Thinking of cancelling your TD/MM/Primmum policy? Want to know your Penalty/Refund?

my MM policy runs May 11 to May 11

payment is: (x = annual premium / 12)

2x May 21
1x Jun 21
.
.
1x Mar 21
 
Yeah, it sounds like your policy was probably converted from Liberty as per Evil's post.
 
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ScorpioCBR16 said:
i just started my td insurance on july 10 and i want to cancel it before august i dont get why i will owe them ?
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July and August are prime riding months, so you are using up premium faster than you are paying it. It's also pretty strange that you are cancelling a policy within a few weeks of starting it -- you will probably have to pay a minimum retained premium as well. You are best to call TD and inquire before cancelling your policy.
 
do you guys know which groups melloche monnex recognizes? they no longer cover the sae, so i have to find another group, or risk hefty increases
 
oemor said:
do you guys know which groups melloche monnex recognizes? they no longer cover the sae, so i have to find another group, or risk hefty increases
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They do lots of groups (although not all get the same rates, I doubt SAE would get the best rate group). Check university/college alumni, professional association (i.e. CA, PEO, etc.) or employer (many large employers have groups).
 
oemor said:
do you guys know which groups melloche monnex recognizes? they no longer cover the sae, so i have to find another group, or risk hefty increases
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Can't you determine their groups by doing an online quote? I thought there was a dropdown or something where you select your group?

Have you tried quoting with regular TD to see what the difference in premium would be?
 
Has anyone been able to get on a 12mo payment plan with TD? This 7mo thing is a pain in the *** and a rip-off.

From what I can gather, the Ontario Insurance Act requires insurance companies to allow clients to pay in equal monthly installments, but it doesn't specify 12 equal installments from what I can tell.

ONTARIO REGULATION 777/93
Monthly payments
3. Unless otherwise provided by the regulations under the Insurance Act, the insured may pay the premium, without penalty, in equal monthly payments totalling the amount of the premium. The insurer may charge interest not exceeding the rate set out in the regulations.
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ONTARIO REGULATION 664
(1) This section applies with respect to statutory condition 3 as set out in the Schedule to Ontario Regulation 777/93. O. Reg. 780/93, s. 3 (1).

(2) An insurer is not required to permit an insured to pay the premium in instalments unless all of the following conditions are met:

1. The insurer, together with its affiliates, insured at least 10,000 private passenger automobiles in Ontario during the previous year.

2. The contract is written on Ontario Automobile Policy 1 or Ontario Policy Form 2.

3. The contract does not insure a commercial vehicle or public vehicle.

4. The contract does not insure five or more vehicles that are under common ownership or management.

5. The total annual premium payable under the contract exceeds $300.

6. The insured has not had more than one automobile insurance policy terminated by an insurer for non-payment of the premium during the thirty-six months before the contract takes effect. O. Reg. 780/93, s. 3 (1); O. Reg. 464/96, s. 2.
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