Automotive

Insurance - Material Change?

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  • Jun 17th, 2016 12:08 pm
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[OP]
Deal Addict
Aug 27, 2009
1384 posts
456 upvotes
Oakville

Insurance - Material Change?

I'm going to withdraw from my professional association (after 30 yrs) b/c I no longer want/need to pay for the dues.

I'm with TDMM and my rates are based on membership within that association.

Does this constitute a "material change"?

If I withdraw but don't inform TDMM (and lose the rates) am I at risk of being denied coverage for a claim or denied insurance in general?
12 replies
Sr. Member
May 12, 2003
817 posts
239 upvotes
That's a pretty big change my friend.

You only get those rates because you are a paying member of that association.
Deal Addict
Feb 18, 2016
1808 posts
527 upvotes
RETD wrote: I'm going to withdraw from my professional association (after 30 yrs) b/c I no longer want/need to pay for the dues.

I'm with TDMM and my rates are based on membership within that association.

Does this constitute a "material change"?

If I withdraw but don't inform TDMM (and lose the rates) am I at risk of being denied coverage for a claim or denied insurance in general?
Since you are in Ontario and your insurer is TDMM I am assuming you are referring to PEO, and since your username is RETD I am assuming you are retiring.

Given all that, you can pay a reduced membership fee as a retired member:
http://www.peo.on.ca/index.php/ci_id/2199/la_id/1.htm
Reduced fee is $55+HST = $62.15

You'd have to call to confirm what your annual premium would be as a non-member to see if this is worth doing.
[OP]
Deal Addict
Aug 27, 2009
1384 posts
456 upvotes
Oakville
notfromqc wrote: Since you are in Ontario and your insurer is TDMM I am assuming you are referring to PEO, and since your username is RETD I am assuming you are retiring.

Given all that, you can pay a reduced membership fee as a retired member:
http://www.peo.on.ca/index.php/ci_id/2199/la_id/1.htm
Reduced fee is $55+HST = $62.15

You'd have to call to confirm what your annual premium would be as a non-member to see if this is worth doing.
Correct conclusion but incorrect reason lol.
RETD = Mr. "Research Everthing To Death" - that's what my wife calls me.

Yes, I'm recently retired and don't want to pay the PEO retired members dues for eternity or until I'm gone, whichever comes first.
The $62 is tax-deductible but I expect to be in a low marginal bracket so it'll be close to $62 out of pocket.

I've shopped around for other rates. Given my age, situation, driving record, etc. TDMM PEO rates are still the best.
I just have to decide if it's worth $62/year.

BTW TDMM insures many other affinity groups (e.g. accountants, lawyers, etc.) in addition to the PEO.
Member
Oct 28, 2007
248 posts
57 upvotes
Belleville, ON
I'm a retired engineer as well, and previously insured with TD MM. Paying the annual membership has its benefits (the low cost term insurance with Manulife being one), but now I'm paying the the $62.15. I've switched from TD MM 1 1/2 years ago to CAA Insurance based on lower auto and home insurance premiums. Check them out. I don't think they care about the PEO membership fee.
[OP]
Deal Addict
Aug 27, 2009
1384 posts
456 upvotes
Oakville
Thanks for the suggestion. I've gotten quotes from CAA the past two years (with their $25 PetroCan gift card offer) and they're still higher than TDMM even after factoring in the $62 PEO fee.

My other quotes via Kanetix have all been higher.
Deal Expert
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Jun 9, 2003
24795 posts
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Markham, ON
i wouldnt worry about it...they dont check...they only check when you add at membership ...btw...how much is the retired membership status?...anyways i would shop around anyways...retires usually get a better rate with some insurers
Deal Addict
Nov 2, 2014
1067 posts
409 upvotes
Scarborough, ON
RETD wrote: I'm going to withdraw from my professional association (after 30 yrs) b/c I no longer want/need to pay for the dues.

I'm with TDMM and my rates are based on membership within that association.

Does this constitute a "material change"?

If I withdraw but don't inform TDMM (and lose the rates) am I at risk of being denied coverage for a claim or denied insurance in general?
You are not at risk of being denied coverage at all.

This is not a material change in risk.

If you went out and hit and injured someone severely (paralyzed them) and they sued your insurance company for 1.3 million (the majority of folks are crazy not to spend the extra $80 per year to have 2 mill liability coverage), and TDMM tried to deny coverage, the courts would laugh at them.

They wouldn't even consider it.
Deal Addict
Jan 26, 2016
1787 posts
1710 upvotes
Toronto, ON
RobertSmalls008 wrote: You are not at risk of being denied coverage at all.

This is not a material change in risk.

If you went out and hit and injured someone severely (paralyzed them) and they sued your insurance company for 1.3 million (the majority of folks are crazy not to spend the extra $80 per year to have 2 mill liability coverage), and TDMM tried to deny coverage, the courts would laugh at them.

They wouldn't even consider it.
Seems like an easy way to be super worried for the duration of trial, as you have opened yourself to risk for 60 bucks...?
Deal Addict
Feb 18, 2016
1808 posts
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thelefteyeguy wrote: i wouldnt worry about it...they dont check...they only check when you add at membership ...btw...how much is the retired membership status?...anyways i would shop around anyways...retires usually get a better rate with some insurers
Annual fee for retired member is $62.15 (includes HST)

http://www.peo.on.ca/index.php/ci_id/2199/la_id/1.htm

I am also paying this fee but for a different reason :facepalm:
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Oct 13, 2009
21190 posts
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Iqaluit, NU
I switched from TDMM to Coseco a couple years ago and saved like $500 per year with one vehicle and condo insurance even with the CPA discount I was getting through TDMM. Best to shop around annually.
Re: Procurement, Life & RFD
nasa25: say you won it in a raffle. That's what I do with like 86% of my purchases
infinityloop: Lying to your SO seems like an unhealthy long term strategy
nasa25: lmao
[OP]
Deal Addict
Aug 27, 2009
1384 posts
456 upvotes
Oakville
RobertSmalls008 wrote: You are not at risk of being denied coverage at all.

This is not a material change in risk.

If you went out and hit and injured someone severely (paralyzed them) and they sued your insurance company for 1.3 million (the majority of folks are crazy not to spend the extra $80 per year to have 2 mill liability coverage), and TDMM tried to deny coverage, the courts would laugh at them.

They wouldn't even consider it.
This is my thought process.

WinterSleep wrote: Seems like an easy way to be super worried for the duration of trial, as you have opened yourself to risk for 60 bucks...?
And this is my concern.


For peace of mind I'll probably just retain PEO membership and consider the dues as part of my insurance costs. There's value in staying with TDMM (history, declining deductible and I have the $2mm umbrella coverage for home/auto).

The PEO rates are much lower than anything else I've been able to find.
Deal Addict
Feb 18, 2016
1808 posts
527 upvotes
RETD wrote: The PEO rates are much lower than anything else I've been able to find.
That has been my experience as well. I've shopped around a few times, and one time I thought I found a lower quote but I went through the details of the coverage it was for less and when they made the coverage the same TDMM was still lowest.

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