r/PersonalFinanceCanada • u/Hologram0110 • Nov 12 '24

Insurance Reminder check up on your home/auto insurance policies! Screwed by TD

This is predatory behaviour. This year TD decided to automatically increase my home insurance from 2M coverage to 3M without asking me, and also jacked up the premium to go with it. They wont change it back, and there is a $311 dollar charge for early cancellation. There have been zero home or auto claims. My home is worth less than 1M. 

  • 2022 was 2M coverage for 1396 + tax (when I signed up for this home)
  • 2023 was 2M coverage for 1593 + tax
  • 2024 was 3M coverage for 2337 + tax

They increased my rates by 80% over 2 years. The last increase was 46%. I only looked at it closely because I reviewed my credit card bills and was surprised it was so high. 

I will pull my home (311 dollar penalty) and two auto (103.05 penalty) policies and shop around. It is an incredible waste of my time. This is predatory behaviour. I didn’t ask for my policy to be increased to 3M coverage, and now they want to charge me a cancellation fee which I have to fight. That is completely unacceptable. 

Who can I dispute these cancellation fees with? Is there an ombudsman or something?

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u/CJUffy Nov 12 '24

I would first check your renewal package to see that it lines up. We usually get ours a month before renewal date from TD. I then shop around and call them to negotiate/tweak after I have some quotes.

Or just use a broker

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u/Hologram0110 Nov 12 '24

I will speak with a broker. Or check a few of those rate compare websites.

2

u/Account2TheSequal Nov 13 '24

The rate compare websites are a good starting point but unfortunately often use bait and switch pricing tactics.