Automotive

Has anyone used their Costco executive membership to get car&home insurance?

  • Last Updated:
  • Jan 25th, 2016 9:57 am
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Sr. Member
Jun 9, 2006
806 posts
157 upvotes
Maymybonneliveforever wrote:
Mar 16th, 2012 8:44 am
I understand that, my point was I'm a loyal TD banker and yet I still went with RBC based on price.

IMO, you would be crazy to be overpay your insurance just to be "loyal", as it doesn't give you any advantage. It's pure business. Let your money talk.
Deal Fanatic
User avatar
Sep 18, 2009
5017 posts
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Southwestern Ontario
I have had Coseco for several years but recently they bumped me to $1200/year when I dropped house but retained auto.
I talked to a manager there, who explained that they can only offer the best rates if I combine home and auto. He said they would be less competitive on car alone, so I am dropping them. That will cost 8% in penalty, but worth it.
I have some good offers, but does anyone know of a company or broker that is good for a single policy on auto? I have until June 30 to decide, clean record, rural area, senior.
...



Packard
Ask the man who owns one!
Deal Fanatic
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Mar 5, 2006
5922 posts
155 upvotes
Murica
I got a quote from costco's insurance and man was I disappointed.
Use kanetix to find a better rate. At least TD meloche monex
Deal Addict
Dec 29, 2011
1860 posts
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Vancouver
COSMIC5 wrote:
Mar 9th, 2012 4:32 pm
tried both, and more $$ from what I pay now..
...like most things from Costco. But hey, "it's not about the price, it's about the quality of the products". :facepalm:
Sr. Member
Jun 25, 2010
595 posts
143 upvotes
try scottish and york(Aviva). mine went down $1200/year(2 cars).
Deal Addict
Feb 24, 2007
3950 posts
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I don't think the Costco insurance is affiliated with Costco. They quoted more than I paid. Same as CAA insurance.
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Deal Fanatic
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Sep 18, 2009
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Southwestern Ontario
Avatar wrote:
May 19th, 2013 9:08 am
I don't think the Costco insurance is affiliated with Costco. They quoted more than I paid. Same as CAA insurance.
Costco switched from Coseco to Inova recently. They negotiate a club discount for members, but otherwise Inova is free to establish individual rates.
...



Packard
Ask the man who owns one!
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Aug 11, 2008
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Ontario
well, I called wasn't impressed - just sayin
mofesto wrote:
May 18th, 2013 9:59 pm
...like most things from Costco. But hey, "it's not about the price, it's about the quality of the products". :facepalm:
RIBO LICENCED INSURANCE BROKER, over 30 years experience
Newbie
Sep 17, 2013
1 posts
LoveRFD wrote:
Mar 9th, 2012 1:03 pm
My car insurance renewal is coming and current company Johnson has increased my premium about 15%. So it's time to shop again! I called Costco to find out how to use the executive membership benefit to get car insurance and they give me a phone number and website to check. I tried the phone number it says the call can not be completed. I tried the website it says coming soon> :(

The insurance broker Costco refered me to is called inova. Phone number is 18669677707, website is www.inovainc.ca.

Has anyone used their Costco membership to get car insurance? And how did you get it? Thanks.
TD was renewing my insurance for $2653 and Costco offered $1384.So now I will be saving about $103 per month with same car;came coverage.
Newbie
Mar 13, 2014
1 posts
STITTSVILLE
LoveRFD wrote:
Mar 9th, 2012 1:03 pm
My car insurance renewal is coming and current company Johnson has increased my premium about 15%. So it's time to shop again! I called Costco to find out how to use the executive membership benefit to get car insurance and they give me a phone number and website to check. I tried the phone number it says the call can not be completed. I tried the website it says coming soon> :(

The insurance broker Costco refered me to is called inova. Phone number is 18669677707, website is www.inovainc.ca.

Has anyone used their Costco membership to get car insurance? And how did you get it? Thanks.


Shop around. In past, Costco used Coseco (co-operators) and they were excellent. I used to have them for my auto, home and auto for my daughter. They lumped total together with discounts and made one withdraw per month with no extra fees.

Inova, on the other hand, charges annual fees if you choose to pay monthly (approx $45) for each policy. That is, $45 for auto, $45 for home, $45 for each extra auto... They also charge a cancellation fee of approx. one month if you cancel before one year even if you move or sell your auto. Another example of greed: My daughter received 3 quotes for her auto: 1st for around $1200, 2nd for around $1500 and finally the 3rd for over $3500. All quotes were within one week from the same person and mailed one day apart from each other. They also refused to lump policies together and make only one withdrawal per month instead of 3. I was never offered mulch-vehicle discount as my daughter is over 18 and needed policy in her name only. They were however, going to withdraw my daughters premiums from my account until I put a stop to it. In other words, 3 annual charges of $45 and 3 withdrawals would come out of my account monthly costing me bank fees.

I immediately cancelled and did not renew with costco. Since then, I have been receiving phone calls from Inova daily asking why I am not using them. I have had to file complaints to Costco about them as well as if the phone calls do not stop and continue to clog my message machine, I will be taking legal action against them for harassment.

Best of luck if you use them. Both TD and RBC have much better rates. My house insurance is half of what Inova charges
Newbie
Jan 24, 2016
1 posts
Thorold, ON
I too was with Johnson. have two cars and house insurance...i SAVED $1300 going to CAA. If you are member and have good driving record cant beat the price.
Newbie
Nov 12, 2019
1 posts
I'd recommend staying away from Inova Insurance Brokers. They have a very low Google review rating for a reason.

Don't add a car to your automobile insurance policy through the Inova online portal (My Inova). Inova will not tell you the cost of insuring the extra vehicle when you make the change online and that change to your insurance policy will become binding. You will be charged for 1 month of premiums even if you cancel the new vehicle's policy before it comes into force.

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