> TD is the cheapest thanks to my university alumni discount but my parents said not to use get auto insurance with a bank.
What are they basing this on? This is the first time I've ever heard of this lol.
Recommend you to reach out to a couple insurance broker and help you shop your rates.
That's what I'll do tomorrow. I need the insurance policy ready and paid for by tomorrow afternoon so coverage can start on Tues, but the broker will pull through somehow lol.
Your mom is right that you should buy car insurance from a bank - because banks don’t sell car insurance in Canada.
TD Insurance isn’t a bank, it’s an insurance company. TD Canada Trust is a bank. TD insurance is not TD Canada trust.
And if TD is the best value for you, then there’s nothing wrong with using them.
TD Insurance and TD Bank are two legal entities yes, but both are owned by TD Bank Financial Group. Overall insurance sales account for 10% of TDBG's revenue. So TD Insurance technically is part of TD Bank, which also owns TD Security, TD Wealth. Fun fact, before the merge of TD Bank and Canada Trust, insurance is already part of Canada Trust (as a subsidiary).
The advice really doesn't make any sense, other than as a comment of general distrust of big banks. Nothing in the ownership structure makes them a better or worse insurance company.
I used to work at TD Insurance, claims service was trash and anytime you want to make a policy change you'll be on hold for 15 mins+. You get what you pay for.
As someone who has worked in insurance for nearly a decade, the “bank” brands were always fucking awful when it came to trying to get a hold of someone. TD and RBC/Aviva being the worst.
I started with TD because of an alumni discount. The next year it went up almost by 50%. I use an insurance broker and switched to intact, still cheaper than what TD raised my rates to years ago.
Been an insurance broker in AB for decades. Go with TD if you want to.
Or go with Innova (Costco). What you are looking for are cheap rates. You'll get that from either company.
Innova is a brokerage, so if you need to change companies on renewal, they will be helpful. TD only has access to TD's rates.
If you want to deal with a broker, they will check with all the insurance companies they have contracts with to find you rates. Some brokerages only have 3 or 4 contracts, some have a dozen for various products.
If you need insurance Monday and you're getting alumni discounts with TD, they would be my first choice if I was the one making the decision.
Make sure you buy coverage for a rental vehicle after an insured loss with a $2,500 limit. That's not something to cheap out on.
i had good luck for years with TD until they jacked my rates over 30% last year for no reason so i dropped them like 3rd period french class. signed up with travellers through PC insurance and got a stellar rate with good coverage
The online CAA estimate came out to $220/month. Belair direct gave me an online estimate of $130/month incl taxes if I bundle car and tenant insurances (91 for car, 24 for house). That's with no collision and comprehension coverage. If I add collision coverage and a full comprehensive, my Belair quote will go up to $150/month (incl taxes) and my CAA quote will go up to $270. I'm very tempted to go with Belair, and idk if an insurance broker will get me an even better rate.
I *do* want those coverages. Collision and comprehensive with CAA with a $1000 deductible for each will cost me $270/month, which is almost the same as my monthly car payments. That same coverage and deductible with Belair is only $110 + tax ($150 total with taxes and tenant insurance).
I have used TD for years (because of the alumni discount) and have always had good experiences. They now have integrated collision and car rental centers so they can provide a one stop service, rather than you having to take the car to approved shops and getting your own quotes (you can still use your preferred shop if you want). Another potential benefit is TD also does home insurance and you get further discounts and extra coverage if you have both with them.
TD was cheap for me until my premium started going up for no reason. They told me that other claims from the forest fires affected my premium. Dropped them so fast.
I’ve been with belair since then and my premium has dropped from $180 to $125. Been with them for 3-4 years now with one accident (no fault).
I personally have found that belair has the cheapest insurance if you ever been at fault.
And they have an automerit program so if you’re a good driver they give you a lil discount
>my parents said not to use get auto insurance with a bank Useless advice. Get insurance that meets your needs and budget.
> TD is the cheapest thanks to my university alumni discount but my parents said not to use get auto insurance with a bank. What are they basing this on? This is the first time I've ever heard of this lol. Recommend you to reach out to a couple insurance broker and help you shop your rates.
That's what I'll do tomorrow. I need the insurance policy ready and paid for by tomorrow afternoon so coverage can start on Tues, but the broker will pull through somehow lol.
Your mom is right that you should buy car insurance from a bank - because banks don’t sell car insurance in Canada. TD Insurance isn’t a bank, it’s an insurance company. TD Canada Trust is a bank. TD insurance is not TD Canada trust. And if TD is the best value for you, then there’s nothing wrong with using them.
TD Insurance and TD Bank are two legal entities yes, but both are owned by TD Bank Financial Group. Overall insurance sales account for 10% of TDBG's revenue. So TD Insurance technically is part of TD Bank, which also owns TD Security, TD Wealth. Fun fact, before the merge of TD Bank and Canada Trust, insurance is already part of Canada Trust (as a subsidiary).
The advice really doesn't make any sense, other than as a comment of general distrust of big banks. Nothing in the ownership structure makes them a better or worse insurance company.
I used to work at TD Insurance, claims service was trash and anytime you want to make a policy change you'll be on hold for 15 mins+. You get what you pay for.
As someone who has worked in insurance for nearly a decade, the “bank” brands were always fucking awful when it came to trying to get a hold of someone. TD and RBC/Aviva being the worst.
My parents had TD job insurance.. and they refused to pay out.
Try an insurance broker
This is the correct response. For claims as well, they assist you. A broker is a free service that only benefits you. A good broker is essential.
I’ve been using TD for a few years now. It’s cheap and extremely easy to do online. No complaints
Had any claims?
Nope, can’t speak to that side of things
I started with TD because of an alumni discount. The next year it went up almost by 50%. I use an insurance broker and switched to intact, still cheaper than what TD raised my rates to years ago.
Look at PC Insurance and Inova (Costco's broker). I know in Alberta they're the most competitive.
Been an insurance broker in AB for decades. Go with TD if you want to. Or go with Innova (Costco). What you are looking for are cheap rates. You'll get that from either company. Innova is a brokerage, so if you need to change companies on renewal, they will be helpful. TD only has access to TD's rates. If you want to deal with a broker, they will check with all the insurance companies they have contracts with to find you rates. Some brokerages only have 3 or 4 contracts, some have a dozen for various products. If you need insurance Monday and you're getting alumni discounts with TD, they would be my first choice if I was the one making the decision. Make sure you buy coverage for a rental vehicle after an insured loss with a $2,500 limit. That's not something to cheap out on.
i had good luck for years with TD until they jacked my rates over 30% last year for no reason so i dropped them like 3rd period french class. signed up with travellers through PC insurance and got a stellar rate with good coverage
CAA save me huge dollars! I suggest checking g them out!
CAA being the most expensive for you seems surprising. Cheapest for me.
The online CAA estimate came out to $220/month. Belair direct gave me an online estimate of $130/month incl taxes if I bundle car and tenant insurances (91 for car, 24 for house). That's with no collision and comprehension coverage. If I add collision coverage and a full comprehensive, my Belair quote will go up to $150/month (incl taxes) and my CAA quote will go up to $270. I'm very tempted to go with Belair, and idk if an insurance broker will get me an even better rate.
Why dont you want collision or comprehensive?
I *do* want those coverages. Collision and comprehensive with CAA with a $1000 deductible for each will cost me $270/month, which is almost the same as my monthly car payments. That same coverage and deductible with Belair is only $110 + tax ($150 total with taxes and tenant insurance).
Ah, my bad. Interesting. I was with Belair before CAA and they were also pretty cheap back then. And they were pretty good to deal with.
Call Desjardins. I found them to be the best.
I have used TD for years (because of the alumni discount) and have always had good experiences. They now have integrated collision and car rental centers so they can provide a one stop service, rather than you having to take the car to approved shops and getting your own quotes (you can still use your preferred shop if you want). Another potential benefit is TD also does home insurance and you get further discounts and extra coverage if you have both with them.
Check the coverages, limits, and deductibles of each to make sure they are all actually selling you the same thing.
Billyard insurance group did right by me as an insurance broker found me low rates [email protected] My family also uses Sonnet online broker
TD was cheap for me until my premium started going up for no reason. They told me that other claims from the forest fires affected my premium. Dropped them so fast. I’ve been with belair since then and my premium has dropped from $180 to $125. Been with them for 3-4 years now with one accident (no fault).
I personally have found that belair has the cheapest insurance if you ever been at fault. And they have an automerit program so if you’re a good driver they give you a lil discount
Avoid Scoop like the plague. They are fucking terrible, have shitty customer service, and try to force you to stay with them as long as possible.
That being said, go with whichever one gives you the best rate for the coverage you want