Shopping Discussion

Best Home and Auto insurance companies??

  • Last Updated:
  • Feb 6th, 2020 3:40 pm
Deal Addict
Jul 1, 2006
1124 posts
50 upvotes

Best Home and Auto insurance companies??

Who do you guys use for home and/or auto insurance? Not sure which one provides the best rates and service
35 replies
Banned
Nov 24, 2017
75 posts
68 upvotes
You need to change insurance company every few years or you'll get screwed. Every year they will slowly increase your premiums even if you have a perfect record/no claim. Benefits from being loyal to a company don't exist anymore. I've been with Lloyd's and I was screwed, I was with Wawanesa and I was screwed. Currently with Traveler's and they tried to screw me. Wanted to increase car premium by 10% the second year. Called company and told them they would lose me as a customer. Guess what? No more 10% increase.
Deal Expert
Feb 7, 2017
27765 posts
27805 upvotes
Eastern Ontario
NumberThree wrote: You need to change insurance company every few years or you'll get screwed. Every year they will slowly increase your premiums even if you have a perfect record/no claim. Benefits from being loyal to a company don't exist anymore. I've been with Lloyd's and I was screwed, I was with Wawanesa and I was screwed. Currently with Traveler's and they tried to screw me. Wanted to increase car premium by 10% the second year. Called company and told them they would lose me as a customer. Guess what? No more 10% increase.
Ya this strategy works at keeping your rates low...

But not so much in your favour if you are making a claim.

Like it or not best Claim Results end up in the hands of the most loyal / longest standing Customers
Banned
Nov 24, 2017
75 posts
68 upvotes
PointsHubby wrote: Ya this strategy works at keeping your rates low...

But not so much in your favour if you are making a claim.

Like it or not best Claim Results end up in the hands of the most loyal / longest standing Customers
It doesn't make any sense to end up paying so much more when you do not get any additional benefit by staying with the same insurance company. Moreover, if you have accidents/claims and you are at fault, you will be screwed no matter what company you are with and how long you have been with them.
Member
Mar 6, 2015
404 posts
1448 upvotes
New Brunswick
NumberThree wrote: You need to change insurance company every few years or you'll get screwed. Every year they will slowly increase your premiums even if you have a perfect record/no claim. Benefits from being loyal to a company don't exist anymore. I've been with Lloyd's and I was screwed, I was with Wawanesa and I was screwed. Currently with Traveler's and they tried to screw me. Wanted to increase car premium by 10% the second year. Called company and told them they would lose me as a customer. Guess what? No more 10% increase.
I don't know what you're talking about because I've been with the same company for 4 years and my premiums have decreased each year. And they have already told me to expect another drop next year.
Deal Fanatic
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Oct 24, 2005
5218 posts
1240 upvotes
Burlington
My home insurance stayed flat year over year while car insurance increased $120/year for 2 cars. After getting multiple quotes again they were still the cheapest so had to stick around.
Banned
Nov 24, 2017
75 posts
68 upvotes
bunmin wrote: I don't know what you're talking about because I've been with the same company for 4 years and my premiums have decreased each year. And they have already told me to expect another drop next year.
You don't know what I'm talking about because you are living in N.B. and I'm living in Ontario and what I wrote describes my insurance premiums for the last 15+ years. I'm really happy for you that your premiums are decreasing, but such is not the case for me.
Banned
Nov 24, 2017
75 posts
68 upvotes
Tha_Doggg wrote: My home insurance stayed flat year over year while car insurance increased $120/year for 2 cars. After getting multiple quotes again they were still the cheapest so had to stick around.
Things have been better since switching to Travelers. They did try to screw me when the insurance was renewed for the second year, but after that it has been pretty good. Nevertheless, my premiums are always increasing year after year. Except now it seems that the increase is more reasonable.
Deal Fanatic
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Mar 28, 2005
8978 posts
2579 upvotes
Cornwall, Ontario
To answer the OP's question, I don't think there is a "best one" for everyone.
Rates the companies quote are based on so many different factors that differ from company to company.

Best way is to get as many quotes as possible - and if the best rate ids not too far off what the current compsny i quoting,I would stay with them.
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User avatar
Aug 29, 2001
6586 posts
1749 upvotes
rural ontario
I've been with my car insurance company for 20+ years. Not always the cheapest but the small savings from switching are not enough to switch.
I guess better the devil I know then the one I don't know.
72 69 6c 6c 65 73
Deal Fanatic
Feb 19, 2017
5308 posts
3779 upvotes
Vancouver
NumberThree wrote: You need to change insurance company every few years or you'll get screwed. Every year they will slowly increase your premiums even if you have a perfect record/no claim. Benefits from being loyal to a company don't exist anymore. I've been with Lloyd's and I was screwed, I was with Wawanesa and I was screwed. Currently with Traveler's and they tried to screw me. Wanted to increase car premium by 10% the second year. Called company and told them they would lose me as a customer. Guess what? No more 10% increase.
Exactly... my family's broker pretty much told us to switch every few year and gave us a list of all of them every year (and the cheapest one/one he recommends). Maybe i'm lazy but generally i just trust him since my family has been using him since before i was born.
Deal Addict
Jul 1, 2006
1124 posts
50 upvotes
Paigne wrote: Exactly... my family's broker pretty much told us to switch every few year and gave us a list of all of them every year (and the cheapest one/one he recommends). Maybe i'm lazy but generally i just trust him since my family has been using him since before i was born.
Do you mind sharing said list, I'm not sure which companies to even call ? Or if anyone has names of companies I should call to get a quote would be helpful
Deal Fanatic
Feb 19, 2017
5308 posts
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Vancouver
tripleflip wrote: Do you mind sharing said list, I'm not sure which companies to even call ? Or if anyone has names of companies I should call to get a quote would be helpful
gave it all back to him when i paid fir it 2 weeks ago (was just paper copies). Only kept the one i bought.
Deal Guru
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Mar 8, 2002
13462 posts
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GTA
bunmin wrote: I don't know what you're talking about because I've been with the same company for 4 years and my premiums have decreased each year. And they have already told me to expect another drop next year.
I was with Belair for 7 years and each year the premiums went down. So when the 8th year renewal came in and had a 25% increase I jumped ship. I searched around and eventually went with a broker. Each year at renewal time they say they'll shop around for a better rate for me, which I dont really think they do, but I look around myself anyway.
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Deal Fanatic
Oct 26, 2008
7022 posts
2907 upvotes
Victoria, BC
Hugh Jass wrote: I was with Belair for 7 years and each year the premiums went down. So when the 8th year renewal came in and had a 25% increase I jumped ship. I searched around and eventually went with a broker. Each year at renewal time they say they'll shop around for a better rate for me, which I dont really think they do, but I look around myself anyway.
I think you are right. Many insurance brokers probably put their own interests ahead of their client's interests. Same as mortgage brokers, realtors, lawyers, etc.
Sr. Member
Apr 20, 2009
794 posts
76 upvotes
The best company for price will vary based on each individual's profile and needs. Company A,B, and C may have had a great experience with customers like you and will charge lower rates to attract more customers like you, while Company D, E, and F may have had a terrible experience with customers like you and have lost tons of money and will charge very high rates to deter you from insuring with them.

Point is you need to shop around to find the best price as there isn't one company with the best price for everyone.

Also important to compare coverages. Even though auto policies are regulated by the government and are generally the same for mandatory coverages, the optional coverages are not all the same. For example the waiver of depreciation period can vary anywhere from 2-5 years, some companies explicitly guarantee they will replace your vehicle with a current model year, while many do not. Accident forgiveness also is not transferable, if you have an at fault accident that was forgiven by your current company, your new company will not forgive it. Some companies will also forgive minor tickets, while others will not.

Home insurance is not regulated, so coverage can be quite different from one company to the next. Pay particular attention to special limits on things like jewelry, bicycles, and collections. Almost every company will have limits on these items, and will have different requirements if you want to purchase more coverage. Don't assume you're automatically covered for those items for their full value.

Water damage is probably one of the most common causes of loss these days. Every company handles sewer backup, seepage, and overland flooding differently, there is no uniformity in the industry on this. So compare this particular coverage closely. Some companies don't offer seepage or overland flooding at all.

If your home is built prior to 1940, you will probably have a harder time finding a company to offer guaranteed replacement cost. If you have that coverage with your current insurer with an older home, make sure you're comfortable with the amount of insurance offered if you are switching to an insurer who will not offer guaranteed replacement cost.

Lastly be aware for home insurance, it is very common for insurer's to offer a new business discount to attract new business, which you will lose the following renewal. I would not recommend switching unless your overall savings between your home and auto insurance is huge. I would not bother for $1-200 in overall savings as it is likely to be temporary.
Banned
Nov 24, 2017
75 posts
68 upvotes
Paigne wrote: Exactly... my family's broker pretty much told us to switch every few year and gave us a list of all of them every year (and the cheapest one/one he recommends). Maybe i'm lazy but generally i just trust him since my family has been using him since before i was born.
I'm also using a broker though I don't think they have my interests at heart. When I switched from Wawanesa to Travelers I save more than 1K in premium. I need to clarify one thing. When I said Travelers tried to screw me by attempting to increase the premium by 10%, it was only for one vehicle (I have 3 vehicles).
Deal Fanatic
Feb 19, 2017
5308 posts
3779 upvotes
Vancouver
NumberThree wrote: I'm also using a broker though I don't think they have my interests at heart. When I switched from Wawanesa to Travelers I save more than 1K in premium. I need to clarify one thing. When I said Travelers tried to screw me by attempting to increase the premium by 10%, it was only for one vehicle (I have 3 vehicles).
Maybe change brokers? If you don't trust a broker, doctor, lawyer, etc its probably a good idea to see if you can find one thats better (or really you feel better about). I changed my family doctor (who actually took over for the family doctor before i was born/when he retired) pretty much as soon as i was old enough to make that decision (felt he was lazy/winging it). I got a good feeling about the broker but im guessing he'll retire soon... then i might have to pay more attention to my insurance...
Sr. Member
Apr 20, 2009
794 posts
76 upvotes
If your main concern is price, you should let your broker know. From a broker's perspective, looking out for your best interests doesn't necessarily mean finding you the lowest price. They should be finding you the coverage that best suits your needs, and sometimes going with the cheapest option means big gaps in coverage. Many brokers would rather lose a client, then offer the cheapest bare bones policy because they don't want to get sued for an E&O in the event of a claim where coverage is denied because the client did not purchase the correct coverage. In addition, brokers have personal experience with the insurers they deal with. They have their own opinions with which ones are easy to deal with and which ones treat their clients well in the event of a claim, and which ones don't. That will greatly influence a broker's decision when deciding which insurers to place your business with.
Banned
Nov 24, 2017
75 posts
68 upvotes
Paigne wrote: Maybe change brokers? If you don't trust a broker, doctor, lawyer, etc its probably a good idea to see if you can find one thats better (or really you feel better about). I changed my family doctor (who actually took over for the family doctor before i was born/when he retired) pretty much as soon as i was old enough to make that decision (felt he was lazy/winging it). I got a good feeling about the broker but im guessing he'll retire soon... then i might have to pay more attention to my insurance...
Nah, I call them and threaten to take my business elsewhere and then they get their act together and find me something a lot cheaper. Until I found out I never thought insurance companies would act in such a way. I knew they would screw people and not pay when you make a claim, or pay as little as possible. But I didn't think they would also screw you on the premiums you pay. Just like with banks, loyalty doesn't mean anything anymore.

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