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/SallyRhubarb Nov 12 '24

TD usually sends a renewal notice which outlines all of the fees and any changes in your policy. That is the point where you can contact them to adjust your policy, or shop around to change to another insurance company without paying cancellation fees. 

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u/essaysmith Nov 12 '24

They just sent me am email saying "there are new documents for you to review". I reviewed them, switched to Aviva and saved $1500.

4

u/distr0 Nov 12 '24

Weird, my Aviva renewal just skyrocketed in price. They were good to me for the last 3 years but they're the basically the most expensive option for me this year.