By Ben Spurr Transportation Reporter Mon., Aug. 27, 2018 The torrential rain that inundated Toronto three weeks ago damaged a total of nine of the TTC’s expensive new streetcars, four of which have been taken out of service indefinitely to undergo repairs, the transit agency said Monday. Two of the Bombardier-made vehicles were stranded in a flooded rail underpass on King St. West the night of Aug. 7, and sustained “severe damage” to their interiors, according to TTC spokesperson Stuart Green. At least one of the cars was swamped by what the TTC described the day after the storm as a mix of rainwater and “a quantity of human waste” from an overflowing sewer. Green said both of those vehicles are being sent to a Bombardier facility in Kanona, New York to undergo “major cleaning and repairs as well as parts replacement.” Two more new streetcars in service that night also sustained significant damage, but will be … [Read more...] about August flooding damaged nine new TTC streetcars
New car replacement insurance
WASHINGTON: A threat by the U.S. government to impose tariffs of up to 25 percent on imported auto parts could hit consumers in unexpected ways: higher repair costs, insurance premiums and even the theft of more cars for their parts, the industry said.U.S. President Donald Trump's administration has launched an investigation into whether auto imports pose a national security threat and threatened to slap the tariffs on cars from the European Union and elsewhere.A coalition of auto insurance groups said in previously unreported comments that hiking tariffs on imported auto parts by 25 percent could increase costs by 2.7 percent, or US$3.4 billion annually, for personal auto insurance premiums.The U.S. Commerce Department will hold a hearing about the matter on Thursday.Consumers will bear virtually all the higher repair costs, said the American Insurance Association, National Association of Mutual Insurance Companies and Property Casualty Insurers Association of America in comments … [Read more...] about US tariffs may raise cost of insurance, parts, drive up auto thefts
By Philip Reed The Associated Press Mon., April 30, 2018 You’re looking at a $1,200 repair estimate for your ailing car when an ad catches your eye: a brand new set of wheels for a mere $450 a month. At first, dumping your old car might seem like a no-brainer — and you can’t help picturing how good you would look in that new car. But automotive experts say you’ll almost always come out ahead — at least financially — by fixing old faithful. There are, however, other important considerations when deciding whether it’s time to say farewell. Costs of the new “Even though the repair cost might hurt, you really have to think about buying a new car as a tremendously more expensive proposition,” says Jim Manelis, head of direct lending for Chase Auto Finance. At the very least, for a reliable used car, expect to spend a minimum of $2,000, plus tax and registration fees, says Mark Holthoff, editor at Klipnik.com, a … [Read more...] about Should you fix up or break up with your car?
By Colin Perkel The Canadian Press Sun., March 11, 2018 Workers at auto body shops deliberately damaged cars, installed used parts but billed for new ones, or invoiced for phantom repairs, according to an investigation by a Canadian insurer that is calling on government to help in curbing the problem. Aviva Canada found about half the total expenses submitted for repairs to crashed vehicles during its investigation in Ontario were bogus — an amount the company estimates adds up to hundreds of millions of dollars a year. “Nobody has ever really sampled the extent of fraud with any kind of accuracy,” Gordon Rasbach, Aviva Canada’s vice president of fraud management, said in an interview. “This is the first time in Canada that we’re aware of that anyone has actually taken a sample, albeit a small one, at random, and used actual cases in progress to put some kind of numbers on it.” In its investigation — results are to be … [Read more...] about Fraud at Ontario auto body shops is ‘pervasive’, insurance company finds
Car insurance premiums may drop by 25% in the next four years, drastically reducing their role in the insurance business, as car ownership shifts to corporations and autonomous vehicles make driving safer. The first fully driverless car will hit the road by 2022. By 2050, every car on the road will be driverless, said Guillaume de Gantes, a partner at McKinsey’s Jakarta office.Driverless cars will make driving safer, dramatically reducing the 1.2 million car accident fatalities worldwide. They will also change who owns the vehicles and who takes responsibility for them.As cars become safer, insurance premiums will drop by 25% in the short term, and suffer a “massive impact” by 2030 or 2040, according to McKinsey. In the short term, revenues will be compensated or more than compensated by a drop in accidents, he said.In the long term, car insurance will represent a much smaller portion of insurers’ business, but some are looking at the possibility of replacing … [Read more...] about Driverless cars to shake up insurance industry