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  #1  
Old 03-24-2023, 09:46 AM
snowman160 snowman160 is offline
 
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Default Changing insurance companyís after 20 plus years?

Just wondering if anyoneís done this for the simple fact of saving $? Iíve been with Morgex for over 20 yrs and any claims ever made have been dealt with promptly and fairly quick an easy IMO..

I was with a different company for my home insurance and it was insanely expensive, I tryed to get them to knock it down and they refused so I changed companyís an it was almost half the cost.( changed to State Farm)

Just curious what peopleís opions are on this subject.. I have 2 quads, a sled, 2 vehicles, 2 boats..all are quite older units..15 yrs plus on most except the truck.
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  #2  
Old 03-24-2023, 10:02 AM
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Trochu Trochu is offline
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I change all the time. Seems they get complacent with you after you've been a customer for a few years and want to jack the rates. So I switch.
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  #3  
Old 03-24-2023, 10:03 AM
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CanuckShooter CanuckShooter is offline
 
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If you stay with one company too long they seem to start jacking up your rates, it must be some formula they use...the more years you go without a claim the more likely one is to happen perhaps?

I change home insurance companies if my rates start to get crazy.
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  #4  
Old 03-24-2023, 11:42 AM
Big Grey Wolf Big Grey Wolf is offline
 
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I left Morgex 20 years ago. After number of hailstorms they thought my insurance costs should be raised to the heavens and I should have control of mother nature.
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  #5  
Old 03-24-2023, 12:32 PM
funkman funkman is offline
 
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I have been pondering this myself....I see no loyalty rewards for staying with one provider. Who has changed recently and been pleasantly surprised? I tried merging my vehicles with my home insurance (co-operators) a few years ago and saw no relief....this time I will try the other way to Desjardin or ?.
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  #6  
Old 03-24-2023, 01:01 PM
Sooner Sooner is offline
 
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I have been with and like Allstate for years. Happy how they dealt with a couple car crashes and kept my rates down. But when my kid bought his first truck and insured it with Allstate, as his Mazda 3 was with them too, at renewal time he got quotes and Intact beat Allstates by a bunch of money. He was 21 and bought a 2014 truck so right in the were gonna charge you lots age. Allstate would not budge.

Problem is I know Intact is the big boy in town and is not that good when it comes time to pay out a claim.

That being said, this summer I will be comparing with a few others to see if Allstate is still the best bang for my buck to cover everything I have.
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  #7  
Old 03-24-2023, 01:06 PM
barbless barbless is offline
 
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Not sure if true or not but heard it years ago. If you have no claims for 10 yrs or more, you start to become a higher risk of having one, especially with vehicle insurance. They could drop you, cancel your policy. If that happens, then getting insurance with another company your will play the big premium like a first time 18 yr. old. If you cancel and move on, not the same. Just what I heard
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  #8  
Old 03-24-2023, 01:15 PM
Big Grey Wolf Big Grey Wolf is offline
 
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Barbless, sorry but that seems silly, "increase your insurance costs if you have no accidents for 10 years"
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  #9  
Old 03-24-2023, 01:31 PM
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CNP CNP is offline
 
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I've been with State Farm (Desjardins) for over 40 years. State Farm in Canada has been rebranded to Desjardins. Am I satisfied? For sure.
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  #10  
Old 03-24-2023, 01:32 PM
Geraldsh Geraldsh is offline
 
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I use an insurance broker, Used to be John Mason in Kitscoty, and he would move my policy to what ever insurance provider was the best deal for my package.
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  #11  
Old 03-24-2023, 01:45 PM
Ebrand Ebrand is offline
 
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Default Intact is horrible.

Avoid them at all costs. Straight up crooks.

Check out Dyck Insurance in Wetaskiwin.

They even straightened out Intactís mess for me.
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  #12  
Old 03-24-2023, 01:59 PM
jcrayford jcrayford is offline
 
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Was with Wawanessa (Co-operators) for over 30 years. They covered everything I had and I had no beef with them. I let my insurance run out on a motorcycle for a few years and the last time they insured it, it was about $130/year.

Couple of years go by and I decide to restore and make active said motorcycle. I phone them up to get a quote and was told "that's a restricted motorcycle and we'll have to push this to a regional office not the local office you called" WAIT - what???? Co-op had never insured as a restricted vehicle before? (that's always something good to hear - NOT!) And no, it's not a "black" motorcycle that's somewhere on a restricted list...

After waiting 2 weeks, I get the call from Co-op and the insurance quote was for PL/PD at an astonishing rate of $1300/year???? WTH? I explained to the agent that this would jeopardize me continuing with them, to which I was told "everyone in the insurance industry in cracking down on motorcycles".

Thinking back on that conversation, I believe that was a last chance ploy to make me buy in at $1300. Luckily, my next door neighbor has a daughter that's a broker. One quick phone call to her, and my motorcycle was insured within 10 minutes at $220/year. I was so impressed with the speed and low-price and coverage, I pulled everything from Co-op and moved to my new insurer - the whole works.

Last phone call with Co-op, was asked why I would be leaving for another provider. I explained the situation and said over 30 years of customer relations were ruined in a 30-second bid to get 10X the money on a product.

Turns out in the end, not only did I save $$$ on that motorcycle but the entire insurance package put together has saved me over $2500 / year by switching and it continues to drop without any claims. Not sure what's going to happen when I do have a claim, but I'll cross that bridge later.

J.
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  #13  
Old 03-24-2023, 02:16 PM
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KGB KGB is offline
 
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I switched just recently from BelAir Direct after been with them since they used to be called Canadian Direct, so more than 20 years. Same thing, they used to be the least expensive but not anymore. Switched to Inova( agents) thru Costco and they came with at least 20% cheaper premiums and set me up with Pembridge insurance.
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  #14  
Old 03-24-2023, 03:26 PM
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Quote:
Originally Posted by CanuckShooter View Post
If you stay with one company too long they seem to start jacking up your rates, it must be some formula they use...the more years you go without a claim the more likely one is to happen perhaps?

I change home insurance companies if my rates start to get crazy.
Your exactly right, after 22 years my mom's rates got jacked. Not a single claim, they simply said that's right.... your due. Lol. Crazy but true story.
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  #15  
Old 03-24-2023, 03:45 PM
Ackleyman Ackleyman is offline
 
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Quote:
Originally Posted by KGB View Post
I switched just recently from BelAir Direct after been with them since they used to be called Canadian Direct, so more than 20 years. Same thing, they used to be the least expensive but not anymore. Switched to Inova( agents) thru Costco and they came with at least 20% cheaper premiums and set me up with Pembridge insurance.
Don't care if Belair Direct had cheapest rates anywhere. After they jumped on the wokey bandwagon and threatened to drop Eskimos sponsorship back in 2020 over the name change thing they are history to me.
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  #16  
Old 03-24-2023, 03:56 PM
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nast70 nast70 is offline
 
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As part of a company benefit package many many years ago, we signed up with Novex (I think it was at the time?), under the Group Insurance program (company had several 1000 employees at the time) and saved a bit on our insurance at the time. Since then, Novex was bought and sold to Intact, and been reorganized so many times, my policy number doesn't even come up on the regular system. I have to speak with guys that deal with intact employee policies. More often than not I am asked what branch I work at!
Anyway, I have tried other companies to compare and nothing even comes close to what I'm paying now.
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  #17  
Old 03-24-2023, 05:49 PM
brazeau brazeau is offline
 
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Default sorry about the long dissertation, skip to the last paragraph for my point

Back around 1990, I moved all of my insurance to TD who was endorsed by the company I worked for. Don't recall the exact numbers but it saved me 20% from what I was paying. As it was all online, I didn't have an agent so every second year or so I'd do a cursory marketing to satisfy my curiosity as to whether the rates were competitive. Did that for around 10 years, then got lazy.

In 2018 my wife wrote off her 10 year old Lincoln MKX. I did my research as is recommended to determine what I thought would be a fair settlement for a ten year old vehicle in mint condition with 68,000 km on it. They came to me with an offer based on 3 listings they had found on Car Trader. All three vehicles looked well worn and with over 183,000 km on each one. There was no way I could even come close to replacing her vehicle with their offer. Long story short, I held out but was finally told I could either take their offer or I could hire an appraiser on my nickle and they would honour my guys appraisal. A couple of things wrong with this, 1) if my appraisal came in less than TD's appraisal, TD's original appraisal was off the table, 2) I would be hiring an independent appraiser who would utilize the same tools and software that TD used, and 3) I have to pay out of pocket for the appraisal. In the end we were only $2500 apart but they wouldn't budge. I accepted their insulting offer because the costs I would have incurred and my time on fighting were just not worth it. And, this was with a company I had been with for 28 years and in 2018 my annual premiums were $8,400. Needless to say, I promptly went to an agency and had them shop all of my insurance needs.

Didn't take long and the broker I hired had a policy drawn up that brought my annual premiums down to $7,200 with higher more comprehensive coverage. The carrier was SGI through Liebel Insurance Group (had an agent but it was telephone and email only) and even though my premiums were starting to creep, it wasn't alarming and I accepted it until last year. All of a sudden it hit me that my premiums had now surpassed the TD rates I ran from (but to be honest, I had added a couple of travel trailers, a boat and some farm equipment). Still, I was getting the uneasy feeling my agent was not working for me to ensure I was continuing to get the best value I could. So, I asked my agent to market my insurance needs. Didn't hear anything, didn't hear anything so a week before my renewal I called them. They told me the only carrier that would build the package I needed was the one I was with. WTF. By now I was living in Stony Plain and thought I'd try a local agency and agent

Went to Drayden Insurance and sat down with an agent. She took my information and came back to me within 2 days quoting $7,020 through Wawanesa. I had her write it up and so far so good. The first renewal was good so we'll see.

The bottom line with the insurance industry is the bottom line, on every level. Your existing agent is not going to do a comprehensive marketing for you. When you think it through, why would an agent want to receive decreased commissions from less premiums from an existing customer when their total focus is bringing in new clients and building their portfolio? But they'll lose an existing client and a known commission you say? It's been my experience, it's not up for consideration or they don't care. Believe me, market your insurance requirements every 3 to 4 years and don't hesitate to move it. Who do you think gets saddled with recovering the latest weather or natural disaster payouts? It won't be new clients. These days the major reason a company will get your money is to whittle the rate in every possible way to bring you in. After that, you're in general revenues and are stuck with the renewal rack rate.
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  #18  
Old 03-24-2023, 07:15 PM
ram crazy ram crazy is offline
 
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Been with the same insurance company for about 30 yrs. and every time I look at changing no one can beat the rate a have so I stay where I'm at.
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  #19  
Old 03-24-2023, 07:37 PM
trapperdodge trapperdodge is offline
 
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Been with the same broker for decades. I like the small independent guy who will battle with the insurance company if I have a claims problem. I'm his client not the insurance companies. He's got some skin in the game.
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  #20  
Old 03-24-2023, 08:23 PM
barbless barbless is offline
 
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Quote:
Originally Posted by Big Grey Wolf View Post
Barbless, sorry but that seems silly, "increase your insurance costs if you have no accidents for 10 years"
It could have been more years than 10. It's been a lot more than 10 yrs since I've seen her. Probably 20 at least. No claim and you fall into the high risk area, so has been mentioned. This lady use to work for an insurance company. Just relating what was said. Still, have heard from others that if you get dropped be prepared to pay the big top premium. No I do not have actual proof. Hear say.
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  #21  
Old 03-24-2023, 09:11 PM
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CanuckShooter CanuckShooter is offline
 
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Quote:
Originally Posted by ram crazy View Post
Been with the same insurance company for about 30 yrs. and every time I look at changing no one can beat the rate a have so I stay where I'm at.
Lucky guy!
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  #22  
Old 03-24-2023, 10:13 PM
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fordtruckin fordtruckin is offline
 
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Quote:
Originally Posted by Trochu View Post
I change all the time. Seems they get complacent with you after you've been a customer for a few years and want to jack the rates. So I switch.
Yep. Have read several places to shop around every couple years. I used to try and be loyal to one and realized they donít care. So now I shop once rates start increasing.
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  #23  
Old 03-25-2023, 09:19 AM
Dynamic Dynamic is offline
 
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I was when I was a young teenager that once you put a few years in and drive safe and be just a good client you would start to see your rates go down. And loyalty would be rewarded with even lower rates. I was absolutely amazed how low my dads rates were compared to mine but I put my head down and paid the "your a young male driver so automatically high risk" rates.

Now 20 years later I'm still waiting for those rates my dad had and I don't have them. And I never will at this rate. Loyalty means nothing. I need to switch every couple years because if I don't they raise rates 5-10% year no matter what happens. I'm 90% certain insurance companies are pretty much working together to ensure they squeeze every last cent from the client. It is just a algorithm they use and they realize that people have no choice to get insurance so they are virtually guaranteed to get new clients and are banking on a certain percentage that are too lazy to shop around for that 3-5% rate drop for switching. The whole industry is a joke.
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  #24  
Old 03-25-2023, 09:48 AM
barbless barbless is offline
 
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I guess all the claims from nasty weather going around and all the big claims, we all pay for it whether we are involved or not. My rates went up after I figured it out last year with Wawanesa 32 and 1/2 percent. Mortified to say the least. Called almost lost it cause they said that's what it is. I said I will see you later. Got a call back a day later and they took it off. They said you can expect some increases over time. Some ok, but not all at once. Have been with them since about 1984. Loyalty my butt. Maybe their version of loyalty is, you will always pay. I know there is more and could go on and on. Others will have their views. Easy to get our money, but they sure don't want to give back when needed. Read your 25 page policy of the here to's, the party of the 3 parts, the whatnots and whatevers.
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Old 03-25-2023, 09:56 AM
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DOGFISH DOGFISH is offline
 
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I just switched from Wawanessa to Allstate and saved over half on the house. Vehicles through Economical was not to much different but enough to switch.
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  #26  
Old 03-25-2023, 10:06 AM
barbless barbless is offline
 
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This is an awesome thread. All trying to help us save some bucks. Appreciate the input. One question? If you live in Calgary, can someone go to Dyck Insurance in Wetaskiwin and get your needs?
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  #27  
Old 03-25-2023, 10:14 AM
calgarygringo calgarygringo is offline
 
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I worked in the insurance biz a few years back for a couple years creating training for brokers. I learned a ton of things I never knew about and I think half the brokers didn't know about either.
A few tips from things I created about insurance just off the top and there are many more.
Things like your postal code effects your rates as things like hail zones come into play for cars and homes. If you move it can change dramatically if you move into a higher risk area. Same with thefts. If you move into a higher theft area that postal code will show as such and your payments may be affected. You can get discounts for certain occupations. If your broker never asks you will never get it. Certain types of universities or places like graduating from SAIT/NAIT can get you extra discounts too. If not asked you will not get. How long claims free of course, family or single person, bundling, how far you drive, age, type of car. Type of roof or siding can get you a discount due to more are hail resistant. If the broker does not ask you will not receive. Age of furnace of hot water tank can save you money too. Newer models can get small discounts, not asking you about these and you will not receive.

Do not bundle your RV or man toys with your home insurance. If you do and make a claim on your toys it can and most likely will effect your home insurance too. Always a separate policy.
Those a re just a few things to start. I could probably think of another paragraph of things. My point being that there are many ways to saver money on your insurance besides some mentioned already but many brokers are too lazy and do not even ask all the questions and us ask customers end up paying more. This is also why 2 people with the same insurance company can pay different amounts. 1 broker goes through with a fine tooth comb and another does not ask all the detailed questions and we lose. Most friends I ask if their broker has asked these things and the answer is mostly no.

Brokerages are also paid by % on commission by the big companies so you know part of the answer. Also beware many of these internet insurance companies are just an extension of the main company. If you think you hate Intact for example but are in love with Belair Direct I am sorry but they are the same outfit. Many are like this and most are not aware.

Bottom line is buyer beware and make sure you are getting all the questions asked so you can get all the discounts you are entitled too and know what your policy includes and not includes. You then can do an honest apples to apples comparison.
Good luck with yours and sorry for the long post but I could probably write a book on all the crazy stuff I learned in my few years creating materials for insurance brokers and things around the office that I saw many brokers not doing for their clients like us.
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  #28  
Old 03-25-2023, 12:11 PM
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EZM EZM is offline
 
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People who make claims every time a bird poops on their vehicles or house are the root cause of premiums going up. When I hear someone say "that's what insurance is for" when justifying small claims with policy's that have low deductibles are the same ones complaining about premium hikes and can't seem to figure out why.

It is good to shop your insurance, but be aware of coverage exclusions and other "sneaky shenanigans" when looking at a offer that seems too good to be true. Sometimes you save a bunch of money, but the polies are not apples to apples.
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  #29  
Old 03-26-2023, 01:59 PM
Ariu Ariu is offline
 
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Quote:
Originally Posted by Trochu View Post
I change all the time. Seems they get complacent with you after you've been a customer for a few years and want to jack the rates. So I switch.
x2
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  #30  
Old 03-26-2023, 02:19 PM
Cross Eyed Cowboy Cross Eyed Cowboy is offline
 
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Default The Devil is in the Details of the Insurance Policy

I agree you have to shop around and compare pricing, just so long as the comparison is apples to apples.

Everyone has a different risk level they are comfortable with, the more risk you are willing to absorb the cheaper a policy will be, generally.

What most folks fail to investigate in their insurance polilcies are the actual terms and conditions that the insurance company will adhere to in the event of a claim. Those terms and conditions should be understood before purchasing the policy.

What may seem like a cheap policy up front could be a disaster if/when a claim is filed.

Many of my co-workers lost their entire home and belongings in the Fort McMurray fire a fews back, they soon found out how good their policies actually where when it came time to rebuild. Some faired a lot better than others, those that came out better generally knew exactly the details of their coverage at the time of purchase. Those that didn't fair so well soon realized that they hadn't understood the actual terms of the insurance policy they held, a few of them required a second mortgage to complete the rebuild.

In summary its wise to fully understand the terms/conditions of the policy you purchase. Not only compare pricing but compare terms and conditions.
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