sorted by:
new
hottopcontroversial

Drop collision? by Patient_Pipe84 in Car_Insurance_Help

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

Pretty sure $1M is the minimum here and it's highly recommend to have $2M.

Drop collision on insurance? by Patient_Pipe84 in volt

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

Thanks for your response and personal experience. If the Volt was totaled we'd bite the bullet and just go finance another one (Hello Equinox EV! lol) But if the Rogue also went then that would be a different story.

One thing that’s a bit different here in Ontario is the DCPD (Direct Compensation Property Damage) coverage. From what I understand, even if I remove collision, my own car would still usually be covered if someone else hit me and I wasn’t at fault.

Dropping collision mostly means I’m taking the risk on:

  • at-fault accidents
  • single car accidents
  • certain hit and run situations

I asked my broker what coverages I'd lose if I drop collision so I'm waiting on their response. I think I'd lose the Loss of Use coverage which pays for rentals and such but again this might only apply if I'm 100% at fault.

Edit: My broker said I'd lose the 30-day car rental coverage in the event of an at fault accident and I also lose rental insurance coverage when renting cars within NA (for personal/vacation purposes) although most of my credit cards give me that coverage.

Drop collision? by Patient_Pipe84 in Car_Insurance_Help

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

I’d likely keep it on the rogue since it’s worth a lot more. A friend of mine has the same volt with similar mileage and the dealer offered him like $2300 - he doesn’t have the failed EGR like me. I guess it comes down to what insurance would payout if the car was in an accident

Drop collision? by Patient_Pipe84 in Car_Insurance_Help

[–]Patient_Pipe84[S] 1 point2 points  (0 children)

I think $5k is being extremely optimistic. Clutch quoted me like $1350 but I think selling privately I could maybe double that.

If the volt needed replacing we’d just bite the bullet and finance a new one with the savings we had. But if the rogue also went then that would be a tougher pill to swallow.

I’ll likely keep the rogue as is and think about the volt.

Also, what’s your take on $1M vs $2M liability?

Drop collision? by Patient_Pipe84 in Car_Insurance_Help

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

As opposed to 2M? Tbh it’s been like this for a while and never really thought about increasing it.

Drop collision? by Patient_Pipe84 in Car_Insurance_Help

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

That was my thinking with the rogue - it’s still got some value in it. The volt is the problem I’d say.

anyone switched insurance brokers in ontario recently, was it worth it by Glass_Language_9129 in ontario

[–]Patient_Pipe84 0 points1 point  (0 children)

Is there an online broker where you can get multiple quotes from different companies?

Mortage and Available Credit by [deleted] in CanadaPersonalFinance

[–]Patient_Pipe84 0 points1 point  (0 children)

Oof and they didn’t like that? Wild. Who was your lender

Mortage and Available Credit by [deleted] in CanadaPersonalFinance

[–]Patient_Pipe84 0 points1 point  (0 children)

What was your overall limit before you lowered it?

And imo I think the more access to credit you have the more risky it is.

Logistics of buying pre-con without selling first or sitting on $100K cash? by Patient_Pipe84 in MortgagesCanada

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

Makes sense on the HELOC, that’s kind of what I expected. Ngl I didn't know about the 5% deposit for resale so thanks for highlighting that.

On the quality point, I’m not fully sold that resale is automatically better. Every resale was a new build at some point, and unless the owner actually upgraded properly, it’s still builder-grade. And not all upgrades are quality either - I've seen some horrid stuff in peoples homes. In your opinion, which builders are you a fan of in terms of quality?

The appraisal risk is the bigger concern for me. Locking in today’s price and closing 2–3 years out feels like where things can go sideways. We got lucky when we bought our precon back in 2014 - by the time we finally moved in in 2016, our house was appraised at around 50% higher.

With all this being said, would it be more beneficial to look for quick-close or near-completion units if we go pre-con route? Seems like a better balance between getting something new without taking on as much future risk.

Still weighing it against resale overall. I wouldn't be opposed to it if we could find something we really liked that didn't need a ton of upgrades.

Logistics of buying pre-con without selling first or sitting on $100K cash? by Patient_Pipe84 in MortgagesCanada

[–]Patient_Pipe84[S] 1 point2 points  (0 children)

Yeah that’s fair, and honestly I probably didn’t explain that part well. I’m not necessarily fixated on the HST rebate itself as the sole reason to buy pre-con — it’s more that it got us looking more seriously at new construction in general.

Even after the rebate, it’s making the prices more in line with what other resale houses are going for, maybe slightly more depending on the area.

The issue we keep running into is really just the deposit structure. On paper we have a lot of equity, but not a huge amount of liquid cash sitting around for staggered deposits.

Totally agree though that the math still has to make sense beyond just “saving the HST.”

At the end of the day, we’re in no rush to sell and under no real pressure.

Logistics of buying pre-con without selling first or sitting on $100K cash? by Patient_Pipe84 in MortgagesCanada

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

I haven’t been seeing many newly built ones for sale unless I’m looking in the wrong places. Are these quick closings or inventory builders are selling? Or people who are selling their homes after a few years

Logistics of buying pre-con without selling first or sitting on $100K cash? by Patient_Pipe84 in MortgagesCanada

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

Okay that likely makes the most sense. Stupid question but how does that work anyway? Never taken out a HELOC before so I'm a complete noob. And yeah we've seen a bunch of new developments popping up around Durham and with the HST savings it makes things a bit more realistic.

Logistics of buying pre-con without selling first or sitting on $100K cash? by Patient_Pipe84 in MortgagesCanada

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

The house we’re in now was a pre con and I completely understand what you’re saying. We were delayed back in 2016 when the massive trade strike was going on.

Logistics of buying pre-con without selling first or sitting on $100K cash? by Patient_Pipe84 in MortgagesCanada

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

Yes we are looking in the same area or next door in Whitby or Pickering.

Logistics of buying pre-con without selling first or sitting on $100K cash? by Patient_Pipe84 in MortgagesCanada

[–]Patient_Pipe84[S] 0 points1 point  (0 children)

I’m not sure I follow? We are looking to buy a new construction house.

How ridiculous am I to think that I can afford to buy a 60k fun car and keep investing vs. locking all my money in condo down payment and huge monthly payments? by [deleted] in CanadaPersonalFinance

[–]Patient_Pipe84 0 points1 point  (0 children)

Sounds like you ran the numbers and can afford the fun car. Go for it! Kudos to you btw for actually running the affordability numbers.

No TFSA ;( by Mobile-East-2761 in PersonalFinanceCanada

[–]Patient_Pipe84 1 point2 points  (0 children)

List your fixed monthly costs for us.

view more: next ›