Automotive

Insurance premium going up mid-term.

  • Last Updated:
  • Oct 21st, 2019 5:46 pm
[OP]
Deal Guru
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Mar 8, 2002
12432 posts
3632 upvotes
GTA

Insurance premium going up mid-term.

Just got a letter from my insurance company ( Chieftan) saying that they need to increase premiums to keep pace with rising costs. Monthly goes from $206 to $232, not the end of the world but it's more than 10%.

I was under the impression that when you renew ( which was in June), you get a price for the year and then you pay that off monthly. How can they increase it mid-term?
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4 replies
Deal Addict
Aug 20, 2007
1930 posts
707 upvotes
Kitchener
Chieftan is month to month.. one of the only companies that does that so it does mean that when they change rates you see it next month whereas other companies would could avoid it for a while until your term renews. Did your broker not explain this when setting you up with Chieftian?
[OP]
Deal Guru
User avatar
Mar 8, 2002
12432 posts
3632 upvotes
GTA
peelhic wrote: Chieftan is month to month.. one of the only companies that does that so it does mean that when they change rates you see it next month whereas other companies would could avoid it for a while until your term renews. Did your broker not explain this when setting you up with Chieftian?
Nope.

Thanks for the info. So, with it being monthly, I could just go to a different insurer at the end of this month?
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Deal Fanatic
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Aug 11, 2008
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Ontario
yup
Hugh Jass wrote: Nope.

Thanks for the info. So, with it being monthly, I could just go to a different insurer at the end of this month?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
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Mar 1, 2005
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Toronto
When I was with Chieftan, first year was fine (same rate through the year), then during the second year my rates went up every 3 months or so (+$15 after 3 months, +$21 another 3 months later [or there abouts]).

Cancelled when they sent the notice for the second increase, Chieftan is a double edge sword.
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