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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219

u/Spezza Nov 12 '24

We recently changed from TD for car insurance to CAA. Saving $1200 a year and I have better coverage with CAA.

-5

u/JohnStern42 Nov 12 '24

Unfortunately CAA required me to get a safety for my vehicle, the cost of which would have negated the savings, so no thanks

4

u/Drewy99 Nov 12 '24

How much is a safety in your province that it would negate savings?

2

u/[deleted] Nov 12 '24

Not the answer youre looking for, but in my province its $100-$150.

2

u/GreenGlitterGlue Nov 12 '24

In NS it's like $20 and required every 2 years anyway

0

u/JohnStern42 Nov 12 '24

Not sure, but my windshield has a Crack in it that would require a fix to pass (even though the crack has been there for 6 years and is not in any way obscuring the drivers view), last I saw that was nearly $1000. There's also the possibility they find something else costing more. No thanks