# Lounge > Real Estate / Finance >  Alberta Auto Insurance change - DCPD

## ExtraSlow

Legislative change to Alberta Auto Insurance? 
Sounds like it's good for people who drive shitty cars, am I reading this right? Must be bad for people driving nice cars then? 



> The new coverage, known as direct compensation for property damage (DCPD), is legislated in Bill 41, the Insurance Amendment Act , which passed into law almost a year ago.



https://calgaryherald.com/news/local...4-c6e1a4d9c6b5

Beyond insurance experts, what say you?

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## jwslam

What my broker sent

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## ExtraSlow

Neat examples. Seems that anyone driving a newer car also has at-fault accidents, which kinda hides the actual mechanism here.

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## Masked Bandit

The whole thing is supposed to be rate neutral but I've heard that song before. This change is notable to someone working in the claims department of an insurance company but that's about it. Most people shouldn't notice much of anything other than the normal 25% - 30% year over year increases...lol...JK...sort of.

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## ExtraSlow

Tough time to be rich, amirite?

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## firebane

> The whole thing is supposed to be rate neutral but I've heard that song before. This change is notable to someone working in the claims department of an insurance company but that's about it. Most people shouldn't notice much of anything other than the normal 25% - 30% year over year increases...lol...JK...sort of.



God I hope not.. Insurance rates keep going up for me as it is with no issues on my record at all. I think 2 years ago I saw a 20-35% increase as it was..

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## Masked Bandit

> God I hope not.. Insurance rates keep going up for me as it is with no issues on my record at all. I think 2 years ago I saw a 20-35% increase as it was..



I'M HOPING...we've seen the end of goofy increases but nothing would surprise me at this point. My best guess is 5% - 10% for 2022.

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## jwslam

Have you been seeing increased cases of people getting hit by uninsured drivers?
Due to more unemployment / increased premiums etc.

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## prae

> I'M HOPING...we've seen the end of goofy increases but nothing would surprise me at this point. My best guess is 5% - 10% for 2022.



I'm not so sure about that. My former provider called me three days after I renewed and paid in full to demand a 20% rate increase for my renewal. They're not my provider any more.

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## killramos

lol @ legislating how insurance companies determine premiums.

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## ExtraSlow

Canada has a very heavily regulated insurance market. Know where insurance is cheap. New Zealand, where its optional.

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## Pauly Boy

> Have you been seeing increased cases of people getting hit by uninsured drivers?
> Due to more unemployment / increased premiums etc.



I'd be curious to know this too. I know one of our contract staff rolling dirty like this, lol.

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## SKR

> I'M HOPING...we've seen the end of goofy increases but nothing would surprise me at this point. My best guess is 5% - 10% for 2022.



I told you, comrade. Capitalism is over. Move back to Mother Saskatchewan.

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## Masked Bandit

> Have you been seeing increased cases of people getting hit by uninsured drivers?
> Due to more unemployment / increased premiums etc.



Honestly, no. I would have really thought that would be the case when everything went to shit last year but it just never materialized.

- - - Updated - - -




> I told you, comrade. Capitalism is over. Move back to Mother Saskatchewan.



Just need one more dirty capitalist paycheque  :Wink: 

Or a few dozen?

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## ExtraSlow

I used to dream about retiring rich, but realized that's stupid, so now every time I lok at ym retirement planning, I slide the date closer by a year or two. Socialism works great for people who don't work.

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## Xtrema

You what this tell me is that I should go out and search for $5K beaters going forward, like Rage's Sentra  :Big Grin:

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## ExtraSlow

> You what this tell me is that I should go out and search for $5K beaters going forward, like Rage's Sentra



Beyond civic going to be a 90's civic again.

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## jwslam

> You what this tell me is that I should go out and search for $5K beaters going forward, like Rage's Sentra



His Sentra580 or his Civic63 are both suitable options for me at a $5k pricetag.

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## rage2

My Sentra worth 5k? Sweet.

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## SKR

> I used to dream about retiring rich, but realized that's stupid, so now every time I lok at ym retirement planning, I slide the date closer by a year or two. Socialism works great for people who don't work.



I'm just going to spend my money until I run out and then shoot myself in the dick and face. I don't know if that's capitalist or communist though.

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## Tik-Tok

> I'm just going to spend my money until I run out and then shoot myself in the dick and face. I don't know if that's capitalist or communist though.



My retirement plan.

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## 16hypen3sp

Anyone ever deal with an "insuranceonfile.com" before? I got an automated call from them asking to upload my insurance documents for a leased vehicle. Google search took me to a Redflag thread with one person saying it's legit and another saying it's a scam.

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## ExtraSlow

The list of reasons I would upload my insurance paperwork is incredibly short. I am not going to do any research to say i'd ignore that call.

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## killramos

How could that be anything but a scam.

I’m starting to get an idea as to how you get into those identity theft problems lol

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## Tik-Tok

Reminds me of a news article I read yesterday where some dummy invested over $100g into cryptocurrency on a website they found through Facebook called legaltrading.com

Much like Mario's "lottery", if you fall for this shit, you deserve it.

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## suntan

The real site is legittrading.com

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## 16hypen3sp

> How could that be anything but a scam.
> 
> I’m starting to get an idea as to how you get into those identity theft problems lol



They called on behalf of Hyundai Capital Canada, that's who my Genesis is leased from. It's also been exactly one year since I had to provide my insurance for the car to Genesis Canada. So, pretty coincidental if they just called a random person and got the info correct in the call. 

I just want to tell them to fuck off.

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## suntan

I would tell them to fuck off, and also that what they're asking for sounds like a scam.

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## 16hypen3sp

Looks like it's legit, Honda.ca and Nissan.ca both reference the website. Can't find it yet on Hyundai Capital Canada website.

https://www.nissancanadafinance.ca/n...ontactus&ln=en

https://www.honda.ca/lease-and-finance/faqs/insurance

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## ExtraSlow

Leasing is also a scam....

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## Tik-Tok

.

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## ExtraSlow

> .



Qft

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## A2VR6

Call Hyundai and ask?

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## Tik-Tok

> Qft



Don't quote me on this.

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## 16hypen3sp

Confirmed legit with Genesis Finance. They want the info. They use a third party so they don't have to track it themselves/track down people. Oh well.

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## 16hypen3sp

Insurance rates are back in the news ruffling some feathers due to ICBC study from EY LLP. May be biased but who gives a shit about that in a post-Covid world.

Article is about Red Deer rates. Link at bottom is to study that included Edmonton/Calgary. 

https://www.reddeeradvocate.com/news...canada-report/

https://www.icbc.com/about-icbc/comp...s-Oct-2022.pdf

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## Inzane

wow, those Sask and Manitoba rates...

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## ExtraSlow

Are they really called "Red Deerians"? That's the real shocking part of this.

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## rage2

Every time I see studies and articles like this, I feel my rates are lower than what they found. My closest comparison is profile 15 and my rates are 35% lower. That’s with a speeding conviction and a hail claim (now sure how that counts as at fault or not).

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## 16hypen3sp

> Are they really called "Red Deerians"? That's the real shocking part of this.



Haha, lots of people are blown away by that when they first find out. Does Red Deerite sound better?

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## ExtraSlow

Black Faldian sounds best. Amirite?

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## pheoxs

Is insurance for a 18 year old really 6k a year? That seems insane. 3-4 sure, but 6k is nuts.

Seems across the board AB is getting screwed. Seems to be reoccurring lately, our utilities are much higher than other provinces, insurance is higher. The 'cheaper to live here' is very quickly expiring.

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## mr2mike

I have trouble believing this because how are "new to Canada" driver's affording to drive given their ability vs income? 

I can pick them out of a deerfoot tr straightaway.

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## ExtraSlow

I paid $3500/yr when I was 18. $6000 today is not even keeping up with inflation. Should be over nine grand

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## killramos

Thats because those other provinces just roll those costs back into taxes with garbage government organizations that bleed cash needing to be bailed out month to month.

If you think other provinces are actually doing it any cheaper then I have a bridge to sell you.

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## suntan

So basically good drivers subsidize bad drivers in BC.

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## ExtraSlow

> So basically good drivers subsidize bad drivers in BC.



Everywhere my friend

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## rage2

> Is insurance for a 18 year old really 6k a year? That seems insane. 3-4 sure, but 6k is nuts.
> 
> Seems across the board AB is getting screwed. Seems to be reoccurring lately, our utilities are much higher than other provinces, insurance is higher. The 'cheaper to live here' is very quickly expiring.



When I was 18, I drove a 944 Turbo. I paid $10k/year in the 90's for full coverage. PLPD alone was still $6k on that car. It's actually way cheaper now. I'm going to assume those are full coverage rates. I've been looking at rates for our 15 year old for next year, and it's closer to the 3-4k range for PLPD on his own vehicle. That's the grid system that ended the unaffordable insurance for teens thing 20 years ago. You have to be a drug dealer to afford full coverage.

My rates are closer to Ontario in the report. That said, shit's getting more expensive here, but if you think inflation isn't hitting other provinces, well, you haven't been to other provinces. It's still way the fuck cheaper to live here, but you can focus on a few things (utilities, insurance) where there's a lot of other factors that affect pricing that can make you THINK the cheaper to live here gap is closing.

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## Tik-Tok

> . Does Red Deerite sound better?



Red Deadite

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## 4WARNED

i can vouch . 18 year old daughter....$4800 a year. 07 FJ
and i've got two more 16 year olds starting to drive in January... 08 Wrangler

fleet dispersion sale incoming....gulp.

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## Inzane

> When I was 18, I drove a 944 Turbo. I paid $10k/year in the 90's for full coverage.



That must've felt like a lot of car for an 18 year old back then.

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## mr2mike

Here's the comparison report by Ernst & Young

https://www.icbc.com/about-icbc/comp...s-Oct-2022.pdf

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## ThePenIsMightier

> Black Faldian sounds best. Amirite?



JoffreTard

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## killramos

Accountants publishing reports that are complementary to their clients interests?

Color me surprised.

On the next episode, we discuss the ratio of companies in a banks coverage universe with buy ratings.

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## max_boost

> When I was 18, I drove a 944 Turbo. I paid $10k/year in the 90's for full coverage. PLPD alone was still $6k on that car. It's actually way cheaper now. I'm going to assume those are full coverage rates. I've been looking at rates for our 15 year old for next year, and it's closer to the 3-4k range for PLPD on his own vehicle. That's the grid system that ended the unaffordable insurance for teens thing 20 years ago. You have to be a drug dealer to afford full coverage.
> 
> My rates are closer to Ontario in the report. That said, shit's getting more expensive here, but if you think inflation isn't hitting other provinces, well, you haven't been to other provinces. It's still way the fuck cheaper to live here, but you can focus on a few things (utilities, insurance) where there's a lot of other factors that affect pricing that can make you THINK the cheaper to live here gap is closing.



I just feel poor boss. I think my peak was 2006 and it has been downhill since lol

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## ThePenIsMightier

Accountants... Half the time they get out of that helicopter, it's to point at stuff. The other half the time, it's to write a biased report.

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## mr2mike

> I just feel poor boss. I think my peak was 2006 and it has been downhill since lol



2014 was my peak. Salary has downgraded ever since.

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## schurchill39

When I was 19 I was $5k to renew PLPD on my 1999 GMC Sierra regular cab long box 2WD in Alberta or switch my license over to Saskatchewan for $1300/year for full coverage and a reduced deductible package. Even with the OOP inspection I was way further ahead. I still remember going into Cherry Insurance in Saskatoon and the lady feeling bad about telling me it would be "high at $1100/year and that was without a package policy".

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## ExtraSlow

> 2014 was my peak. Salary has downgraded ever since.



2014 for sure was my highest taxable income year.

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## thetransporter

"As of Jan. 1, drivers will claim vehicle damage for which they are not responsible through their own insurance companies rather than the insurers of the drivers at fault."

for example, if you had a car parked on their drive way not insured. someone backed into it. the at fault guy provided insurance. the offending insuring company pays. 

so what does this mean now ? 

so if Driver A hits Driver B or Property B. Insurance company "A" tells object "B" we are not responsible contact your insurance company?

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## ExtraSlow

Storage/parking/comprehensive insurance is going to go up in this case.

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## 16hypen3sp

> JoffreTard



I was a JoffreTard for the first year of my life. Obviously don't remember it but man is that place rough. Still dodged a bullet tho.... could have been Fox Creekian.

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## Tik-Tok

If your vehicle is uninsured, but parked on private property, does house insurance not cover it?

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## killramos

> If your vehicle is uninsured, but parked on private property, does house insurance not cover it?



Almost guaranteed that’s excluded

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## ExtraSlow

Yeah, your house insurance specifically excludes vehicles unless they are added as a separate "stated value" item, or it did last time I read my own policy. RV Trailer are a little different, depending on a number of factors, but if it has an engine, get its own insurance.

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## killramos

I knew I should insure my lawn mower

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## suntan

> I knew I should insure my lawn mower



He can get his own life insurance.

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## BokCh0y

> Yeah, your house insurance specifically excludes vehicles unless they are added as a separate "stated value" item, or it did last time I read my own policy. RV Trailer are a little different, depending on a number of factors, but if it has an engine, get its own insurance.



Yep. I had to specifically purchase park insurance for my cars that aren't being driven in the winter; home insurance doesn't cover the cars even though they're sitting in the garage.

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## ExtraSlow

Luckily "parking" insurance is actually quite cheap.

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## BokCh0y

> Luckily "parking" insurance is actually quite cheap.



Yep super cheap but still added cost unfortunately.

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## mr2mike

> Yep. I had to specifically purchase park insurance for my cars that aren't being driven in the winter; home insurance doesn't cover the cars even though they're sitting in the garage.



Yes. Home insurance just covers parts not on the vehicle but you probably need a specific clause for your Borg Warner kit.

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## littledan

Just fully disassemble your uninsured vehicle when parking it. win win.

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## suntan

What if the car is on blocks?

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## firebane

> I have trouble believing this because how are "new to Canada" driver's affording to drive given their ability vs income? 
> 
> I can pick them out of a deerfoot tr straightaway.



You assume they have either valid insurance or a valid license.

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## BokCh0y

> Yes. Home insurance just covers parts not on the vehicle but you probably need a specific clause for your Borg Warner kit.



Oh that's good cuz i bought that aw11 parts car for sale here a month ago, and it came with like half a car extra in parts haha.

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## Masked Bandit

> If your vehicle is uninsured, but parked on private property, does house insurance not cover it?



Not in a million years.

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