Nice work if you can get it..... | GTAMotorcycle.com

Nice work if you can get it.....

MacDoc

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Not going to post this in the insurance section as not enough riders will see it.

Had a note buried in my insurance policy about Disclosure.

They get 7-20% commission on your renewal.....!!!

and Nordique caps commissions at $310 per vehicle. .....there are places where that's three times the cost of insurance

I've long suspected part of the problem with high premiums in Ontario is agency commissions.

I left Allstate after 30 years because the agent could not explain why he was $300 higher than the same coverage from TD
And he stonewalled me on it .....his girl said she did not blame me for moving.

Now I know.

The whole industry sucks....and we pay through the nose.
 
I'm not shocked to read this at all. I've always said insurance here is the biggest legal scam. Sadly however the only fix is to move elsewhere as our greedy gov't doesn't give a ****
 
One way around this is buy insurance direct, not through brokers. These brokers just use restricted website access to do what you could do, make 10% or more for minutes of "work"
 
I assume these brokers get very little base pay...sub 30 K...

they gotta make a living somehow!
 
Yes - that is starting to erode the pricing a bit but I maintain there is a fair amount of collusion at work.
Also a broker has a wider range of products....but not for the percentages involved and it should come off the insurance suppliers tab not the public.

Certainly my broker noted I was getting very good prices from the TD group ( in my case a university group )

they gotta make a living somehow!

not when there is no added value and they have a captive market. There is NOTHING preventing Ontario collecting liability insurance directly when you register your machine as other jurisdictions do ( $267 a year for a ST1100 liability in Australia).

THEN if you want collision etc you have a choice of which company to use and a broker is in a competitive market not a captive one.
 
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I assume these brokers get very little base pay...sub 30 K...

they gotta make a living somehow!

Make a living for doing what exactly? Plugging numbers into a form and reading back the result?
 
Make a living for doing what exactly? Plugging numbers into a form and reading back the result?

No **** eh......too bad the govt doesn't run our insurance. They'd be fair.
 
Commission - how do you think people get paid?

Some brokers can get you a cheaper price including their commission than the direct writers give you without. Plus, whether the insurance company pays a broker a commission or pay salary and bonuses to internal staff (like TD)....it's either commission or salary. People have to get paid.

Brokers can access companies that you can't because some companies don't deal directly with the public. For whatever reasons, they choose to use independent business owners (brokers) rather than have internal sales staff to pay salary, benefits, etc., or take on the legal responsibility of giving you the consumer the right advice. (Errors & Omissions)

A lot of people don't understand the difference between a broker and the insurance company......a good broker is your best insurance, but money talks. My wife is a broker, I work for a major insurer.....but my motorcycle....is insured with TD because the price couldn't be beat. I would never insure my house with them because of their limited sewer backup coverage, etc. Anyway, insurance is a complicated subject. A good broker will help you understand it and make the best choices.
 
A good broker will help you understand it and make the best choices.

BS, I was with my broker, for over 15 years and not once did my premiums go down, but every year they went up and up and up, no change on my end, just theirs, it wasn't until I took it upon myself and started calling around to get my own insurance, my bike insurance went from 720 to 420 same bike same coverage, we saved over 800 bucks on house and cars, same cars, house, drivers, records and all that........all it took was me to do the leg work and find the best I could, and I did find it, when I called him back and asked how come I came up with such savings, he had sweet F/A to say, so I basically told him to F/U and faxed in my cancellation effective immediately......15 years of BS and nothing but increase after increase

Insurance brokers and Insurance companies equal nothing but legalized extortionists............................

rant over....
 
A good broker will help you understand it and make the best choices.

Not my experience. Brokers try and sell you more insurance, and talk you into rare scenarios. They make more money by getting more money off of you. They are salesmen, that's it.
 
Agree with B Bandit, A good broker is worth the commissions paid. A good broker will shop your insurance annually, will explain your coverage and let you know the difference between the different quotes from the various underwriters. Just like most things in life, cheap is not really the best way to go. "You get what you pay for" applies to insurance as well. The sewer back up is a good example, not something the average homeowner buying insurance would pick up on when getting a quote but TD knows what they are doing. Just ask all the folks with still molding basements here in Toronto after the spring/summer rain storms.
 
And no I do not have anything to do with the insurance industry.
 
Agree with B Bandit, A good broker is worth the commissions paid. A good broker will shop your insurance annually, will explain your coverage and let you know the difference between the different quotes from the various underwriters. Just like most things in life, cheap is not really the best way to go. "You get what you pay for" applies to insurance as well. The sewer back up is a good example, not something the average homeowner buying insurance would pick up on when getting a quote but TD knows what they are doing. Just ask all the folks with still molding basements here in Toronto after the spring/summer rain storms.

Yes, but good brokers are extinct!
"You get what you pay for" does not apply to middle men... in fact, it is the opposite, the less you pay, the better...
 
Finding a good broker is no different than finding a good bike mechanic. Do some research! If you have a sh...y broker it's not necessarily his fault, it could be yours for accepting a Sh...y broker.

Also think about making it worthwhile for the broker, your one policy for your vespa scooter is not going to get him/her very excited. Think about bundling your house/car/bike/contents insurance.
 
A good insurance broker is your best friend, if you are experiencing otherwise, find a better broker, trust me, I pay very little for two bikes a house and two cars....
 
my so called broker, had all of my items that required insurance, we even added cars as the boys got older, motorcycles, bigger home, and so on, and the rates just going up and up.......

in this day and age of everytrhing being at your fingertips, just do the legwork and you can at times save yourself a bundle, if you don't know what is in your policy look it up on the internet.....

I had co workers who insurance shopped every year, I always thought they were nuts, well it seems me sitting with the same broker for over 15 years was nuts

I blame my broker, but I also blame myself for being so complacent....had I not, I probably could have saved thousands over the last few years......

.
 
A good insurance broker is your best friend, if you are experiencing otherwise, find a better broker, trust me, I pay very little for two bikes a house and two cars....

I thought so as well, until I took the bull by the horns, shopped around on my own, and my broker couldn't even come close, yet he was or is supposed to be getting me the best.....ya right

might I suggest, when your renewal comes close, pickup a phone and shop around, you just might be surprised.....

.
 
my so called broker, had all of my items that required insurance, we even added cars as the boys got older, motorcycles, bigger home, and so on, and the rates just going up and up.......

in this day and age of everytrhing being at your fingertips, just do the legwork and you can at times save yourself a bundle, if you don't know what is in your policy look it up on the internet.....

I had co workers who insurance shopped every year, I always thought they were nuts, well it seems me sitting with the same broker for over 15 years was nuts

I blame my broker, but I also blame myself for being so complacent....had I not, I probably could have saved thousands over the last few years......

.

Exactly the same experience. I tried three brokers, all were higher for the same coverage.

Even better, the broker from Dalton Timmis lied to me, told me online quotes from TD were pro-rated to February. Wrong. The policies are set for every February, but the quotes are full year.

Takes about two hours of work on the interwebs, but brokers will only get you the same rates, plus their commission.
 
A couple things to note.....the best isn't always the cheapest. Depends on your needs. Like I mentioned, I could save $400 a year on my house insurance if I went to TD, but I'd also have $15,000 limitation on sewer backup. Doesn't meet my needs, even though it's the cheapest. TD won't fight for me in a claims situation either....my broker will.

Sorry to those that have dealt with less than stellar brokers. Build a relationship with a good broker, put all your stuff with them if possible, and treat them with respect and you'll gain a great business partner....and that's what this is....business.

Call up a broker and tell them how how you think they're all thieves, be prepared to get blown off. They don't want to waste their time either. I could get into the economics of how brokers don't make money until the third renewal (depending on the class of business or broker structure), but I think that would be lost here. The guy that changes every year from broker to broker is not a profitable client.
 

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