Insurance (Auto and Home)

[suntan]

Yeah I think you're right.

It was funny, she's like "yeah, you have a new hot water tank, I can give you a 30% discount on your home now". Pfft.

[Masked Bandit]

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Yeah I think you're right.

It was funny, she's like "yeah, you have a new hot water tank, I can give you a 30% discount on your home now". Pfft.

Was she possibly looking to move your file to a different insurance company within the brokerage maybe (commonly referred to as remarketing)?

[suntan]

Still with Intact, not that I would’ve really cared.

[Masked Bandit]

I came across something yesterday that made me think of this thread. It was a claims closing notice we received for a low rent auto collision one of our clients had back in the spring of 2017. Damage to our client's car was $850, the other car $2200. Bodily injury payout of $15,500! So much for the soft tissue injury cap currently "set" at $5080. As mentioned before I don't know enough about law to understand how the ambulance chasers are getting around this but it's pretty clear they are.

[The BMW Guy]

Is car insurance like mortgages where it’s always better to go through a broker?

[ExtraSlow]

I'd say the broker provides value to you in very different ways. Once you have a mortgage, you rarely have questions about it, where insurance tends to vary over time and advice and insight can be very valuable.

With everything it's worth shopping around a little, and a broker should be part of that search.

[The_Penguin]

My car insurance was up for renewal 1st of November. My broker sent the paperwork for RSA (I was with Intact) I was surprised, so asked why, and they told me it was considerably cheaper, almost $700
So I went ahead. Now I get a request saying to honour the quoted rate, they (RSA) want to do a credit check on me. WTF?

I don't give approval for credit checks to just anyone. I've been with this broker for probaby 20 years, no at-fault claims in a long time. Seems a bit much.

Also, RSA seems to have some bad reviews on Google. Thoughts?

[G-ZUS]

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Switched from Intact to TD today.

+1, went from $2200 with Intact to $1200 with TD (2 cars)

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And Intact can suck my bxxxs

+1

[Masked Bandit]

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My car insurance was up for renewal 1st of November. My broker sent the paperwork for RSA (I was with Intact) I was surprised, so asked why, and they told me it was considerably cheaper, almost $700
So I went ahead. Now I get a request saying to honour the quoted rate, they (RSA) want to do a credit check on me. WTF?

I don't give approval for credit checks to just anyone. I've been with this broker for probaby 20 years, no at-fault claims in a long time. Seems a bit much.

Also, RSA seems to have some bad reviews on Google. Thoughts?

Soft credit hits (credit scores, not full reports) have been used in insurance for at least 30 years now, it's just in the last five or so that you're supposed to be made aware of it. You really have nothing to lose as soft hits don't impact your score as the broker or even insurance company underwriters never see the score, it just presents as a yes or no on a discount.

Also, new in the industry is that not all people are going to qualify for monthly payments even if you haven't missed insurance payments in the past. AMA started this last year and a few others are following now. Even if your insurance payment history is spotless you may be denied monthly payments with some insurance companies.

[The_Penguin]

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Soft credit hits (credit scores, not full reports) have been used in insurance for at least 30 years now, it's just in the last five or so that you're supposed to be made aware of it. You really have nothing to lose as soft hits don't impact your score as the broker or even insurance company underwriters never see the score, it just presents as a yes or no on a discount.

Thanks for the reply, quite reassuring!

[O&G]

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+1, went from $2200 with Intact to $1200 with TD (2 cars)



+1

Did you signed up with TD online on their website or use a broker?

[G-ZUS]

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Did you signed up with TD online on their website or use a broker?

Got a quote online then called them to see what it would be with my multiproduct discount and finished it on the phone. Followed by a call to my broker to cancel my policy with intact

[jaylo]

Thanks!

I left a v/m to Bill from Touchstone and I happen to call TD Insurance and their quote is way lower than my current one, probably at least 1,000 off on Auto alone ($128/mo for 2 vehicles, 1 full coverage, 1 comprehensive).

I have a house and condo so I need to call them back for the condo part. I'll report back.

[ExtraSlow]

Talk to both about home coverage for things like sewer backup water intrusion.

[realazy]

i just went with the COSECO (group plan with cooperators) with my employer and saved about $400/yr for 2 cars and a house.

How do you guys get $1200 for two cars? are they liability only? or really old? I have a 2015 Civic and a 2014 Versa and the cheapest I'm getting is $2200 for both on full coverage.

I've gotten a quote through TD Meloche with Apega discount and they want $2200 for my civic alone! How are you guys getting such low rates from TD?

[lasimmon]

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i just went with the COSECO (group plan with cooperators) with my employer and saved about $400/yr for 2 cars and a house.

How do you guys get $1200 for two cars? are they liability only? or really old? I have a 2015 Civic and a 2014 Versa and the cheapest I'm getting is $2200 for both on full coverage.

I've gotten a quote through TD Meloche with Apega discount and they want $2200 for my civic alone! How are you guys getting such low rates from TD?

I think thats more a reflection of your driving record then no?

Im with TD with the Apega deal and I am paying $1350 for a 2015 ford edge, full coverage.

[realazy]

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I think thats more a reflection of your driving record then no?

Im with TD with the Apega deal and I am paying $1350 for a 2015 ford edge, full coverage.

Nope, clean record, -11 on the grid.

TD is the only one out of 5 or 6 companies that quotes me more than $1400. Anyhow, cooperators offered less than $1100, so that's what I went with.

[ExtraSlow]

Small Asian cars are expensive to insure. My fit is insane, but maybe that'd because it's so damned fast? Definetly not because it's usually driven by teenage girls.

[jaylo]

Just wanted to share my struggles this week.

My current local broker of 8 years is royally screwing me over from the day I bought a second vehicle.

[ExtraSlow]

Sounds like you got "rate optimized". Look that up.
Everyone should shop around every couple of years.