TD Rate Hike..... 60%! | GTAMotorcycle.com

TD Rate Hike..... 60%!

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King Zarkon

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Hey Everyone! I live out in the sticks north of Toronto. Switched from State Farm to TD last year to go from $750 / year down to $600. First renewal, they jack me up to $983. No tickets no claims, nothing! What gives?!

Any suggestions on shopping around? My renewal happens in a month.

Cheers
 
I'm with TD, just got my renewal which is pretty much the same as last year.
 
King Zarkon said:
Yep I called them, and they said it's just a standard increase. No other reason.
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I think my immediate response would have been that is unacceptable and would they kindly look into it further.
But what model motorcycle is it you are trying to insure and how many years of continuous coverage? There has to be more to it or they just don't want your business.

Bottom line is you are likely going to need to go insurance shopping again, you might want to consider a broker if you have significant additional insurance coverage needs, like house, cars, sea-doo's or whatever. I've been with a dozen insurance carriers over the years but only 2 brokers.
Best luck with your shopping.
 
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Thanks Trials - it's 2 bikes actually... 81 Suzi GS650 and 91 Yam DT200r. 5 years of continuous coverage. I've got 2 cars and house insurance all with TD. I know it seems like there should be more to it - I assumed as much also - but they confirmed that it was a standard increase, even after talking with a supervisor.
 
King Zarkon said:
Thanks Trials - it's 2 bikes actually... 81 Suzi GS650 and 91 Yam DT200r. 5 years of continuous coverage. I've got 2 cars and house insurance all with TD. I know it seems like there should be more to it - I assumed as much also - but they confirmed that it was a standard increase, even after talking with a supervisor.
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Hardly your high risk type vehicles. I have been with Wawanesa and/or Buckley Insurance for almost ever, Wawa likely won't touch you for a few more years but Buckley might be worth a try, they will want all your policies with them if you do decide to go that route.

... I've heard that TD is excellent if you work for TD.
 
Trials said:
Hardly your high risk type vehicles. I have been with Wawanesa and/or Buckley Insurance for almost ever, Wawa likely won't touch you for a few more years but Buckley might be worth a try, they will want all your policies with them if you do decide to go that route.
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OK I'll try Buckley - wawa wants longer riding history?
 
This is interesting.

I called them in October/November and they actually gave me a decent quote for and 08 FZ6 with Full M licence but no bike insurance in the last 10 years or so.

I wonder what it will be like if I was to call them and have them regenerate the quote.
I will be re-calling the brokers/insurance companies in about a month, having a quote generated which is usually good for 30 days and than insure around the start of April.
 
I dropped TD when they increased my rate by 40% for no reason at all. ($1000 to $1400) No tickets or anything, car, bike or other.
When State Farm exited the sport bike market, all sport bike rates went up pretty much across the board with every other insurer.

I switched to Allstate, which dropped my rate back to $900. My renewal is the same this year. I asked about other bikes, as I was planning on buying a new bike for my 50th... Ducati Diavel, Aprilia Tuono, KTM Superduke.. all are classified as Naked Sportbikes. Ducati Supersport which is a wholesale sport tourer, is sportbike. They've done a recent realignment of bikes and classes.

Even with the alignment, it's (Allstate) cheaper than any other place will give me, bundling included.
 
King Zarkon said:
oioioi - I just called 2 brokers and they were still the cheapest, even though they jacked me up 60%. PS I'm a big Rancid guy ;)
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Great to see that someone is recognizing the image. Your the second person to recognize since I rejoined the forum. It was part of my profile when I first joined.
?

They were also one of my lower quotes. ,
The other lower one I got was through a broker. BUT I have a feeling some info was not entered properly, however when I asked about it he confirmed it was right.
(his quote was $300 lower than another broker, with quoting Echelon)

Give him a call and see what he can do.

Sean Johnson, RIBO
Senior Producer
M. Edward Powell Insurance Brokers Ltd.
349 Davis Road
Oakville, ON. L6J2X2
Tel: 1-877-845-2621 Fax: 905-849-7226
srj@powellinsbro.com
www.powellinsurance.ca
 
King Zarkon said:
Just finishing my first year with them
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Direct writers did not have substantial rate FSCO increases approved this year, if I recall it was only a couple of points. If your rates jumped that much it's for one of the following reasons:

1) Your insurance started after Feb (TD renews almost all MC policies in Feb each season) and you paid a pro-rate for the first year from the start day till Feb. This year's rates are for the full year term.
2) Something changed -- you moved, got a ticket, removed another policy or info you supplied for your initial contract was updated to include something of additional risk.
 
oioioi said:
Great to see that someone is recognizing the image. Your the second person to recognize since I rejoined the forum. It was part of my profile when I first joined.
?

They were also one of my lower quotes. ,
The other lower one I got was through a broker. BUT I have a feeling some info was not entered properly, however when I asked about it he confirmed it was right.
(his quote was $300 lower than another broker, with quoting Echelon)

Give him a call and see what he can do.

Sean Johnson, RIBO
Senior Producer
M. Edward Powell Insurance Brokers Ltd.
349 Davis Road
Oakville, ON. L6J2X2
Tel: 1-877-845-2621 Fax: 905-849-7226
srj@powellinsbro.com
www.powellinsurance.ca
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Thanks! I'll take the sixty bus down to downtown oakville and get in touch with him
 
Mad Mike said:
Direct writers did not have substantial rate FSCO increases approved this year, if I recall it was only a couple of points. If your rates jumped that much it's for one of the following reasons:

1) Your insurance started after Feb (TD renews almost all MC policies in Feb each season) and you paid a pro-rate for the first year from the start day till Feb. This year's rates are for the full year term.
2) Something changed -- you moved, got a ticket, removed another policy or info you supplied for your initial contract was updated to include something of additional risk.
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Regarding point 1, I asked them specifically that, and they confirmed it wasn't the case. I was up for renewal when I switched over from State Farm
Regarding point 2, definitely no tickets, no claims, no policy changes, and I haven't moved in 5 years

:(
 
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