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Old 03-24-2023, 09:46 AM
snowman160 snowman160 is offline
 
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Default Changing insurance company’s after 20 plus years?

Just wondering if anyone’s done this for the simple fact of saving $? I’ve 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 company’s an it was almost half the cost.( changed to State Farm)

Just curious what people’s 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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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 don’t care. So now I shop once rates start increasing.
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  #4  
Old 03-25-2023, 09:19 AM
Dynamic Dynamic is online now
 
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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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  #5  
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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  #6  
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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  #7  
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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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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  #9  
Old 03-26-2023, 02:26 PM
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Sundancefisher Sundancefisher is offline
 
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Rule of thumb.

2-4 weeks before insurance is due… one should phone the company and confirm the new rate. Then ask what the best rate is. And what the extra best rate is.

Usually price comes down 15-25%.

Person on the phone said they can drop the rate by 15%. Supervisor can approve up to 25%.

Other ways to lower rates is confirming facts. Ensure facts so don’t lose

Not driving to work or lowering kilometres driven to work
Kilometres driven per year
Lowest risk driver is primary driver for most expensive vehicle
Not having collision damage on a car with low black book value
Highest risk youth driver as secondary driver on cheapest vehicle
Removing windshield replacement
Raising deductible

Just asking the person what else can be done to lower the rate.

I have found it’s good to negotiate the rate or at least try.
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  #10  
Old 03-30-2023, 06:37 PM
calgarygringo calgarygringo is offline
 
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You are not negotiating with an insurance company, if you thought so they had you fooled. They do not negotiate. What they do is spin the policy and find ways to get you a discount or add or subtract things that maybe are not necessary and make you think they are saving you bucks. In reality your broker could have given you those in the first place. I saw it happen in the office all the time and laugh when I see these posts. There are many things that go on behind the scenes and as mentioned many you will never find out about until a big major claim happens and you find out like many you did not have a certain coverage. If your broker did not sit down with you and go through a long list of questions then they did not get all the information to give you all the discounts and get you everything you need. Most brokers are wham bam thank you mam and have a policy done in seconds then wonder why people complain. Again buyer beware. I could write a book of all the stuff I saw working in there and being in meetings.





Quote:
Originally Posted by Sundancefisher View Post
Rule of thumb.

2-4 weeks before insurance is due… one should phone the company and confirm the new rate. Then ask what the best rate is. And what the extra best rate is.

Usually price comes down 15-25%.

Person on the phone said they can drop the rate by 15%. Supervisor can approve up to 25%.

Other ways to lower rates is confirming facts. Ensure facts so don’t lose

Not driving to work or lowering kilometres driven to work
Kilometres driven per year
Lowest risk driver is primary driver for most expensive vehicle
Not having collision damage on a car with low black book value
Highest risk youth driver as secondary driver on cheapest vehicle
Removing windshield replacement
Raising deductible

Just asking the person what else can be done to lower the rate.

I have found it’s good to negotiate the rate or at least try.
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  #11  
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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  #12  
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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  #13  
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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  #14  
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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  #15  
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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  #16  
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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  #17  
Old 03-30-2023, 06:17 PM
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ronkaren ronkaren is offline
 
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Quote:
Originally Posted by Big Grey Wolf View Post
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.
there is no bigger rip off then the insurance business.
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  #18  
Old 03-24-2023, 03:26 PM
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mooseknuckle mooseknuckle is offline
 
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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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