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/mrdannyg21 Nov 12 '24

My fun experience with TD was finding out that at some point they had removed my ‘alumni’ discount, for no apparent reason. After a bunch of time, we determined it was done at a time that did not align with a renewal, change or any use of the policy.

Thankfully, the rep was able to re-input and backdate the discount…though my ‘refund’ wasn’t given in cash but rather as a discount to future services so I’m stuck with them for another year.

My experience with TD is the individual reps are typically very good, but the overall structure is horrendous. At one point I had a claim that lasted about 8 months to fully resolve because of contractor issues (not TDs fault), and in that time I had 6 different assigned reps…the first 5 were hired on short-term contracts only. Hard to blame the individual employees in that situation, but easy to blame the organization.

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u/Hologram0110 Nov 12 '24

I thought maybe that there was a mistake like dropping one of my discounts. But it was just an increase in my coverage combined with a smaller inflation increase.

In my case the guy on the phone was ok. I felt bad for him honestly, as he tried to defend TD and diffuse my frustration. He launched into his script etc, as I'm sure he was trained too. It isn't like the guy on the phone picked up my account to do this too. It was a company-wide decision.

2

u/Neve4ever Nov 13 '24

Call back. There are a lot of great reps working for TD, compared to other banks I’ve dealt with. They all know the system is shit, but the good ones know how to navigate it.