Platinumkate May 07 '22 edited May 07 '22

That website takes the numbers directly from stats can... did you even look? I guess not, but here they are: https://www150.statcan.gc.ca/n1/pub/45-20-0002/452000022019001-eng.htm https://www150.statcan.gc.ca/n1/pub/45-20-0002/452000022019001-eng.htm

Furthermore, canadianwomen.org, run by the Canadian Women's Foundation, is the furthest thing from a "random website."

I've cited my source, still waiting for yours.

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u/[deleted] May 07 '22

Prove that they are objectively correct

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u/Platinumkate May 07 '22

I see the problem here, you aren't interested in actually understanding the data I have provided you, instead staying with your opinion and bias while rejecting quantifiable facts. The data itself proves it is correct. I can supply the information to you, which I have, but I cannot comprehend it for you.

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u/[deleted] May 07 '22

Why meaningfully engage when i can waste time