RBC insurance lost me as a customer for $150

[iplom]

I had been with RBC insurance for two years, never had a claim and had a flawless payment history, my premium dropped slightly every year I renewed with them.

This time at renewal I shopped around and TD insurance offered me the exact coverage for approx $150 less than RBC, being loyal to my own savings comes before any loyalty to a company obviously but I liked RBC and advised them of the offer from TD, I told them since I was already a happy RBC customer all they had to do was match the quote from TD and I'd stay with them.

RBC insurance told me they do not "price match" and that they could not / would not offer me the same rate as TD.

My rate with RBC was approx $1550 per year and TD came in at close to $1400 so I obviously switched to TD.

I find it strange that RBC would be willing to lose a customer in excellent standing over $150. Maybe they have too much business.

I'm not angry, I'm more intrigued by the whole scenario and find the logic behind RBC's decision very strange for a money making corporation. In my way of thinking +$1400 is much better than $0.

FWIW I'm perfectly happy with TD now that I'm a customer.

[gman]

What so strange about it? Nobody price match for car insurance. Same reason I jump to whoever offers me the lowest every year. Your reason is the same reason I told TD Monnex, PCF, Belair, Motor, ... when I left them (and the same reason why I joined them). My current insurance company is RBC although TD Monnex tried to get me back every year. You should check other insurance company next year because TD Monnex will not match whoever can beat their price too.

[ghostryder]

I'm not angry, I'm more intrigued by the whole scenario and find the logic behind RBC's decision very strange for a money making corporation. In my way of thinking +$1400 is much better than $0.

Gross revenue does not equal profit.

$1400 revenue less expenses is not necessarily better than $0 revenue minus $0 expenses.

$1400 revenue - $1500 expenses is much worse than $0 revenue - $0 expenses.

[Insurance-Broker]

Inusrance rates are calculated based on risk profiles and will be different for everyone hence why no insurnace company will/can price match. It's not like a cell phone bill that we can just apply certain credits to make it lower.

Another advantage to use a insurnace broker, as we can shop around 15-20 different companies and you can be almost certain that you will be getting the best deal.

[jooksingjai77]

I was dealing with RBC insurance earlier this year too but I never went with them.

I did a quote online because I'm currently with RBC for banking. My online quote turned out to be 240/month. At the end before finishing my quote online they had this coupon code insert and there was code already present so I went with it thinking they gave some kind of discount to RBC customers.

So next day I call in, everything checks out and I just have to wait for the underwriters. The next day I get a call from the agent and they say I cant get the quote because the code entered at the end was a employee discount code. I tell them the code was just there I didnt do anything still no budging. They say my new quote was going to be 350/month so I say have a nice day and hang up

Call up dejardins insurance do a quote over the phone. In less than 30 mins I have insurance with them at 180/month.

[MP3_SKY]

Agree with other people mentioned above, insurance company doesn't do price match. Just make sure you compare the insurance coverage as APPLE VS APPLE. For example, 1 or 2 million civil liability coverage, comfort coverage? (insurance pay your car rental when you car is being repair at the shop), same deductible? 1 accident or infraction is forget and forgive?

[iplom]

So it's not strange for an insurer to let a good customer walk over a relatively small amount of money. Who knew?
My belief was that RBC would want to hold on to its valued customers, looks like I was wrong, either that, or I wasn't as valued as I believed I was.

[spf1971]

So it's not strange for an insurer to let a good customer walk over a relatively small amount of money. Who knew?

Is it any stranger that a customer would walk from a good insurer over a relatively small amount? If the money is enough that the OP would leave the insurance company for, it also stands to reason that it's enough the company will let him walk away. Some companies have a business practice of price matching; some don't want to start with price matching. Once you get into the habit of price matching, it can build and build.

[COSMIC5]

Is it any stranger that a customer would walk from a good insurer over a relatively small amount? If the money is enough that the OP would leave the insurance company for, it also stands to reason that it's enough the company will let him walk away. Some companies have a business practice of price matching; some don't want to start with price matching. Once you get into the habit of price matching, it can build and build.

Insurance companies do not price match.

[spf1971]

Insurance companies do not price match.

That was my point. Some companies do (Future Shop etc) and some don't. Sometimes it's based on type of service, trying to price match insurance, with all of the various factors involved, would be near impossible and sometimes they simply don't want to start with the practice.

[p110232]

@iplom: I personally find TD insurance rates more expensive than belairdirect. I myself was with TD for 3 years. Unfortunately, TD failed to recognize my 5+ years clean driving record, which prompted me to shop. Moved to belair since they consider it. In the end I paid belair $400 less than my previous TD rate.

I know that every person's circumstance is different so I'm not saying you'll get the same break as I did. But for curiousity sake, try doing an online quote with belairdirect. If you find their premiums better, you can switch next renewal.

[Halifax55]

I had been with RBC insurance for two years, never had a claim and had a flawless payment history, my premium dropped slightly every year I renewed with them.

This time at renewal I shopped around and TD insurance offered me the exact coverage for approx $150 less than RBC, being loyal to my own savings comes before any loyalty to a company obviously but I liked RBC and advised them of the offer from TD, I told them since I was already a happy RBC customer all they had to do was match the quote from TD and I'd stay with them.

RBC insurance told me they do not "price match" and that they could not / would not offer me the same rate as TD.

My rate with RBC was approx $1550 per year and TD came in at close to $1400 so I obviously switched to TD.

I find it strange that RBC would be willing to lose a customer in excellent standing over $150. Maybe they have too much business.

I'm not angry, I'm more intrigued by the whole scenario and find the logic behind RBC's decision very strange for a money making corporation. In my way of thinking +$1400 is much better than $0.

FWIW I'm perfectly happy with TD now that I'm a customer.

You will probably be switching again next year as I doubt that you are going to see TD reducing your rates each year as RBC did.

[Magoo]

Inusrance rates are calculated based on risk profiles and will be different for everyone hence why no insurnace company will/can price match. It's not like a cell phone bill that we can just apply certain credits to make it lower.

Another advantage to use a insurnace broker, as we can shop around 15-20 different companies and you can be almost certain that you will be getting the best deal.

In the past my insurance broker told me he found the best deal he could for me... as soon as I told him I found something better with another broker he miraculously found a much better deal for me 10 minutes later.

[MacGyver]

For my 25th birthday, RBC insurance sent me a letter saying they were increasing my premiums by 40% due to "increased worldwide threats."

I took my business elsewhere.

There's no loyalty in the insurance business.

[DrXenon]

Belairdirect's quote is exactly twice what I'm paying now, so don't assume they're the best price in town.