Personal Finance

Costco: Inova Insurance Broker

  • Last Updated:
  • Jan 7th, 2021 3:49 pm
[OP]
Deal Addict
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Jul 29, 2013
1307 posts
942 upvotes

Costco: Inova Insurance Broker

Has anyone had experience with car and/or home insurance with Costco?
Please share.
32 replies
Member
Jan 19, 2017
423 posts
120 upvotes
I'd like to know too. A couple of years ago, I tried using that for my car, but I couldn't even get an approximate quote online...
Deal Addict
Nov 10, 2018
3837 posts
3927 upvotes
One of the worst quotes I've gotten is through there.
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Deal Addict
Feb 6, 2014
1998 posts
443 upvotes
St. Johns
Been using them for my auto insurance for the last few years as they provided the lowest quote by far! I check my rates every year and nothing seems to come close. I haven't had any claims so I can't speak to how good they are if you have file anything. Would definitely recommend if the quotes are decent.

I will say I looked at combining my auto and home with them but I was better off just taking the auto insurance and continue my home insurance with a different provider.
Deal Addict
Jul 18, 2005
3755 posts
273 upvotes
Used them for auto insurance only - was more expensive to combine the home insurance, so I went with another company for that. This year, used a completely different company who gave me the lowest quote - combined home & auto with them. Innova couldn't match.
Newbie
Jul 13, 2013
96 posts
153 upvotes
Whitby
Fyi, Inova is a broker. Essentially they are just selling the products of various insurers, same as you could likely get through any broker in Canada. Just like any insurance, its totally YMMV as everyone is rated based on their own situation. They might have the best price or the worst price for you.
Deal Addict
Dec 11, 2011
1514 posts
1302 upvotes
Pallet Town
Same experience with auto insurance, no one else came close
Sr. Member
May 5, 2006
748 posts
214 upvotes
Did them through Costco... no one else has matched their rates, which ranged from $500/700 cheaper on a combined home/auto Aviva insurance plan. It's been creeping up, but I just put in a comparison with TD and got $550 more per year. Have never had a claim.
Deal Addict
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Dec 3, 2017
2618 posts
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K-W/Guelph
I'm 20 with a G licence and Inova has been good to me. The rate they gave me was the lowest correct rate I could find, and I compared rates from many companies including CUMIS, TD, and PC Insurance.
DUCA credit union member
Deal Addict
User avatar
May 13, 2005
1633 posts
550 upvotes
Toronto
I was shopping around through multiple brokers including Inova, and they were all the same price.

Going through TD Meloche Monnex gave me a significant discount though, via a discount code from my university. I advise checking to see which organizations you are a part of that would give you a discount, such as CAA or your workplace, and see which insurance company would use that.
Deal Addict
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Dec 3, 2017
2618 posts
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K-W/Guelph
DarkReaper wrote: I was shopping around through multiple brokers including Inova, and they were all the same price.

Going through TD Meloche Monnex gave me a significant discount though, via a discount code from my university. I advise checking to see which organizations you are a part of that would give you a discount, such as CAA or your workplace, and see which insurance company would use that.
+1 on this, alumi organizations and unions (if your workplace is unionized) can provide many insurance discounts.
DUCA credit union member
Sr. Member
May 5, 2006
748 posts
214 upvotes
jacnel wrote: +1 on this, alumi organizations and unions (if your workplace is unionized) can provide many insurance discounts.
I had included my alumni with TD when I compared the quote to Aviva's, but it was still about $550 more between car and house.
Deal Addict
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Dec 3, 2017
2618 posts
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K-W/Guelph
randomthoughts wrote: I had included my alumni with TD when I compared the quote to Aviva's, but it was still about $550 more between car and house.
that's the joy of insurance.
DUCA credit union member
Newbie
Sep 19, 2019
1 posts
2 upvotes
I just came across this thread, but I have Inova. They're absolutely awful. My first payment never came out, so when I called them, they told me I gave incorrect banking info. They had suspended my insurance without notice, and I had to pay that month, the next month plus a $50 fee to reinstate it. On a Friday afternoon (they're closed weekends). No one called me, emailed or sent a letter. I kept calling to check on it, and was repeatedly told it was my fault. I sent in to the privacy officer asking for my calls to be sent to me so I could at least listen to it. Finally a supervisor called me (a week later) to say she had listened to my call, and I gave correct info. She tried to tell me my insurance company have me a break on the price for my troubles, but it was cheaper because I had to pay 2 months in advance.

Just last month I called to add a second car, and my insurance more than doubled. They have no idea why it's so high. Plus they put the wrong driver to the wrong car. Even though I clearly told them who goes where. I asked about fixing it, but the rep was worried it might make the price go up.

I've been looking around to find better insurance. I will happily pay the cancellation fee to be rid of them.
Newbie
Nov 9, 2018
7 posts
Is the price of auto insurance guaranteed to not change until yearly renewal or does Inova change it every 4 months?
Newbie
Oct 11, 2015
24 posts
1 upvote
Dorchester, ON
Does anyone know if you can pay Inova auto insurance monthly and do they accept credit cards?
Deal Addict
Feb 6, 2014
1998 posts
443 upvotes
St. Johns
luki123 wrote: Does anyone know if you can pay Inova auto insurance monthly and do they accept credit cards?
I'm pretty sure you can do monthly payments but I'm not sure if you can have it charged monthly to your credit card. If you want to pay upfront they will accept credit card.
Newbie
Oct 26, 2019
1 posts
1 upvote
Really bad experience. We have been with them since 2014. The customer service is horrible, wait times are unbelievable and when they actually get you out of the holding que, the phone disconnects. It took them 4 weeks to settle a claim back in May 2019. Now its time for renewal and we found 3 other brokers that are $400 - 600 less a year. We’re not renewing with them and won’t bother going back because of how difficult it is to get anyone on the phone as an existing client and to get them to actually get a job done!
Deal Guru
Mar 22, 2004
13370 posts
3761 upvotes
RFD
These guys are by far the cheapest quote for auto insurance I've gotten, everyone is almost double. I think I will go with them and pray have to make no auto claims. Usually I don't claim anything so hopefully that continues. Home insurance on the other hand is $200 more expensive to the current company renewal, but I can get more dwelling repair cost included in the Inova quote. Might end up switching both home and auto to the Costco broker Inova.
Deal Addict
User avatar
Jul 29, 2013
1262 posts
511 upvotes
Toronto
They quoted me for Coseco insurance which from my past experience is the absolute worst insurance company on the planet.

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