Cancellation Fees when switching insurance

[tolady]

My advice to university alumni...keep shopping for insurance before signing up! Alumni Group rates are still not the best rates. It costs me 3 days premium with TD Melochen Monnex plus 15% cancellation fees...almost $400+. Still worth switching. TD reps will never explain to you their company policy on cancellation fees.

[Masked Bandit]

Those fees / penalties / conditions are used equally by all insurance companies....not just Meloche Monnex.

[lint]

When you sign any contract, you should expect there to be cancellation fees if you choose to end your relationship early. Otherwise, why would they have contracts?

[eblend]

My dad had switched insurance companies so many times and never had to pay cancelation fees of any kind. He is switching from TD to another company on Feb 1st and they better not charge him anything, as the reason he is trying to switch now is cuz TD is being retarded about wanting to charge more out of the blue for the same policy we had for 1 year even thought there are no accidents/claims ANYTHING.

Insurance companies suck

[fast95pony]

Originally posted by eblend

Insurance companies suck


Understatement of the year !!

[kaput]

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[Speed_69]

Originally posted by eblend
My dad had switched insurance companies so many times and never had to pay cancelation fees of any kind. He is switching from TD to another company on Feb 1st and they better not charge him anything, as the reason he is trying to switch now is cuz TD is being retarded about wanting to charge more out of the blue for the same policy we had for 1 year even thought there are no accidents/claims ANYTHING.

Insurance companies suck

That's most likely because your dad switched insurance companies upon renewal. There are only cancellation fees when you switch mid-term into the policy. And also TD Insurance is not charging more for nothing. Insurance rates change every year and vehicle rate groups change as well based on statistics. Just because you haven't had any accidents/claims doesn't mean your premium won't go up. You have to consider any tickets and the vehicle you're driving.

[97'Scort]

I love Meloche Monnex. I'm not through the alumni group though: ASET membership baby! I love being a tech. Best insurance rates bar none.

[Tik-Tok]

Yeah, I'm also +1 for TD Meloche Monnex, I've never had any trouble with them, they're car rates are great, but not so much for bikes. Even if I were to find some place 10% cheaper, I still wouldn't change because the customer service at TD has been awesome to me.

Sorry to hear you've had problems with them.

[tolady]

Td Meloche should disclose their 15% of annual premium cancellation fees and mention it on their website. If you're shopping around, ask their fees in case you need to cancel for a better deal. I checked most insurance companies charges only a small admin. fees and not an obscene 15%. Bad experience for my first auto insurance! Saving over $700 matters most.

[kaput]

.

[Whitetiger]

So what's a good cheap insurance co. then?

[Masked Bandit]

Originally posted by kaput
A much cheaper way around I've found is to sell the car and just reduce the coverage to comprehensive which is usually less than $150/year, and then just keep paying the monthly of like $12 until the plan is up. I'll have to double check that I can do that with MM but its never been a problem anywhere else.

Also, does anyone know how MM deals with changing cars on the policy? If I bought a new car half way through and sold the old one, is it as easy as just changing the numbers or are they going to charge extra fees?


There are never any fees for doing mid-term changes. Only if you want to cancel the contract completely. Remember, the policy is attached to YOU....not the car.

[hellraiser456]

ahhh td moloche monnex....

i hate them and love them

i once tried switching from them to find out that they actually gave me a really good price on car insurance

but yea...they are pretty vague about tehre business but i save over 1000 dollars with them so i can't really complain

shop around but i bet you will have trouble beating there price if you have a record like mine and a car like mine