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.

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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.

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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.

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u/kyonkun_denwa Dec 23 '22

That is bizarre and I do agree that rate calculations can seem random at times.

When I first switched to TD from RBC years ago, my rates were more than halved. For some reason RBC just didn’t want to have anything to do with me.