My Auto Insurace Premiums INCREASED by 30 percent
- Thread starter james t kirk
- Start date
Woohoo!!!!
My monthly car insurance premium just came out...down 5 bucks!!!!!
Livin the dream now baby!!!!!!
My monthly car insurance premium just came out...down 5 bucks!!!!!
Livin the dream now baby!!!!!!
I have to call them back about my own renewal.
I returned to TD's MM after a private broker/North American Insurance charged me over 40% for moving (they didn't even give me a reason).
I've got to call them today as my renewal is near (monthly payments require them to charge your account one month before the anniversary).
Like I said, they thrive on people who wait and wait and wait until it's time. Then they get you. If you let them know before hand you want to know what your current rates are, prepare to get excuses. Call their bluff. Because once you're within 1 week before expiration...most insurers will give you a much higher rate than normal. start shopping and let your good driving record do the work. I think the same applies for mortgage. If you have good outstanding credit records...every lender will salivate for your business.
Same thing here. Transferred from State Farm in 2009 for cheaper insurance, and that rate has been going down every year since.
Good news for me
I just called TD MM and my home insurance when down $5 and my car insurance by $145. Hopefully, the coverage is the same (I forgot to ask that question on my telephone call but they only had to ask a new question before finalizing).
I just called TD MM and my home insurance when down $5 and my car insurance by $145. Hopefully, the coverage is the same (I forgot to ask that question on my telephone call but they only had to ask a new question before finalizing).
When you get the policy hard copy compare ti see if it's the same. If not call them on it, afer you get someone else to cover you. Yuo could also tell them the call is being recorded for 'quality control and training'.
Quite simply put... it does not work like that.
With no disrespect to anyone posting in this thread, opinions are like assholes. Everyone has one and some stink more than others.
As a former RIBO licensed insurance broker I will provide a little insight for auto and home insurance.
-To transact insurance in Ontario, an insurance company has to be authorized by the FSCO and abide by the FSCO rules of carrying out business and code of conduct. No exceptions.
-The companies must file their rates and underwriting rules with the FSCO and have them approved by the FSCO.
-Rate and underwriting rule changes also must be filed with and approved by the FSCO, usually several months ahead of the effective date of the change. they do not have to justify the change
-Policies are rated and underwritten based on the rules and rate tables in effect at the inception or renewal date of the policy.
-You might, if you are lucky, get an insurer to offer you a lower rate if there is a significant change in your underwriting information during a policy term - tickets or accidents dropping off your record for example
-You will not be able to call and escalate to get a lower rate. The rules and rates are published and sticking to them is highly scrutinized. Deviating from the published rates and could result in the insurer losing their license to sell insurance in Ontario. They are not going to risk millions of dollars in business to save you a couple of hundred.
-There is no such thing as a 10 star driver. Tickets remain on your record for 3 years from date of conviction, accidents for 6 years and cannot be used for underwriting reasons outside this timeframe. Anything else is essentially a claims free discount under another name.
The main thing to remember - The Insurance Company Is Not Your Friend. They are a business, out to make money and protect their bottom line but they do have very strict rules to followin how they do this.
If you disagree with how you are treated by your insurance company for writing or renewing business or in claims, you can always escalate to their Ombudsman or the FSCO Ombudsman.
Nice to hear from the inside. I knew a few members were from there, but I have to ask, if the rates are registered how is it that I have received news offers near, on, or even after the deadline, all from major players in the industry with no new information in my file?
Sorry but Auto Insurance is extremely long-tail for Bodily Injury and Accident Benefits claims. Accident benefits now accounts for at least half your premiums.
Some people will see increases but overall over the last 2 years or so, the trend has been small decreases.
BTW, if you deal with a company that sells through a call centre, do not expect quality advice or informative communication. That's where the company is saving money
Some people will see increases but overall over the last 2 years or so, the trend has been small decreases.
BTW, if you deal with a company that sells through a call centre, do not expect quality advice or informative communication. That's where the company is saving money
Same thing here.. I was with State Farm for 2 decades with a clean record. My rates kept going up for no good reason. The last increase was the last straw. They were not interested in lowering it. I switched and am saving just under a grand a year!
not surprised. whatever %age it increased you are getting a good deal. you drive like an retarded asshole.
