RBC insurance lost me as a customer for $150

[iplom]

I had been with RBC insurance for two years, never had a claim and had a flawless payment history, my premium dropped slightly every year I renewed with them.

This time at renewal I shopped around and TD insurance offered me the exact coverage for approx $150 less than RBC, being loyal to my own savings comes before any loyalty to a company obviously but I liked RBC and advised them of the offer from TD, I told them since I was already a happy RBC customer all they had to do was match the quote from TD and I'd stay with them.

RBC insurance told me they do not "price match" and that they could not / would not offer me the same rate as TD.

My rate with RBC was approx $1550 per year and TD came in at close to $1400 so I obviously switched to TD.

I find it strange that RBC would be willing to lose a customer in excellent standing over $150. Maybe they have too much business.

I'm not angry, I'm more intrigued by the whole scenario and find the logic behind RBC's decision very strange for a money making corporation. In my way of thinking +$1400 is much better than $0.

FWIW I'm perfectly happy with TD now that I'm a customer.

[gman]

What so strange about it? Nobody price match for car insurance. Same reason I jump to whoever offers me the lowest every year. Your reason is the same reason I told TD Monnex, PCF, Belair, Motor, ... when I left them (and the same reason why I joined them). My current insurance company is RBC although TD Monnex tried to get me back every year. You should check other insurance company next year because TD Monnex will not match whoever can beat their price too.

[ghostryder]

I'm not angry, I'm more intrigued by the whole scenario and find the logic behind RBC's decision very strange for a money making corporation. In my way of thinking +$1400 is much better than $0.

Gross revenue does not equal profit.

$1400 revenue less expenses is not necessarily better than $0 revenue minus $0 expenses.

$1400 revenue - $1500 expenses is much worse than $0 revenue - $0 expenses.

[Insurance-Broker]

Inusrance rates are calculated based on risk profiles and will be different for everyone hence why no insurnace company will/can price match. It's not like a cell phone bill that we can just apply certain credits to make it lower.

Another advantage to use a insurnace broker, as we can shop around 15-20 different companies and you can be almost certain that you will be getting the best deal.

[jooksingjai77]

I was dealing with RBC insurance earlier this year too but I never went with them.

I did a quote online because I'm currently with RBC for banking. My online quote turned out to be 240/month. At the end before finishing my quote online they had this coupon code insert and there was code already present so I went with it thinking they gave some kind of discount to RBC customers.

So next day I call in, everything checks out and I just have to wait for the underwriters. The next day I get a call from the agent and they say I cant get the quote because the code entered at the end was a employee discount code. I tell them the code was just there I didnt do anything still no budging. They say my new quote was going to be 350/month so I say have a nice day and hang up

Call up dejardins insurance do a quote over the phone. In less than 30 mins I have insurance with them at 180/month.

[MP3_SKY]

Agree with other people mentioned above, insurance company doesn't do price match. Just make sure you compare the insurance coverage as APPLE VS APPLE. For example, 1 or 2 million civil liability coverage, comfort coverage? (insurance pay your car rental when you car is being repair at the shop), same deductible? 1 accident or infraction is forget and forgive?

[iplom]

So it's not strange for an insurer to let a good customer walk over a relatively small amount of money. Who knew?
My belief was that RBC would want to hold on to its valued customers, looks like I was wrong, either that, or I wasn't as valued as I believed I was.:cheesygri

[spf1971]

So it's not strange for an insurer to let a good customer walk over a relatively small amount of money. Who knew?
:cheesygri

Is it any stranger that a customer would walk from a good insurer over a relatively small amount? If the money is enough that the OP would leave the insurance company for, it also stands to reason that it's enough the company will let him walk away. Some companies have a business practice of price matching; some don't want to start with price matching. Once you get into the habit of price matching, it can build and build.

[COSMIC5]

Is it any stranger that a customer would walk from a good insurer over a relatively small amount? If the money is enough that the OP would leave the insurance company for, it also stands to reason that it's enough the company will let him walk away. Some companies have a business practice of price matching; some don't want to start with price matching. Once you get into the habit of price matching, it can build and build.

Insurance companies do not price match.

[spf1971]

Insurance companies do not price match.


That was my point. Some companies do (Future Shop etc) and some don't. Sometimes it's based on type of service, trying to price match insurance, with all of the various factors involved, would be near impossible and sometimes they simply don't want to start with the practice.

[p110232]

@iplom: I personally find TD insurance rates more expensive than belairdirect. I myself was with TD for 3 years. Unfortunately, TD failed to recognize my 5+ years clean driving record, which prompted me to shop. Moved to belair since they consider it. In the end I paid belair $400 less than my previous TD rate.

I know that every person's circumstance is different so I'm not saying you'll get the same break as I did. But for curiousity sake, try doing an online quote with belairdirect. If you find their premiums better, you can switch next renewal.

[Halifax55]

I had been with RBC insurance for two years, never had a claim and had a flawless payment history, my premium dropped slightly every year I renewed with them.

This time at renewal I shopped around and TD insurance offered me the exact coverage for approx $150 less than RBC, being loyal to my own savings comes before any loyalty to a company obviously but I liked RBC and advised them of the offer from TD, I told them since I was already a happy RBC customer all they had to do was match the quote from TD and I'd stay with them.

RBC insurance told me they do not "price match" and that they could not / would not offer me the same rate as TD.

My rate with RBC was approx $1550 per year and TD came in at close to $1400 so I obviously switched to TD.

I find it strange that RBC would be willing to lose a customer in excellent standing over $150. Maybe they have too much business.

I'm not angry, I'm more intrigued by the whole scenario and find the logic behind RBC's decision very strange for a money making corporation. In my way of thinking +$1400 is much better than $0.

FWIW I'm perfectly happy with TD now that I'm a customer.


You will probably be switching again next year as I doubt that you are going to see TD reducing your rates each year as RBC did.

[Magoo]

Inusrance rates are calculated based on risk profiles and will be different for everyone hence why no insurnace company will/can price match. It's not like a cell phone bill that we can just apply certain credits to make it lower.

Another advantage to use a insurnace broker, as we can shop around 15-20 different companies and you can be almost certain that you will be getting the best deal.

In the past my insurance broker told me he found the best deal he could for me... as soon as I told him I found something better with another broker he miraculously found a much better deal for me 10 minutes later.

[MacGyver]

For my 25th birthday, RBC insurance sent me a letter saying they were increasing my premiums by 40% due to "increased worldwide threats."

I took my business elsewhere.

There's no loyalty in the insurance business.

[DrXenon]

Belairdirect's quote is exactly twice what I'm paying now, so don't assume they're the best price in town.

[iplom]

Is it any stranger that a customer would walk from a good insurer over a relatively small amount? If the money is enough that the OP would leave the insurance company for, it also stands to reason that it's enough the company will let him walk away. Some companies have a business practice of price matching; some don't want to start with price matching. Once you get into the habit of price matching, it can build and build.

A good insurer?

Yep they were fantastic, they took monthly payments from my bank account then offered insurance at a higher premium than TD.

Since I made no claims I had zero contact with RBC insurance until it was time to renew, then I got a better deal from TD, nothing RBC did was worth an extra $150.

I obviously don't understand Newfie logic. :D

[stealth]

What so strange about it? Nobody price match for car insurance. Same reason I jump to whoever offers me the lowest every year. Your reason is the same reason I told TD Monnex, PCF, Belair, Motor, ... when I left them (and the same reason why I joined them). My current insurance company is RBC although TD Monnex tried to get me back every year. You should check other insurance company next year because TD Monnex will not match whoever can beat their price too.

Thats funny, I left TD Monnex as well because even with their Alumni discount, RBC was cheaper for auto insurance. Every yr they call and ask to re-quote, and its always still higher.
So now I have auto with RBC and home with TD Monnex. Oddly its cheaper to do this than it is to have all my insurance with either of the companies, even with thier "multi-product" discounts.

[CSR]

A lot of people are afraid to switch because they fear they'll lose their "loyalty" discount. The thing is, if the other company offers a lower price, how much of a loyalty discount is it really? Don't buy into the BS.

[cyc1120]

In the past my insurance broker told me he found the best deal he could for me... as soon as I told him I found something better with another broker he miraculously found a much better deal for me 10 minutes later.

Each broker have what we call a flex bank with each insurance company. The flex is just a discount that the broker can give to you.

[gman]

Thats funny, I left TD Monnex as well because even with their Alumni discount, RBC was cheaper for auto insurance. Every yr they call and ask to re-quote, and its always still higher.
So now I have auto with RBC and home with TD Monnex. Oddly its cheaper to do this than it is to have all my insurance with either of the companies, even with thier "multi-product" discounts.

Damn! Are you me? :D

I am also have auto with RBC and home with TD Monnex. Also, for me, it is cheaper to do this than it is to have all my insurance with either of the companies.

[gman]

A lot of people are afraid to switch because they fear they'll lose their "loyalty" discount. The thing is, if the other company offers a lower price, how much of a loyalty discount is it really? Don't buy into the BS.

Yes, loyalty is BS. Usually, these auto insurance company gives you a good price the first year so that you move to them. Then, they raise the price next year and you can find better price elsewhere. By the way, I usually do not move unless it is apple to apple and it is at least $50+ cheaper.

[Insurance-Broker]

Damn! Are you me? :D

I am also have auto with RBC and home with TD Monnex. Also, for me, it is cheaper to do this than it is to have all my insurance with either of the companies.


Sometimes its better to get both with one company based on the amount of multiline discount. Some will only offer 3-5% (in case of TD, RBC) while I have other companies who offer upto 20% for a combine home/auto policy.

So depending on your profile, I may be able to find you guys a better pacakged policy than what you currently have.

[CaptSmethwick]

How are RBC or TD for customer service and claims?

I'm with a local State Farm agent and like the attentive personal service (like the ease of insuring a new car, etc.) - are these "1-800" insurance companies anything like that?

[spf1971]

A good insurer?

Yep they were fantastic, they took monthly payments from my bank account then offered insurance at a higher premium than TD.

Since I made no claims I had zero contact with RBC insurance until it was time to renew, then I got a better deal from TD, nothing RBC did was worth an extra $150.

I obviously don't understand Newfie logic. :D

What made you a good customer? The fact that you paid your bills?

My statement was meant to be sarcastic and a play on the statement I was responding to. A lot of people make the argument that a company is losing a good customer when the fact is that the customer will almost always chase the best price. Saying that you were a good customer means next to nothing because you will switch companies if you receive a better deal.

[Tomy]

Sometimes its better to get both with one company based on the amount of multiline discount. Some will only offer 3-5% (in case of TD, RBC) while I have other companies who offer upto 20% for a combine home/auto policy.

So depending on your profile, I may be able to find you guys a better pacakged policy than what you currently have.

Pm-ed

[iplom]

What made you a good customer? The fact that you paid your bills?

My statement was meant to be sarcastic and a play on the statement I was responding to. A lot of people make the argument that a company is losing a good customer when the fact is that the customer will almost always chase the best price. Saying that you were a good customer means next to nothing because you will switch companies if you receive a better deal.

I was a good customer, I sent them money and received nothing from RBC Insurance.

A good customer to an insurance company is someone that pays their premiums and never makes a claim. That was me.(Insurance companies prefer customers that never make claims) It's good for business.

Letting a $1400 policy walk from a policyholder that never had an accident and is considered a low risk driver is bad business imho.

True I'm not loyal to any company, I'll chase the best price - as will most people. RBC could have kept me, but for some reason only known to them they decided not to.

I'm so far pleased with TD, I believe they are pleased with me as I send them money monthly and have yet to ask for anything in return.

[Capt.]

How are RBC or TD for customer service and claims?

I don't think TD is very good at handling claims. They once had me on hold for a long time so I hung up and called back asking for a supervisor/manager. When they gave me the manager and I explained how I was waiting on hold for 20 minutes, her response was basically "so what". I asked is this normal for you guys and she responded it was.

[gman]

I was a good customer, I sent them money and received nothing from RBC Insurance.

A good customer to an insurance company is someone that pays their premiums and never makes a claim. That was me.(Insurance companies prefer customers that never make claims) It's good for business.

Letting a $1400 policy walk from a policyholder that never had an accident and is considered a low risk driver is bad business imho.

True I'm not loyal to any company, I'll chase the best price - as will most people. RBC could have kept me, but for some reason only known to them they decided not to.

I'm so far pleased with TD, I believe they are pleased with me as I send them money monthly and have yet to ask for anything in return.

Your kind of good customer is a dime a dozen. Their kind of good customer is you pay what they ask. Since you don't anymore, you are not good for them.

[Insurance-Broker]

I was a good customer, I sent them money and received nothing from RBC Insurance.



You received a year's worth of peace and comfort, knowing that you and your vehicle is covered in case of a mishap. That's what insurance is. You don't know how important this is until you are in need.


A good customer to an insurance company is someone that pays their premiums and never makes a claim. That was me.(Insurance companies prefer customers that never make claims) It's good for business.


True


Letting a $1400 policy walk from a policyholder that never had an accident and is considered a low risk driver is bad business imho.


It doesn't matter if this was 1,400 or 14,000 or 140,000. You are a risk that a company is willing to take on. Every risk profile will have a premium associated to it.


True I'm not loyal to any company, I'll chase the best price - as will most people. RBC could have kept me, but for some reason only known to them they decided not to.



I have tried to explain this earlier as to why insurance companies can't price match. Your business can be worth a million dollars to them and they still can't match the price on auto insurance.


I'm so far pleased with TD, I believe they are pleased with me as I send them money monthly and have yet to ask for anything in return.

you have to send the money on time because if you don't, they can cancel your policy for non-payment. Paying for your policy on time is one of your responsibilites.

[bubble.tea]

..... It's not like a cell phone bill that we can just apply certain credits to make it lower. ...
wait a minute....hey how come nobody applies 'certain credits' to mine to make it lower??? :D

Gross revenue does not equal profit.

$1400 revenue less expenses is not necessarily better than $0 revenue minus $0 expenses.

$1400 revenue - $1500 expenses is much worse than $0 revenue - $0 expenses.
Good way of putting it clearly. Thanks,

A lot of people are afraid to switch because they fear they'll lose their "loyalty" discount. The thing is, if the other company offers a lower price, how much of a loyalty discount is it really? Don't buy into the BS.
Another good point!

[p110232]

I don't think TD is very good at handling claims. They once had me on hold for a long time so I hung up and called back asking for a supervisor/manager. When they gave me the manager and I explained how I was waiting on hold for 20 minutes, her response was basically "so what". I asked is this normal for you guys and she responded it was.

I would go further to say that it's not just the claims dept of TD who treat customers badly. Even the regular call centre agents of TD do this... both insurance and banking. I am truly disappointed by the call centre service level deterioration. The only way to send a message to TD is to take my business elsewhere... chequing, RRSPs, Visa and insurance.

My local TD branch however are okay.

[COSMIC5]

Each insurer offers different discounts-such as age, claims free, new business, multi policy, low milage and so on...each situation is different...shop around and see what is available to you from a Broker, you never know.

[hothummer]

there is NO REASON WHATSOEVER to not shop your car/home policies around each and every year. These companies rely on the fact that most people just bend over every year and pay the increases. Whether its world crises, global warming, mosquitos in SE Asia, rain in the US, etc, they always have a BS excuse to raise premiums. There is NO REWARD FOR LOYALTY WHATSOEVER!!!!

Do yourself a favour.. every year you are up for renewal, call a broker and get competing quotes. Don't be a sheep like most policy owners and pay more money for less every year.

[Insurance-Broker]

there is NO REASON WHATSOEVER to not shop your car/home policies around each and every year. These companies rely on the fact that most people just bend over every year and pay the increases. Whether its world crises, global warming, mosquitos in SE Asia, rain in the US, etc, they always have a BS excuse to raise premiums. There is NO REWARD FOR LOYALTY WHATSOEVER!!!!

Do yourself a favour.. every year you are up for renewal, call a broker and get competing quotes. Don't be a sheep like most policy owners and pay more money for less every year.

+1

Good advice!

[Joe2nd]

I have to say, I am a RBC insurance advisor. I understand the price difference. But there is an important question you guys never think about: if you never claim, the cheapest price is the best. If you do claim, what price is the best?

I hope there will be someone here to tell me which company, TD or RBC, is the easier for claiming.

[Lord_Pithicus]

I had been with RBC insurance for two years, never had a claim

You're too risky. There's a multi-million dollar bounty on your carcass.

[Insurance-Broker]

I have to say, I am a RBC insurance advisor. I understand the price difference. But there is an important question you guys never think about: if you never claim, the cheapest price is the best. If you do claim, what price is the best?

I hope there will be someone here to tell me which company, TD or RBC, is the easier for claiming.

Huh! What's your point? Easier for claiming.

If RBC were to pay out all claims than not only they aren't doing their job, they won't be in business for long.

[alamshahid]

I've had two claims while insured with RBC Insurance. In both circumstances the repair work was very well taken care of, I got my rental at the same time my car was picked up by the tow truck. I even got to speak directly with the shop and voice any issues or concerns I had with the work they needed to do.

Heck the repair shop even fixed some things that weren't even part of the accident, which was really nice. They just submitted the bill to RBC directly and I had nothing to worry about.

Another nice thing of going through the insurance company was the work was guaranteed for life of owning the cars. In fact about 1 yr after my civic was fixed I noticed that my side moulding was starting to peel which was something they had fixed. I took it straight back to the shop that was used and they fixed it immediately. Didn't charge me for anything.

[q1w2e3r4]

OP, you mentioned that you are paying less, but do you have the exact same coverage?

[greenmoon]

I've had two claims while insured with RBC Insurance. In both circumstances the repair work was very well taken care of, I got my rental at the same time my car was picked up by the tow truck. I even got to speak directly with the shop and voice any issues or concerns I had with the work they needed to do.

Heck the repair shop even fixed some things that weren't even part of the accident, which was really nice. They just submitted the bill to RBC directly and I had nothing to worry about.

Another nice thing of going through the insurance company was the work was guaranteed for life of owning the cars. In fact about 1 yr after my civic was fixed I noticed that my side moulding was starting to peel which was something they had fixed. I took it straight back to the shop that was used and they fixed it immediately. Didn't charge me for anything.

Yes, I like it when that happens. Technically speaking, they are taking advantage of RBC (or any other insurance company) when they do things like this. But who's going to complain? The customer? Unlikely.

I once had a minor repair done and inquired about the costs over the phone, without saying that I'll be using my insurance. Surprise, surprise, when they submitted the bill to insurance, it was over 60% higher than what was quoted to me originally. They know that since it's not your money, you wouldn't care.

[rems]

I had been with RBC insurance for two years, never had a claim and had a flawless payment history, my premium dropped slightly every year I renewed with them.

This time at renewal I shopped around and TD insurance offered me the exact coverage for approx $150 less than RBC, being loyal to my own savings comes before any loyalty to a company obviously but I liked RBC and advised them of the offer from TD, I told them since I was already a happy RBC customer all they had to do was match the quote from TD and I'd stay with them.

RBC insurance told me they do not "price match" and that they could not / would not offer me the same rate as TD.

My rate with RBC was approx $1550 per year and TD came in at close to $1400 so I obviously switched to TD.

I find it strange that RBC would be willing to lose a customer in excellent standing over $150. Maybe they have too much business.

I'm not angry, I'm more intrigued by the whole scenario and find the logic behind RBC's decision very strange for a money making corporation. In my way of thinking +$1400 is much better than $0.

FWIW I'm perfectly happy with TD now that I'm a customer.

That is correct. It is illegal for companies to charge a different rate other than what is in their rate manuals for Personal Auto Insurance.