Automotive

Insurance : Moving from Td Meloche Monnex to Co-operators, in GTA

  • Last Updated:
  • Jun 15th, 2015 4:51 pm
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[OP]
Newbie
Feb 9, 2014
72 posts
12 upvotes
Toronto

Insurance : Moving from Td Meloche Monnex to Co-operators, in GTA

Need some advice.

This is a tough one to decide. I have been with TD for last 5 years. Have 2 cars insured with them and Home and a rental condo. Got a nice quote from Co-operators for these, so debating if I should switch.

My TD policies just renewed in August, so do have some penalties to pay to TD to leave. Got an email through our company to get a quote from Co-operators and get some prize for doing the quote. Anyway, got a quote from Co-operators and the Auto policy quote for the year was almost $1100 bucks cheaper than TD, but the home and condo was $200 bucks more. Still saving of $800 over a year after paying TD early cancellation penalties of close to $200 for 3 policies.

But what concerns me is that Co-operators initially gave one quote for Home. Then a day later came back saying a claim has shown up on home policy, so they have to remove the Claim free discount and the price went up by $275 for a year. And I had even forgotten about this more than a year old claim as it was a for simple locksmith service to cut out a lock as we had temporarily lost our house keys one day. The claim costed $200 in all, and I thought it was simple thing that should not affect my premium.

This makes me feel little uneasy going with Co-operators despite the savings as they seem very sensitive to "any claim" and not look at what the circumstances where leading up to that claim and the payout.

What will they do in future if heaven forbid I had some Auto accident. Will they make the renewal so high that I would repent leaving TD. Co-operators have offered both me and my spouse Accident forgiveness option also due to our good and long driving record and continuous insurance history for last 15 years. The one thing that I have with TD that I will have to give up, if I moved to co-operators is the $0 deductible on the auto policies. It was only a difference of $90 bucks for a year to change that to $500 with TD, so I have left it at that. Even TD does not offer that today to new customers and have told me that once I change it, I will not be able to go back to it. I could afford to give that up for the switch as one my car is now 15 years old and it does not matter to have Comp and Collision on that. But for simplicity, I have kept same options on both vehicles, as other one is a 2006 model.

Just want to hear from other RFDers if $800 saving atleast for a year is a worthwhile saving to think about switching Insurance companies and worry about next year at renewal time as anyway, if you had time, it is always better to shop around at renewal time. Each year, each company seems to entice customers with a certain profile and give others a ridiculous rate so that they don't come to that company.
7 replies
Deal Addict
Jul 18, 2004
2290 posts
150 upvotes
nav2014 wrote:
Sep 16th, 2014 11:40 am
Need some advice.

This is a tough one to decide. I have been with TD for last 5 years. Have 2 cars insured with them and Home and a rental condo. Got a nice quote from Co-operators for these, so debating if I should switch.

My TD policies just renewed in August, so do have some penalties to pay to TD to leave. Got an email through our company to get a quote from Co-operators and get some prize for doing the quote. Anyway, got a quote from Co-operators and the Auto policy quote for the year was almost $1100 bucks cheaper than TD, but the home and condo was $200 bucks more. Still saving of $800 over a year after paying TD early cancellation penalties of close to $200 for 3 policies.

But what concerns me is that Co-operators initially gave one quote for Home. Then a day later came back saying a claim has shown up on home policy, so they have to remove the Claim free discount and the price went up by $275 for a year. And I had even forgotten about this more than a year old claim as it was a for simple locksmith service to cut out a lock as we had temporarily lost our house keys one day. The claim costed $200 in all, and I thought it was simple thing that should not affect my premium.

This makes me feel little uneasy going with Co-operators despite the savings as they seem very sensitive to "any claim" and not look at what the circumstances where leading up to that claim and the payout.

What will they do in future if heaven forbid I had some Auto accident. Will they make the renewal so high that I would repent leaving TD. Co-operators have offered both me and my spouse Accident forgiveness option also due to our good and long driving record and continuous insurance history for last 15 years. The one thing that I have with TD that I will have to give up, if I moved to co-operators is the $0 deductible on the auto policies. It was only a difference of $90 bucks for a year to change that to $500 with TD, so I have left it at that. Even TD does not offer that today to new customers and have told me that once I change it, I will not be able to go back to it. I could afford to give that up for the switch as one my car is now 15 years old and it does not matter to have Comp and Collision on that. But for simplicity, I have kept same options on both vehicles, as other one is a 2006 model.

Just want to hear from other RFDers if $800 saving atleast for a year is a worthwhile saving to think about switching Insurance companies and worry about next year at renewal time as anyway, if you had time, it is always better to shop around at renewal time. Each year, each company seems to entice customers with a certain profile and give others a ridiculous rate so that they don't come to that company.
This is an old thread but did you end up switching?
I'm in a similar boat as you with TD... and Co-operators is coming in significantly cheaper than TD Meloche (through security national).
[OP]
Newbie
Feb 9, 2014
72 posts
12 upvotes
Toronto
jchan1985 wrote:
Jun 15th, 2015 1:01 pm
This is an old thread but did you end up switching?
I'm in a similar boat as you with TD... and Co-operators is coming in significantly cheaper than TD Meloche (through security national).
Yes, I did switch to them in October. Happy so far, despite the penalties I had to pay, saved some money. Will know at renewal time this year how Co-operators rates look like and will be getting quotes again from few others a month before renewal.
Deal Addict
Jan 7, 2014
2397 posts
458 upvotes
Winnipeg
I am with TD too and my policy is coming to renewal in coming Aug . TD has been reducing my rates every year but I have heard that some other companies increase the rates even if you dont have any accident etc. Is this true?
Deal Addict
Jan 21, 2015
1486 posts
68 upvotes
Toronto, ON
jchan1985 wrote:
Jun 15th, 2015 1:01 pm
This is an old thread but did you end up switching?
I'm in a similar boat as you with TD... and Co-operators is coming in significantly cheaper than TD Meloche (through security national).
Why not call TD and ask them to match your quote from cooperators?
Deal Addict
Jul 18, 2004
2290 posts
150 upvotes
jf4444 wrote:
Jun 15th, 2015 4:30 pm
Why not call TD and ask them to match your quote from cooperators?
Hadn't thought about that, I'll give that a shot though
Issue is I'm going from TD: Primmum to TD Security National so completely different departments.
Deal Fanatic
User avatar
Aug 11, 2008
8333 posts
1110 upvotes
Ontario
auto insurance companies do not price match unfortunately
jf4444 wrote:
Jun 15th, 2015 4:30 pm
Why not call TD and ask them to match your quote from cooperators?
RIBO LICENCED INSURANCE BROKER, over 30 years experience

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