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  1. #1
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    Default Insurance Question/Help

    Hey guys. Quick question for anyone that knows a bit about insurance. I got insurance a few days ago for a new vehicle that I am picking up tomorrow from the dealer. Got my temp pink card and all that good stuff. Then today the insurance agent calls me and gives me some story about about how the quote they gave me was wrong and that my actual rate will be about a thousand bucks higher. Is this allowed now that I've actually signed off and got the insurance? Seems very bait and switch of them. Especially after I had received 3 quotes from them in the past 9 months and they were all the lower value, yet oops they somehow missed that...

    Also I am looking for advice on who to talk to for insurance. I've had my license for 12 years, without a single accident, claim, etc, but because I haven't had a vehicle insured under my name for the last 6 years, I am considered a new driver. I had a car insured for about 3 years in BC and have also had motorbike insurance for a year, yet this means nothing I guess. Am I totally screwed?

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    I'm pretty sure that since they are changing the rate on you after you've come to an agreed rate previously, you can cancel the insurance policy and go elsewhere.

    Have you tried TD Monnex? I recently switched with them and my rate has dropped dramatically.

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    Originally posted by JordanAndrew
    I'm pretty sure that since they are changing the rate on you after you've come to an agreed rate previously, you can cancel the insurance policy and go elsewhere.

    Have you tried TD Monnex? I recently switched with them and my rate has dropped dramatically.
    Checked TD Monnex, and even using a rate plan for people employed where I work, their quote was higher than the requoted value from the place I got my insurance from.

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    Last edited by J NRG; 10-21-2009 at 01:47 AM.
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    AMA? ING? Aviva?

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    Originally posted by JordanAndrew
    AMA? ING? Aviva?
    Haven't tried Aviva yet. Good call. I'll give them a ring tomorrow along with State Farm, RBC, Canada Direct, Economical, and any thing else I can find.

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    You might have tried this (and I have NO idea how reliable this site is..probably not nearly as much as a phone quote), but you can try comparing rates on kanetix.ca...

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    Lundgren & Young pulled this same shit on me. In fact my broker didn't even have the courtesy to phone me to tell me about the increase in price over what I was quoted. The way I found out about it was a higher amount was withdrawn from my bank account.

    They ended up blaming it on a computer error. I was already locked into the contract and the broker still wanted me to pay a penalty to get out of it. I ended up having to pay around 1.5 months at the higher rate and raise hell with the owner to get the penalty waived.

    Still not sure how they can legally take a higher amount from my bank account than was ever discussed or agreed to. Obviously based on my experience, I wouldn't ever recommend getting insurance through Lundgren & Young.

    PC and RBC ended up being the cheapest for my needs, and RBC won out mainly because I have my home insurance with them so that got me a 5% discount. But its different for everyone of course.
    Last edited by Mixalot27; 09-25-2009 at 06:44 AM.

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    Originally posted by Mixalot27
    Lundgren & Young pulled this same shit on me. In fact my broker didn't even have the courtesy to phone me to tell me about the increase in price over what I was quoted. The way I found out about it was a higher amount was withdrawn from my bank account.

    They ended up blaming it on a computer error. I was already locked into the contract and the broker still wanted me to pay a penalty to get out of it. I ended up having to pay around 1.5 months at the higher rate and raise hell with the owner to get the penalty waived.

    Still not sure how they can legally take a higher amount from my bank account than was ever discussed or agreed to. Obviously based on my experience, I wouldn't ever recommend getting insurance through Lundgren & Young.

    PC and RBC ended up being the cheapest for my needs, and RBC won out mainly because I have my home insurance with them so that got me a 5% discount. But its different for everyone of course.
    Holy crap man! A smiliar thing happened to me (different broker however)

    I was with Heritage Hill Insurance, switched my car, was quoted 350 a month for it. (last car was 225). They then took out 1000 bucks for 2 months ahead of time (Which was NOT agreed upon). They said they finished my current policy, so I had to pay up, then start a new one.

    This did not fly with me. The original quote being only 350, and this being 150 more per month, and the taking money ahead of time, and taking more than allowed.

    I left to go to RBC. Not only is it only 300 per month, non of this taking out money they aren't supposed to.

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    mis-quotes can happen all the time. It can go 50/50 on who to blame. A Quote is a Quote until issued by the insurance Company.

    Cant always blame the broker. Most misquotes are due to the client not providing the necessary information prior to binding a policy. Broker or Direct writer such as TD/coop/Allstate Can change the premium based off of the history received after writing a policy.

    ex: client calls for a quote saying hes had 6 years continuous insurance with no tickets. quoted based off what the insured tells them. Client loves the quote wishes to write the policy. Abstracts take anywhere from 1HR-24HRS to pull. Few days later abstract comes in showing 3 tickets. who's to blame on increase?

    you don't know how many clients i have to deal with that always try to pull a fast one just to get a cheap rate.

    there are a few exceptions such as conviction dates vs incident dates. insurance companies will look back for the lsat 3 years on conviction dates.

    So ya, you sign a contract for the stated amount being insured, but your also signing a agreement for the insurance company to look into your history and make any necessary changes to properly adjust the premium to the risk at hand.


    [i]

    Also I am looking for advice on who to talk to for insurance. I've had my license for 12 years, without a single accident, claim, etc, but because I haven't had a vehicle insured under my name for the last 6 years, I am considered a new driver. I had a car insured for about 3 years in BC and have also had motorbike insurance for a year, yet this means nothing I guess. Am I totally screwed? [/B]
    If you've had your license for the past 12 years in BC. i am able to give you a full 6 years insurance history with a ICBC license. ie; -15 on the grid and a 6 Star rating. only if u can provide abstract / claims experience letter from ICBC which they do provide for free over the phone.
    Last edited by friedn00dles; 09-25-2009 at 03:55 PM.

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    ^^Good post. Its interesting to hear the experiences from someone who works in the industry.

    I guess, I now question the benefits of going through a broker instead of directly through an insurance company. While a broker might be able to secure you a better rate (this hasn't been my personal experience but for some it is probably true) and also eliminates some of the legwork involved in obtaining quotes from several insurance companies. It also seems to me that it adds a whole second company to the mix, which may also increase the chances of being misquoted, or having an error or miss-communication arise.

    In my situation the higher rate resulted from a computer error, and through no fault of my own. It had to do with the type of car in which I drive. The same situation would have happened to anyone obtaining a quote for the same model of car as me.

    My issues with the situation are:

    1. I believe that the broker or insurer should have an obligation to inform the client of the change in premium PRIOR to the money being withdrawn from their bank account. Not everyone has hundreds extra in their bank account at any given time. Not being informed and able to prepare for the withdrawal can easily lead to that payment or another being returned due to insufficient funds.

    2. If the difference between the quote arises because of an error on the broker or insurance companies end, the client should be allowed out of the contract without paying a penalty.

    Had these two things happened in my case, I would have had no problem with the situation. I certainly understand that errors or miss-communications can happen. But its how a company deals with them that is important.

    In cases where the client provided inaccurate or incorrect information, they have no one to blame but themselves, and I certainly wouldn't blame the broker or insurance company in that situation.
    Last edited by Mixalot27; 09-25-2009 at 08:38 PM.

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    Originally posted by powerviolence


    Checked TD Monnex, and even using a rate plan for people employed where I work, their quote was higher than the requoted value from the place I got my insurance from.
    If you are in Calgary check C & D insurance

    3915 17 Avenue Sw
    Calgary, AB T3E 0C3
    (403) 246-7606

    They gave me very good price

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    Originally posted by Mixalot27
    ^^Good post. Its interesting to hear the experiences from someone who works in the industry.

    I guess, I now question the benefits of going through a broker instead of directly through an insurance company. While a broker might be able to secure you a better rate (this hasn't been my personal experience but for some it is probably true) and also eliminates some of the legwork involved in obtaining quotes from several insurance companies. It also seems to me that it adds a whole second company to the mix, which may also increase the chances of being misquoted, or having an error or miss-communication arise.

    I've seen just as many misquotes coming out of direct writers (TD, RBC, AMA) as brokers. In the end no matter which way your looking at, there is still a person calculating your quote. People make mistakes.

    In my situation the higher rate resulted from a computer error, and through no fault of my own. It had to do with the type of car in which I drive. The same situation would have happened to anyone obtaining a quote for the same model of car as me.

    My issues with the situation are:

    1. I believe that the broker or insurer should have an obligation to inform the client of the change in premium PRIOR to the money being withdrawn from their bank account. Not everyone has hundreds extra in their bank account at any given time. Not being informed and able to prepare for the withdrawal can easily lead to that payment or another being returned due to insufficient funds.

    In theory this SHOULD happen every single time the policy is issued at a different price than the original quote. If we get a policy back at a different rate we always call the client to let them know what's up.


    2. If the difference between the quote arises because of an error on the broker or insurance companies end, the client should be allowed out of the contract without paying a penalty.

    This does exist. If a policy is issued at a different rate than quoted you are allowed to cancel the policy without penalty based on the QUOTED premium, not the issued premium. I believe it has to be done within 10 days of policy issuance though.


    Had these two things happened in my case, I would have had no problem with the situation. I certainly understand that errors or miss-communications can happen. But its how a company deals with them that is important.

    In cases where the client provided inaccurate or incorrect information, they have no one to blame but themselves, and I certainly wouldn't blame the broker or insurance company in that situation.
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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    Last edited by J NRG; 10-21-2009 at 02:26 AM.
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    my insurance company keeps pulling fast ones on me, i pay monthly and on every 2nd month keep getting MORE money withdrawn without them even notifying me, and in a span of 3 months they tried to withdraw $1000. (i usually pay $140 a month!!!). Also, they decide when the money comes out (when they feel like it), so apart from the withdrawal on the 30th, they will attempt again 15 days later. Now i have NSF fees from the bank AND from the insurance company, so total with fees and all is about $1200 in 3 months.

    is there a way i can switch insurance companies and not make it look like a canceled policy? i reallllllly want to get out of the one im in right now.
    Last edited by eg_eric; 10-02-2009 at 11:58 AM.

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    Originally posted by eg_eric
    my insurance company keeps pulling fast ones on me, i pay monthly and on every 2nd month keep getting MORE money withdrawn without them even notifying me, and in a span of 3 months they tried to withdraw $1000. (i usually pay $140 a month!!!). Also, they decide when the money comes out (when they feel like it), so apart from the withdrawal on the 30th, they will attempt again 15 days later. Now i have NSF fees from the bank AND from the insurance company, so total with fees and all is about $1200 in 3 months.

    is there a way i can switch insurance companies and not make it look like a canceled policy? i reallllllly want to get out of the one im in right now.
    Well, assuming you haven't received a registered letter cancelling your policy for non-payment yet you can submit a signed request to cancel to your insurance provider.

    Has your broker given you any explanation on this?
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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    Originally posted by Masked Bandit
    Has your broker given you any explanation on this?
    I just got off the phone with them this morning, this was her EXACT (word for word) explanation -

    "um, well, um it seems that when you switched vehicles, your policy was about to end and you paid 471 for the 3 months for june july and august, and um yeah i'm not seeing, um, ok i see, yes um, well, um oh yes they want they payment for july august and september or they will cancel if you don't pay by october 25th it seems."

    Let me clean that up for you.

    What they said is when i switched vehicles, there was only 3 months left in my policy (it ended aug 2009). So they wanted payment for the remaining 3 months right away (which was fine, you know how jittery insurance companies are, so i paid $471 for june july aug)

    But then in sept i received a letter saying they messed up their system and couldn't get my insurance renewal for september in time. fine, im ok with that as well.

    But now it seems that on the 12 of sept, they tried to withdraw two payments of $157 at the same time, which i didnt have in that account then, i told them i would come in to pay, and are now saying that i must come up with payments of July, Aug, Sept + NSF fees of $40 a piece, which amounts to $550. and then Oct comes out a few days later, another $157. Does $1178 for 3 months sound right when im paying $157 a month? this is NOT the first time it's happened.

    Yes, i have proof i paid june july aug. but i don't give a damn about staying with these guys, i want to get out. i could use that money to pay off debts and go on a vacation, i'm taking transit right now as it is anyway.
    Last edited by eg_eric; 10-02-2009 at 12:35 PM.

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    you want good insurance?

    call competition insurance!!! my rates on my bike, and cars went down alot!! and my friend i just sent there went from 315/mth to 90/mth!!

    her name is lorrie, tell her travis directed you there, she will take care of you!! shes a family friend of mine..


    Competition Insurance (Calgary)
    Phone: (403) 726-1323
    Fax: (403) 726-9419

    Toll Free: 1-866-845-7843
    Lorrie King
    Silver Wheel/Custom Wheel Insurance
    Personal Lines Insurance
    Email: [email protected]

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    thanks, i'll definitely give her a call when i start driving again. so does anyone know if i cancel a policy, will it affect future insurance rates for myself?

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    Originally posted by eg_eric
    thanks, i'll definitely give her a call when i start driving again. so does anyone know if i cancel a policy, will it affect future insurance rates for myself?
    Nope. Not anymore. You can now have a gap in coverage of up to two years without affecting your record. Cancel now before your company cancels you.
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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