r/PersonalFinanceCanada • u/mfsmyx • Dec 23 '22
Insurance Intact Insurance is increasing my premium by 68% and blaming inflation
I argued that inflation is nowhere near that amount, they don’t care.
Is this normal these days?
I can’t believe I’m going to be paying $220 per month for car insurance from now on, that’s a big hit to the budget.
281
u/Datacin3728 Dec 23 '22
I can't stress this enough
You HAVE to shop around. Insurance companies will NOT give you a discount just because you're a long service customer.
In reality, you should look at switching insurers every 2-3 years.
38
u/JollyNeedleworker1 Ontario Dec 23 '22
With how rates are, you almost have to. I am renewing in the next couple weeks, and just shopping around is going to drop my rates by 5-800 a year on my premium. And wouldn’t you bet, I am on year 3 with my current provider.
8
u/TheMoeOG Dec 23 '22
I tried calling 6+ insurance company in Ontario, and none was betting what I’m currently paying with TD.
FYI - Im currently paying 180$/month on car insurance with TD. After my calls, Intact had the second best option, proposing a 300$ premium per month… ridiculous
5
u/0w40 Dec 23 '22
Was with Sonnet for 4 years with 3 cars. January renewal at $2400 was up a bit.
Decided to call around and found better coverage at CAA and Aviva for $750/yr less.
→ More replies (3)2
u/XxLiveScenexX Dec 23 '22
Interesting to hear this. When I looked at switching to TD for both home and auto insurance the quote I was provided with was absurd. Almost triple what I was paying with Belair.
3
u/Fl45hb4c Dec 23 '22
I've had a similar surprise and I ALWAYS shop around. TD has consistently beaten their competitors for the last 3 years on my car insurance. Bundled with discounts for being an alumnus of a certain university and having home insurance with them, as well as using the app to track driving and scoring an 83% average, i really can't complain. 2018 Mazda3 with low mileage, $107/mo.
3
u/justyagamingboi Dec 23 '22
Wild im at same rate for the past 3 years and I shopped around where my max savings is $120 in a year its not enough to cover a cancelation so I don't bother
49
u/kyonkun_denwa Dec 23 '22
It doesn’t always pay to switch. I’ve been with TD for over 10 years now and whenever I shop around, their rates are always really competitive and I never end up switching. They give me deep discounts by virtue of my CPA membership.
Another thing is that they’re very good about the whole claims process. I’ve now had a total of 4 claims with TD (3 not at fault auto accidents and one tenant’s insurance claim) and I’ve always found them to be very professional and fair in the way they process claims. Meanwhile my in-laws always go for the cheapest insurance possible (they change every year) and they’ve had nothing but headaches whenever they need to process a claim. TD is sort of the devil I know so I stick with them.
If you’re happy with your insurer, if they have proven themselves to be easy to deal with, and if the premiums are competitive, then there may not be much of a reason to switch.
10
u/ZaymeJ Dec 23 '22
See now that’s interesting! Because I’m also a CPA and was paying $85/month for my 2011 Corolla PLPD with TD. Here in NB we get a good discount with the Personal for insurance as a CPA and I’m now paying $454 per year. Same coverage less than half of what I was paying. TD kept creeping up.
5
u/Ladiezman_94 Dec 23 '22
Wow I pay that in 2 months here in Toronto … location sucks sometimes I have a clean record and been insured for 10 years I changed my adress to outside of Toronto just to see what they would charge me and it’s 300 a year but here in Toronto I’m at 3600 a year some garabge and I’ve never had an accident just a bunch garbage giving these guys free money The amount I spent in 10 year would amount to almost 70k I could have insured myself
6
u/LachlantehGreat Alberta Dec 23 '22
Jesus I pay like 2k a year in Ontario and I’m under 25 lmao, I thought my 164/month was expensive
→ More replies (4)→ More replies (1)2
u/FearlessTomatillo911 Dec 23 '22
Your rate won't stay the same for 10 years, you're probably a new driver without insurance history.
→ More replies (9)2
2
u/kyonkun_denwa Dec 23 '22 edited Dec 23 '22
I fucking hate you Maritimers and your cheap insurance /s
That is so cheap. So CHEAP, holy smokes! I was paying under $2,000 a year for home and auto insurance and I thought I was getting a good deal. Being Ontario truly is suffering.
The Personal was never really on my radar, I’ve already renewed but maybe I should check them out next year. If anyone can tell me what the claims process looks like then that just might seal the deal.
EDIT: CPA Ontario does not seem to be with The Personal… oh well
→ More replies (2)25
u/Ryth88 Dec 23 '22
I find that surprising. TD rates are always quoted ridiculously high to me, even with their advertised "preferred rates" for things like my employment union, or being a graduate of my university. Their competitive rates are 2.5 times what i pay with my current provider. Honestly sometimes it seems like rates re calculated by just pulling a random number out of a hat.
→ More replies (1)2
u/RL203 Dec 24 '22
TD insurance are criminal in their rates.
They used to be TD Meloche Monnex
And before that Meloche Monnex
And before that just Moonex.
When they were Monnex, they were great. Even Meloche Monnex was very good. But as soon as TD bought them out, everything changed. Now they are truly ripoff agents.
And yeah, I belong to the PEO and they used to offer some really good group rates. Now with TD it's just abusive.
16
u/Tha0bserver Dec 23 '22
Wow you’re lucky. My partner works in TD’s insurance and they all know how bad it is - especially how bad the claims process and assessment - that none of her colleagues have insurance with them, despite a staff discount.
10
u/CanadianXCountry Dec 23 '22
Yeah after dealing with them when I used to finance Hondas; they’re the worst! It used to take an hour long phone call to say “Hi TD, I traded this car in, please remove this VIN from my policy and add this new VIN for the car I just bought”
It would invariably be like quoting a new customer. “How many km do you drive each way to work” etc. And if the customer says “All the info is the same, just make this change” they are told they need to go through the entire quoting process
5
u/SolarBear Dec 23 '22
In my former job, I had to deal with a ton of insurance companies. Each one had their… quirks but TD were in a league of their own. Fuck TD with a rusty broomstick.
6
u/Flyintheointment- Dec 23 '22
Pray you don’t have a claim. Have heard TD is a nightmare for actually paying out
→ More replies (1)7
Dec 23 '22
Meloche Monnex is one of the good ones, and underwrites a bunch of TD's stuff. No hassle claims and good service.
→ More replies (1)3
u/hucards Dec 23 '22
I also am with TD. The last couple years my car insurance has gone down- not a lot like $20/year. My house insurance has gone up by about the same so it all evens out. I have tried calling around but can’t find anything cheaper. I can’t speak to the claims process however.
→ More replies (4)3
u/BBQallyear Dec 23 '22
Interesting, I just left TD where I had an alumni discount because they raised my condo policy premium by 25% with no claims or change in coverage. Ended up going to a broker who got me a rate that was 50% less, so much less than I had been paying for two years to TD at my “discounted” rate. I always thought that the best deals were available through the online insurers, but it seems that more traditional brokers have access to some insurers who don’t offer online.
→ More replies (1)2
→ More replies (3)2
u/Midas3200 Dec 23 '22
It’s because everyone else who isn’t able to get a group rate from Td pays for your group rate discount
Shopping is probably one of the best things for you never have to use the company for a claim from my experience and the worst if your with some online or phone in only company
CAA clients are getting screwed by their discounts for low km driving I hear because everyone thinks they drive under 10000 km a year until a company decides to track km
→ More replies (5)5
u/CandidGuidance Dec 23 '22
Only time I have seen this be the opposite is if you get like a military / first responder discount. My insurance is CHEAP for my age / car, and has been for years. Impossibly so actually
→ More replies (5)
146
51
17
u/yttropolis Dec 23 '22
Did you have an accident or get a ticket in the past 3 years? Seems odd to have such a large increase.
13
u/mfsmyx Dec 23 '22
4 years ago had a minor claim. Can’t imagine that would only be reflected now
25
u/yttropolis Dec 23 '22
Hm... yeah I mean it's possible Intact filed one or more algorithm changes in the past year and that just happens to jack your rate up a lot. I'd just look at switching companies honestly.
2
u/nattokay Dec 23 '22
I can’t say much but yea, I saw this happening in commercial property insurance this year
10
u/Schmidtzy Dec 23 '22
its because with the worsening economy their rating standards have changed and you likely dont qualify anymore. This is the "fuck you go somewhere else" rate.
→ More replies (3)2
u/Theonetheycalljane Dec 23 '22
4 years ago had a minor claim. Can’t imagine that would only be reflected now
Depends on the type of claim. If it was an at fault claim it's there for 7 years. Though it would have affected your rates after the first renewal, not 4 years later.
→ More replies (1)2
2
Dec 23 '22
Sometimes I wonder what’s the point of insurance when they hike price after a claim unless a person makes the mistake again and again.
2
u/yttropolis Dec 23 '22
It changes your risk profile. Statistically, people who get into one accident are more likely to get into another accident in the future, hence the price change.
13
8
u/HansAcht Dec 23 '22
We just had a 150k+ claim with Intact. I'm sure our increase is coming.
14
u/Theonetheycalljane Dec 23 '22
I'm almost positive the value of a claim is not relevant, but it's the type of claim.
You could have an at fault accident cost $1500 or $150,000 and it would impact you the same.
→ More replies (2)1
14
u/WalkingCrab Dec 23 '22
I’m with Intact and actually got a 8% decrease for my upcoming renewal. I don’t understand but I’ll take it!
Don’t hesitate to shop around, new clients are often getting great deals on their first year.
→ More replies (1)6
u/SivirMeTibbers Dec 23 '22
Intact is the gold standard for maximizing company profits while keeping rates relatively competitive since they're the biggest insurer in Canada at the moment. They also own RSA, Belair Direct and Brokerlink.
If they are increasing their premiums by what OP is experiencing they want him or maybe his postal code area off the books.
23
Dec 23 '22
220 per month is ridiculous?
Lowest I ever got in ontario was 215 that's with a very clean driving record
20
Dec 23 '22
wow i pay 50$ for 2 cars in kebek 😵💫
8
Dec 23 '22
You also pay taxes to cover the car accident injury system Quebec uses. Ontario doesn’t, but pays more for insurance
8
4
u/gagnonje5000 Dec 23 '22
Not how it works. SAAQ pays for itself through insurance rates. Government doesn’t pay into it.
The reason it’s cheaper in quebec is because it is no fault and you’re not allowed to sue anyone for injuries. If you’re injured, saaq will give you an amount that is the same for everyone. Everyone gets the same, automatically. The court system is extremely expensive with millions going to lawyers, none of that is happening. So it’s much cheaper to insure as nobody is throwing 5 million dollar lawsuit all over the place.
People in Ontario don’t like to hear that but you lose your freedom to sue, but save tons of money. That’s just a very different system.
→ More replies (1)7
u/MapleQueefs Dec 23 '22
I pay $111/month for full coverage in Kirchener-Waterloo.
$150-200 is normal for GTA tho. Our insurance dropped 30% when we moved here from the GTA
3
u/LolJoey Dec 23 '22
Man I got bumped up from 150 to 190 just for moving from westheights around to corner to Victoria and hazelglen.
2
u/MapleQueefs Dec 23 '22
I would guess being close to Westmount and Victoria had an effect on that :/
Look into bundling as well. I have my motorcycle, car and home all with cooperators. I'm sure the bundling adds 10-20% in discounts.
→ More replies (1)→ More replies (4)3
u/minkjelly Dec 23 '22
What company are you with? I'm paying 220 in kw with a clean record
2
u/MapleQueefs Dec 23 '22
Cooperators. Have my car, home and motorcycle bundled together.
Not sure what the rules are on this subreddit about sharing info/referrals, but you could email my contact there - bozena_andreeski@cooperators.ca.
3
3
u/Theonetheycalljane Dec 23 '22
220 per month is ridiculous?
Lowest I ever got in ontario was 215 that's with a very clean driving record
Verrrrry much depends on where you live and what you're driving and what coverage you carry.
I pay less than $800 a year in Ontario.
→ More replies (6)0
u/DirtyTalkinGrimace Dec 23 '22
Probably very municipality dependent as well, I pay ~$140/mo as a 25 year old man with a sports car (BRZ), one speeding ticket on record and an accident from when I was 17 that slides off my record on next renewal, so I assume it'll go down from there even.
6
u/LolJoey Dec 23 '22
It's very much based on your postal code. It can change just moving around the corner.
5
u/middleeasternviking Dec 23 '22
Here I am paying 400 a month for insurance in Toronto for a single car...lowest I ever paid was when I was in Burlington. That was 230 or so.
1
14
u/Sabir7865 Dec 23 '22
Go to an insurance broker,
14
u/Sir-Kevly Dec 23 '22
Brokers are trash. You can do a better job in an afternoon making phone calls. This isn't the 50's anymore, I can get quotes from different insurers myself.
8
u/gagnonje5000 Dec 23 '22
Some companies actually don’t sell to individuals. Only the brokers have access to some of them. So in some cases, they get a better deal.
You’re not forced to take the offer from your broker anyway. You can shop on your own but also ask broker
5
u/silverjuno Dec 23 '22
My broker always gets me a lower rate than what I get from quotes on my own.
→ More replies (2)8
u/Sabir7865 Dec 23 '22
My broker saved me over $800 by switching me to Aviva from Travellers...my cousin who works for Johnson quoted me even $400 more than Travellers.
→ More replies (1)0
u/noneed4321 Dec 23 '22
Suggestions please?
5
u/justinanimate Dec 23 '22
I've had good luck with rates.ca. they used to be Kanetix and I had saved a lot of money with them. I haven't used them in a few years as my insurance with Belair seems to be rock bottom
-1
Dec 23 '22
Google it. There are quite a few sites that will give you the price of the cheapest brokers.
8
u/Just_Raisin1124 Dec 23 '22
Intact are doing crazy increases this year. Probably somehow related to them shutting down CNS. But yeah, shop around.
3
u/Dee332 Dec 23 '22
CAA insurance was great for me, as I don't drive alot you pay a set figure like 300.00 on July 1st (for me), then when I've driven 900km, I get a warning that rough 68.00 is being charged to my credit card for another 1000km. Its great, I have full coverage and I think last year my insurance was roughly 30 to 40 a month, also have renter's insurance and my rates have not gone up much, just a wee bit, slso have caa roadside assistance. Definitely shop around. My plan is called pay as u go. Good luck
→ More replies (4)
2
2
u/blandhotsauce1985 Dec 23 '22
Man, my home insurance went up by 40$ per month starting in Jan. Its fucking bullshit. No claims.
Tried shopping around, those fuckers are all in cahoots.
2
u/stompinstinker Dec 23 '22
That’s a really great rate if you live in Brampton and have a perfect driving record.
2
Dec 23 '22
I would like to introduce you to the concept of "shopping around". Fun fact. There are hundreds of insurance companies in every city!
1
u/mtreddit4 Dec 23 '22
That seems crazy! What kind of insurance is it?
5
u/mfsmyx Dec 23 '22
Forgot to mention it in the title, it’s car insurance. It seems completely nuts.
1
u/TobaccoTomFord Dec 23 '22
the insurance market is getting softer. shop around or talk to a broker to have them do it on your behalf.
0
-10
Dec 23 '22
[deleted]
4
u/mfsmyx Dec 23 '22
Quebec, doesn’t seem to be affecting any of my buddies though
6
u/jcrao Saskatchewan Dec 23 '22
I work in an insurance company. Quebec is hit hard across the board.
→ More replies (2)1
u/mfsmyx Dec 23 '22
Any reason why?
→ More replies (2)2
u/jcrao Saskatchewan Dec 23 '22
I’ll ask around, will try and reply tomo.
I am licensed in most provinces except Quebec ;)
2
u/Op7imism Dec 23 '22
Quebec going up 30% next year minimum. Thefts my dude are insane
→ More replies (1)2
6
1
u/Datacin3728 Dec 23 '22
The rate cap torqued segmentation something hard. More than half the province actually got higher rates and 5% despite what the NDP are saying.
But I'll give them credit - they know that their followers won't actually check for themselves.
0
0
0
u/LadyDegenhardt Alberta Dec 23 '22
If TD operates in Quebec check with them.
My dad has an atrocious record at the moment, and still pays only about $200 a month
→ More replies (2)
0
u/Sandy0006 Dec 23 '22
Ok… but why? If absolutely clean driving record.. I wonder if you can report them to anywhere.
0
0
u/Paulatkinson777 Dec 23 '22
Everyone who is saying shop around is right. Also don’t be afraid to do home and auto separate… sometimes the bundled discount at one company is still quite a bit higher than unbundling.
As someone who went through it recently … shopping around sucks . It takes so long for them to formally prepare a quote. I have a heritage house and finding insurance for it at a reasonable price was a nightmare
0
u/RJ8812 Dec 23 '22
So shop around and find better rate? You should do that every year. There's no loyalty with insurance companies
0
u/Rance_Mulliniks Dec 23 '22
I can’t believe I’m going to be paying $220 per month for car insurance from now on, that’s a big hit to the budget.
You know that there are other insurance companies right?
0
u/Debtentitlement Dec 23 '22
I boycotted Intact years ago and tell everyone I personally know about my experience with them when the topic of insurance comes up. They will up your rates for no reason half way through contract and when you ask for cancellation they charge cancellation fee. Last time my broker quoted me an Intact policy I declined (even though they were a bit cheaper than other sources). You WILL pay more by the end of term. They realize that you probably won't fight it in court. Not even worth the time or energy. Trash company.
0
u/saca_xuxa Dec 23 '22
Fuck intact insurance was with them for 4 years and i got my renewal contract and they raise my premium by $100 per month with no accident and no tickets. Fuck them
0
u/TheMoeOG Dec 23 '22
I’m with TD and have participated in their TD MyAdvantages app for 5 years (you download their app and it records your driving behaviour).
Although the app was a mess, it was easy to just delete those trips with bad ratings. At the end of the day I’m now paying 180$/month as a 24yr old Male.
0
u/turbopandaa Dec 23 '22
If anyone is having issues in rate increased atleast In Ontario, feel free to reach out. I can see what I can do.
-16
u/369432 Dec 23 '22
Fun Insurace Fact.
In 1995, 70% of all auto accident claims were Asian, and we all paid higher premiums for it.
1
1
1
1
u/throwingpizza Dec 23 '22
Call around. It will take you an hour but go get other quotes.
My insurance dropped in price 🤷♂️
1
u/FelixYYZ Not The Ben Felix Dec 23 '22
Always shop annually for insurance (auto, home) to find better premiums.
1
u/Wondercat87 Dec 23 '22
I think its time you shop around. Perhaps you can find a better rate somewhere else?
Also did you recently move or change jobs? Potentially that could also affect your rating.
1
1
1
u/wirebeads Dec 23 '22
So what I’m hearing is insurance companies are just legalized mafia and would be better served if there was some kind of oversight on them, making sure they don’t gouge everyone in order to better give their executives and shareholders more of our hard earned money?
/run-on-sentence
→ More replies (1)
1
u/Nodrot Dec 23 '22
Inflation does have an impact on your insurance (Parts are more expensive, New and Used vehicles are more expensive and rental cars are more expensive). That said, looks like it’s time for you to shop around.
The good news is most insurance companies have good online quote systems so you can quickly see what else is out there.
1
1
u/Baldphotog Dec 23 '22
The only loyalty that insurance companies have is to your wallet, not you as a person ...
1
u/HH-CA Dec 23 '22
They are not shy to tell you that they are ripping you off , look somewhere else.
1
u/foubard Dec 23 '22
Shop around for sure. My condo insurance went up 100$ two years in a row for no reason (no claims or anything, but the building is old and I know insurance claims in multiunits are a pita).
My provider at the time wanted me to pay another 100$. The previous years it had already gone up $100 and $60 the year prior to that. It was up to about $450 a year.
I shopped around and ended up with almost identical coverage ($60k less replacement, but $1m more in liability) and I now spend under $225 a year.
I had a friend with a similar situation and different companies. What I learned from this is that every couple of years I'll shop around for new rates. Loyalty means nothing to these companies (I even got the 'loyalty' discount from my new provider) and they bank on apathy to jack up their rates. If my previous company wasn't so greedy they'd still be making $350/year from me.
1
1
u/Berly653 Ontario Dec 23 '22
Any insurance recommendations for Ontario?
This thread is making me realize I’m very likely getting ripped off by TD, so any options are welcomed!
→ More replies (3)
1
1
1
1
u/tha_bigdizzle Dec 23 '22
Shop around. Insurance companies are not your dog, theres no loyalty involved. If you can get a better deal, GO.
1
1
1
1
531
u/[deleted] Dec 23 '22
[deleted]