Been with same company for years, was recently quoted a cheaper price, would there be a downside to switching to a new auto insurer after that many years?
Downside to switching car insurance
- Thread starter BrookeRain
- Start date
I never had a problem, just make sure everything is paid before you leave. Did they not want to match your cheaper quote?
I have switch several times, never had a problem. The only thing you have to be careful of is that you do not switch to a company with a bad reputation. The last time I bought a new car is when I checked the rates. The new company was $300 cheaper. There was a quote from TD insurance that was cheaper, but I heard that they do not pay out as easily. The company you switched away from will most likely call you every year to see if you come back. One year they gave me a better quote, I called my current insurance company at the time and they even gave me a better rate. ( do not tell them the price from your old company, they will merely match
the price ) The only problem some people might have is that if they are high risk, they may get kicked out.
the price ) The only problem some people might have is that if they are high risk, they may get kicked out.
After many many years with the same company, I got my annual renewal letter. I noticed they upped my premium by like $40.00 bucks a month. I called them and asked why it was raised so much and if there was anything they could do. The basically said it was "inflation" and they couldn't do any better. I shopped around and found broker for $30 a month cheaper. When I told them I would not be renewing because I found a better rate, the lady on the phone kept saying "for $30 a month it's really not that much to lose the loyalty". Every time I asked what the loyalty did for me, in a round about way they told me nothing. I think the only thing it might have done for me is possibly make a claim or something a little less of a headache. Like I say, the answers they gave were definitely nothing that persuaded me that paying the extra $30.00 a month was worth staying with them.
Last edited:
Premiums have gone through the car roof the last year. Insurers are claiming inflation and theft rates.
Mine jacked rates by 40% in December. A little higher than most ( many most are in the 25%-30%) range. If you’re covered and looking to change before your current year runs out. Just weigh the cancellation cost vs savings. Needless to say, despite years and no claims. They’ve lost both vehicle and house insurance policies
Loading…
www.cbc.ca
I just did after like 20 plus years. The difference was huge.
I feel as if insurance companies, telecommunications (phone internet, etc.,), banks ALL are giving incentives to NEW customers and leaving their long standing customers with no deals/breaks.
I have a friend that basically changes from Rogers to Bell every two or three years and ends up saving. Sure there is some pain in changing but today, money talks.
I've gotten some really good discounts from my family's home internet and cellphone plans just by telling them that I got a really great offer from their competition. I wish the same could be done with insurance.
It is in general a good strategy to change car insurers every once in awhile. They will give you a good rate for a couple of years and then start jacking it. On average, I've changed every 3 to 4 years over the last 40 years.
A good approach. That is exactly what companies in those industries (and some others) do
I always shop around when I receive my renewal notice for my Auto+Home insurance, there are no incentives in being a loyal customer.
If your car is older, take off all the extra coverage and raise the deductable.
Increase the liability to 2 million. Insurance is for catastrophe. Otherwise, it usually a waste of money.
Increase the liability to 2 million. Insurance is for catastrophe. Otherwise, it usually a waste of money.
I've been with the same insurer since my teenage years.
They take advantage of your loyalty.
Obviously you'd like to stay with an insurer you're happy with and trust.
But you should always be on the look out for new and better options.
They take advantage of your loyalty.
Obviously you'd like to stay with an insurer you're happy with and trust.
But you should always be on the look out for new and better options.
I was loyal to Monnex for years and their prices were really good for home and auto.
Then they got taken over by TD and became THEE WORST in the industry. Their rates just went through the roof as TD was all about how much they could pound you for. For me, it was the home insurance that did me in. From 600 to 1800 a year in the space of 4 years. And never made a single claim ever with them. Tried calling them and they just gave me some song and dance. So I moved to a competitor and they were good for a few years and then they started jacking my rates also.
Back to TD and surprise, my home rate was down to just over a grand.
I've now bounced around between 4 providers. Never a claim. But sooner or later, they all fuck you.
The one piece of advice I would give you is never drop your current provider until you have signed with your new provider AND the payment has gone through and everything is good. A quote isn't worth the email it was written on and I have experienced problems closing the deal on the auto side of things due to speeding tickets and or claims which were made due to accidents for which I was found 0 percent liable for, but for some reason the magic computer thought i was responsible for and they refused to close the deal. Meanwhile, I had dropped my old insurance company.
Good thing I always filed all paperwork received and could prove I did no wrong. But it a lot of grief.
Then they got taken over by TD and became THEE WORST in the industry. Their rates just went through the roof as TD was all about how much they could pound you for. For me, it was the home insurance that did me in. From 600 to 1800 a year in the space of 4 years. And never made a single claim ever with them. Tried calling them and they just gave me some song and dance. So I moved to a competitor and they were good for a few years and then they started jacking my rates also.
Back to TD and surprise, my home rate was down to just over a grand.
I've now bounced around between 4 providers. Never a claim. But sooner or later, they all fuck you.
The one piece of advice I would give you is never drop your current provider until you have signed with your new provider AND the payment has gone through and everything is good. A quote isn't worth the email it was written on and I have experienced problems closing the deal on the auto side of things due to speeding tickets and or claims which were made due to accidents for which I was found 0 percent liable for, but for some reason the magic computer thought i was responsible for and they refused to close the deal. Meanwhile, I had dropped my old insurance company.
Good thing I always filed all paperwork received and could prove I did no wrong. But it a lot of grief.
My insurance kept going up about 10-20/month for a couple of years and then just this year - it went down 10.
I was expecting a big increase because that is what I have heard is happening so I was shocked.
I have switched companies. No harm is done as long as it is done properly without penalties.
I was expecting a big increase because that is what I have heard is happening so I was shocked.
I have switched companies. No harm is done as long as it is done properly without penalties.
Yeah that's the funny part. When I told my current previous insurance company they tried to convince me there is. I was like "what does the loyalty get me?" and they couldn't answer the question...lol.
After more years than I can remember I started to question my insurance company at that time - State Farm then, now Desjardin - about the rates bouncing up (mostly) and down (rarely) and got no real reason even though I'd had no claims. Told them I'll probably leave since their rates were ridiculous and they didn't even care. Had my new insuring company in place and been with them since I made the switch a few years ago and my rates initially dropped by a few hundred dollars for home & car insurance. They've increased slightly every year but still better than most other insurance companies I've checked every few years.
LTO_3
LTO_3
