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-   -   Insurance Broker recommendations for Mississauga? (http://www.maxbimmer.com/forums/showthread.php?t=157270)

noid 04-26-2013 11:38 PM

Insurance Broker recommendations for Mississauga?
 
Anyone have any recommendations for insurance brokers in Mississauga?

dcramer 04-27-2013 10:00 AM

hockeyfan27 on the list is an insurance guy who seems to have a clue

propr'one 04-28-2013 07:25 PM

^^+1

noid 04-28-2013 10:01 PM

I sent him a PM but it seems as though he hasnt been online for the past couple weeks.

Robb 04-29-2013 12:25 AM

Why do you want a broker ?
They make a percentage of profit.
Just call Desjardins. They have very low rates and good enough coverage !

dcramer 04-29-2013 07:01 AM

Quote:

Originally Posted by Robb (Post 1608176)
Why do you want a broker ?
They make a percentage of profit.
Just call Desjardins. They have very low rates and good enough coverage !

I will never ever deal with an ins company directly. Think about it, if the insurance company decides to not pay your claim, and they do, who are you gonna call? Brokers know the laws, and have considerable sway with the insurance companies. Insurance companies would love for everyone to go direct with them and put all the brokers out of business, then they could screw with us at will. I for one won't be doing that. I won't even deal with my sister in law who is a "captive" agent. Which means she sells exclusively for a specific company.

I can bind insurance on my car with my broker who I know very well with a phone call on Saturday, or Sunday. I seriously doubt Desjardins provides that kind of service.

tiquitaca 04-29-2013 08:45 AM

noid, have you tried an online broker? I'm not sure if I can name names here but their price are pretty decent. I've been with a particular online broker for a number of years and the price they gave me is unbeatable by other brokers.

Robb 04-29-2013 08:50 AM

Quote:

Originally Posted by dcramer (Post 1608194)
I will never ever deal with an ins company directly. Think about it, if the insurance company decides to not pay your claim, and they do, who are you gonna call? Brokers know the laws, and have considerable sway with the insurance companies. Insurance companies would love for everyone to go direct with them and put all the brokers out of business, then they could screw with us at will. I for one won't be doing that. I won't even deal with my sister in law who is a "captive" agent. Which means she sells exclusively for a specific company.

I can bind insurance on my car with my broker who I know very well with a phone call on Saturday, or Sunday. I seriously doubt Desjardins provides that kind of service.

The only benefit of using a broker is that they shop around to find you the lowest price... but they only use a few companies they deal with.
I find brokers are still generally more expensive to use, then finding/dealing directly with an insurance company.

Btw, I recently changed from my broker after 15 years. Please explain why Intact Insurance (through my broker) wanted $2900 per year and Desjardins only wanted $1200 for the same coverage ???

Also, most insurance companies wont touch cars 20+ years old any longer no matter what the car is.

ericdalinda 04-29-2013 09:01 AM

Quote:

Originally Posted by dcramer (Post 1608194)
I will never ever deal with an ins company directly. Think about it, if the insurance company decides to not pay your claim, and they do, who are you gonna call? Brokers know the laws, and have considerable sway with the insurance companies. Insurance companies would love for everyone to go direct with them and put all the brokers out of business, then they could screw with us at will. I for one won't be doing that. I won't even deal with my sister in law who is a "captive" agent. Which means she sells exclusively for a specific company.

I can bind insurance on my car with my broker who I know very well with a phone call on Saturday, or Sunday. I seriously doubt Desjardins provides that kind of service.

if an insurance company decided not to pay your claim its either that you did not have coverage for said incident. Many cases of insurance fraud and they found out about it. Why in gods name will YOUR broker step in to pay a $700,000 claim when the insurance company is not covering you.

your broker will not be doing that.

is this all what your broker is telling you that he has "power" to "talk to" those insurance companies?


and brokers dont have any SWAY AT ALL...literally nothing... there might be the off hand chance he might know 3 adjusters out of the 45 or so that are out there for the companies that he represents. but the adjuster is not going to put his job on the line because hes friends with a guy in sales.

to each his own.. a broker works like a real estate agent, he gets paid when you pay the company of course the jacked up rate because you didnt shop your self.

noid 04-29-2013 10:58 AM

Often insurance brokers deal with insurance companies that only deal with brokers. Those companies reduce their overhead cost by not dealing with the customer directly. It is also no secret that brokers get special rates because of the volume they drive to the insurance companies.

A good broker should be able to swap insurance companies for you on a regular basis on your behalf to ensure you are always on the cheapest/best insurance.

That being said I am exploring all options, one of the cheapest currently seems to be Meloche Monnex because I am a University Grad.

One of my current issues is that as noted above, some companies wont insure 20+ year old cars, and I am trying to insure a summer-only 26 year old E30.

Robb 04-29-2013 12:05 PM

Quote:

Originally Posted by noid (Post 1608230)
That being said I am exploring all options, one of the cheapest currently seems to be Meloche Monnex because I am a University Grad.

What's the quote ?
Dont bother with collision/comprehensive, just get liability.

SiR 04-29-2013 12:43 PM

I used to be through a broker. when I had to deal with a stolen car it was me dealing directly with the insurance company. not the broker.

I recently switched because they were going to raise my rates by a crazy amt(for no reason. clean record, highest rated driver)

Robb 04-29-2013 12:45 PM

Quote:

Originally Posted by SiR (Post 1608248)
I recently switched because they were going to raise my rates by a crazy amt(for no reason. clean record, highest rated driver)

Same here. Thats why I switched to Desjardins. They are the cheapest by far ($1200 vs $2900)

noid 04-29-2013 01:13 PM

Quote:

Originally Posted by Robb (Post 1608251)
Same here. Thats why I switched to Desjardins. They are the cheapest by far ($1200 vs $2900)

Does Desjardins insure 20+ years?

Robb 04-29-2013 01:36 PM

Quote:

Originally Posted by noid (Post 1608258)
Does Desjardins insure 20+ years?

Yes. They insured my 1988 civic this year. :cool:

noid 04-29-2013 01:39 PM

I called them, they offered 1900 (160 month) if I would ensure for the whole year (liability), but for just the summer It would be $3990/yr ($333 month).

So if I got the yearly coverage at 1900 and then canceled it when I put the car away in storage they would hit me with a $2000 back-fee.

TD Insurance Meloche Monnex is quoting $280

Robb 04-29-2013 01:44 PM

If it's not a daily driven car, why not just get classic car insurance ?
I have my 1990 CRX insured for $206 per year.

Dont cancel the insurance, just leave fire and theft on it when you dont use it.

noid 04-29-2013 01:47 PM

Quote:

Originally Posted by Robb (Post 1608267)
If it's not a daily driven car, why not just get classic car insurance ?
I have my 1990 CRX insured for $206 per year.

Dont cancel the insurance, just leave fire and theft on it when you dont use it.

I'm not 25 yet and I don't have a DD, atleast not under my name or policy.

They wont do fire and theft because its over 15 years, thats what they said anyways.

Robb 04-29-2013 01:50 PM

Quote:

Originally Posted by noid (Post 1608268)
I'm not 25 yet and I don't have a DD, atleast not under my name or policy.

They wont do fire and theft because its over 15 years, thats what they said anyways.

Age has nothing to do with getting classic car insurance, you have to be fully licenced for 10 years, and prove that you have an insured daily driver in your name, and dont have any major tickets.

My suggestion is to just insure it for $1900 and be done with it.
There's no way around it. Just be happy you got insurance for a 25+ year old car. Most companies wont touch it because it's too risky for them ( old cars not safe)

hockeyfan27 05-03-2013 04:30 PM

Quote:

Originally Posted by ericdalinda (Post 1608210)
if an insurance company decided not to pay your claim its either that you did not have coverage for said incident. Many cases of insurance fraud and they found out about it. Why in gods name will YOUR broker step in to pay a $700,000 claim when the insurance company is not covering you.

your broker will not be doing that.

is this all what your broker is telling you that he has "power" to "talk to" those insurance companies?


and brokers dont have any SWAY AT ALL...literally nothing... there might be the off hand chance he might know 3 adjusters out of the 45 or so that are out there for the companies that he represents. but the adjuster is not going to put his job on the line because hes friends with a guy in sales.

Direct writers and agents are going to insist that insurance is "black and white". I won't say they are entirely incorrect as, from their side of the business, I'd imagine that is generally how it goes. Eric, you'd be forgiven to assume a broker works under the same binary system. Fact is, the broker's world is a little more grayscale. (source: I've been a broker for 10 years)

I agree that some rules are written in stone. However, there are others that have room for interpretation. In instances where those apply, I see a great advantage in having a knowledgeable, neutral advocate in your corner to weigh in when need be rather than depending exclusively on an employee who is on the payroll of the same company cutting the claim payment cheque, to treat you properly.

The sway we have is not who we know but what we know.

In my office alone I have hundreds of examples of our "sway" changing the outcome of claims to the benefit or our clients and we are adding more every day. This list is literally, ENDLESS...

For an auto claim; I've argued against the fault determination rule applied to a loss and had an at fault claim changed to a not at fault. It saved my client $15K over the course of the next few years. I didn't personally know the adjuster, she didn't owe me a favour, but I knew the other determination rules that could be considered and had an example of a similar claim where that same adjuster used the rule I felt should apply.

Quote:

Originally Posted by ericdalinda (Post 1608210)
to each his own.. a broker works like a real estate agent, he gets paid when you pay the company of course the jacked up rate because you didnt shop your self.

Quote:

Originally Posted by noid (Post 1608230)
Often insurance brokers deal with insurance companies that only deal with brokers. Those companies reduce their overhead cost by not dealing with the customer directly.

As Noid points out; BOTH direct writers and broker channel insurance companies 'pay' for customer service staff; either through payroll or commissions. This doesn't mean one will always be cheaper then the other. I'm certainly not saying brokers are always the cheapest. It goes both ways.

It's also worth mentioning that a majority of companies only do business through either brokers or direct/agents. few do both. Also there are roughly 3 times as many broker channel companies. So if you aren't calling brokers, you are missing out on 3/4 of the quotes available to you.

Quote:

Originally Posted by noid (Post 1608230)
It is also no secret that brokers get special rates because of the volume they drive to the insurance companies.

Regardless of the volume from any one brokerage, the rate offered by company XYZ would be identical from brokerage to brokerage. Legally it has to be or companies get fined. (for personal lines, commercial is a different animal)

Sorry for the hijack, just wanted to clear up a few misconceptions.

dcramer 05-03-2013 04:47 PM

Quote:

Originally Posted by ericdalinda (Post 1608210)
if an insurance company decided not to pay your claim its either that you did not have coverage for said incident. Many cases of insurance fraud and they found out about it. Why in gods name will YOUR broker step in to pay a $700,000 claim when the insurance company is not covering you.

I never said they would pay it, I said they would make sure the insurance company paid it if they were liable.

Unfortunately this is not the only reason they don't pay claims. Not so much in auto insurance but disability insurance. The ins company is betting that they have more money than you to fight it in court. Brokers know the rules, and an ins company is less likely to try to take someone to court who knows the law.

Plus I needed to take my car out one day last fall after I took the liability off it. Called my broker, he put liability on it for 2 days, *on the weekend*. Not likely that will happen with some internet ins company.

Now I have to admit I have a great relationship with my broker, I've dealt with other brokers who would not have done that. But in life it pays to get to know certain people. Bank managers, and insurance brokers to name a few.


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