- April 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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## AI Legalese Decoder: Uncovering Hidden Costs in Insurance Policies
Spouse recently discovered that TD has been cranking up our home and car insurance premiums every chance they can, and we subsequently managed to save $3k/year by switching companies. Strongly suggest anyone here do the same, see if you’re getting hosed.
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****** just grabbed a
Recently discovered? Don’t you look at the renewal notices, or at least the money coming out of your bank account/credit card every month?
It’s a good reminder to everyone, but my goodness this shouldn’t just be a recent discovery. Premium increases are standard, and TD would have notified (likely by mail) your family of any upcoming increases. At a minimum care needs to be taken by everyone to review all of their expenses on a fairly regular basis.
Whodja switch to?
You should ALWAYS shop around every year for insurance. Same goes for internet/cell plans.
Recently discovered lol. It’s not a surprise, they give you a heads up when they increase or decrease their prices. You should be reading the renewal forms every year
I saved $1300/year by switching last year from TD to Intact for home/auto!
I find td is cheap for me right now
TD was the cheapest option for me after shopping around and having many many quotes. They’ve definitely raised premium in double digits this year – but so did everyone else!
We switched and got a home inspection. Now we are paying way more than I saved by changing because we have to fix a bunch of things they flagged.
Um, standard annual operating procedure.
You mean you don’t look at your premiums on renewal and decide if you want to keep that or shop around? Mind-blowing
They increase every year. And yet they’re still substantially cheaper than any other insurance provider I can find.
It’s worth noting that not all insurance companies are equal for a variety of reasons. This was more evident than ever a little while ago when hurricane fiona hit Atlantic Canada. Some people had to wait weeks or months for action from their insurers, some were denied. Some had inadequate coverage etc. after hearing about it first hand it really opened my eyes to the fact that there can be major differences between insurers even if you think you have the same coverage
There is more than just price and to some extent coverage to consider when it comes to insurance.
We also saved about 2500$ on home and auto insurance by switching from TD. I don’t think there’s anything wrong with TD per se, but you need to be rotating your insurance every 2-3 years. They absolutely rely on you not noticing the increases and also not having the energy to navigate getting multiple quotes. It actually can be a huge nuisance. Highly recommend going through a broker.
Depends on a lot of factors
I just switched to TD because it was much cheaper than Westland.
I’m with Aviva for 175/month. TD quoted me 480/month for the exact same coverage on the exact same vehicle.
I’m trying to find good insurance for an owner that has renters in their unit. When I started renting out my condo (had to move to a rental place for a short term due to schools for an advanced degree) the price between been an owner living in the unit and having renters in the unit I own is crazy. The rate went up about a thousand dollars a year.
Also, if you’re a property owner with TD check and make sure you actually have the following coverages:
Sewer back up and overland flood with at minimum 100k in coverage, or policy limit coverage
Wind coverage
Hail coverage
We switched from TD to CAA for property and auto insurance and saved probably over $3k a year
Step one: Look at your renewal every year.
Step two: Shop around and take the lowest number.
Step 3: Repeat yearly.
I’ve used a broker the last couple of years and they’ve been able to find me much better rates than my TD with group rate and all. Same coverage too
When you say every chance they get.. do you mean every year? Your policies are a year long, and your renewals should be sent out 30-60 days in advance. If you’re unhappy with your renewal, shop around, switch to whoever fits you best, cancel.
ICBC just sent my renewal notice. It’s $63 cheaper for the year! After living in Ontario my whole life I’m so happy with ICBC now that I live in BC.
Also carefully read your policy while you were at it
Ive been with TD for a long time now, with University Alumni discount.
So far TD has been cheapest for my needs. The past several years, prior to renewal, Ive been calling brokers for quotes. So far, none has beaten TD for my needs despite annual increases and havent changed. Costco insurance brokers couldnt even beat my TD rates.
Ours went up too. $0.06/y with an extra $110,000 coverage added lol
We all gotta play the “jump ship” game with insurance and cell phone companies every year.
CAA insurance ftw
Several thousand cheaper with increased coverage.
Fucking TD. Ive been with them 7 years and they tried to raise my car and home insurance 25% this year (from $390/mth to $480) without even sending a renewal. I called around and managed to get it 15% cheaper ($330) than i paid last year. Checkout BelairDirect if you haven’t already.
My home policy has increased every year and I call around for other quotes and they’re always even more expensive 🤷♂️
Its always good to shop/quote around every year to get the best rate. Personal insurance have been going up every year due to raising car repair or construction cost.
Where did to go to for the new policy?
I think home and auto (or just auto), went up by like 15% YoY…so a lot of people are experiencing higher renewals compared to prior years. Always shop around and research every year for the best rates while not compromising your coverage
I had a premium increase, but turns out that their system wasn’t factoring the MyAdvantage driving App discount. We’re talking over 200-300$ here. 🙄
They gave me a huge price increase with no notice so I called and complained and they refunded pretty much all of the increase.
yeah they all do that. Intact tried to do it with my vehicle insurance. when i first started driving, they gave me the cheapest rate. 15 years later they were by far the most expensive, so i switched to wawanesa.
Who are you switching to if you don’t mind me asking?
I just ran a check with rates dot ca.
TD Meloche Monnex car insurance is 30% more ($1,000 per year) … but the combined Home + Auto is still 10% cheaper with Meloche Monnex ($600).
Weird.
Looks like I’m stuck.