I just called my insurance broker because my policy ends this summer and I want to re-negotiate it. There are new laws in Ontario and you don't have to have the mandatory maximum $2 million coverage in Ontario. Here's how exactly the phone call went;
Me: Hi I'm calling regarding my policy, it ends this summer I want to negotiate.
Broker: Name and policy please.
Me: Blah blah blah
Broker: Okay your new rate for next year will be $803/yr.
Me: WTF? I'm paying $740, where do you get your $800 from?
Broker: It's your new rate, it went up $60.
Me: Anyways, I'm calling because the laws changed in Ontario, I don't need the $2 million coverage, put me down to the lowest liability possible.
Broker: You already have that sir.
Me: What are you talking about? The laws changed last year, first time calling you about it, when did I called you guys to lower my liability?
Broker: I'm afraid I don't understand what you're saying.
Me: The laws in Ontario changed, now I can get a way lower liability amount instead of the $2 million, you are a broker and you were not aware of this?
Broker: Sir, even if we drop you to the lowest liability tier your rate will still only come down $10 dollars for the year.
Me: Okay I'm going to start shopping around then
Broker: Okay can you....
Me: ***CLICK***
Is this broker full of it? Do I have a good deal $800/year (one-way only) for a sport-touring motorcycle that's more than 10 years old? (I live in Toronto, over 40, no tickets, no accidents, with "M" licence for the last 10 years).
$10 dollar drop for a year if they lower my $2 million liability to $200,000? Yeah right.
Me: Hi I'm calling regarding my policy, it ends this summer I want to negotiate.
Broker: Name and policy please.
Me: Blah blah blah
Broker: Okay your new rate for next year will be $803/yr.
Me: WTF? I'm paying $740, where do you get your $800 from?
Broker: It's your new rate, it went up $60.
Me: Anyways, I'm calling because the laws changed in Ontario, I don't need the $2 million coverage, put me down to the lowest liability possible.
Broker: You already have that sir.
Me: What are you talking about? The laws changed last year, first time calling you about it, when did I called you guys to lower my liability?
Broker: I'm afraid I don't understand what you're saying.
Me: The laws in Ontario changed, now I can get a way lower liability amount instead of the $2 million, you are a broker and you were not aware of this?
Broker: Sir, even if we drop you to the lowest liability tier your rate will still only come down $10 dollars for the year.
Me: Okay I'm going to start shopping around then
Broker: Okay can you....
Me: ***CLICK***
Is this broker full of it? Do I have a good deal $800/year (one-way only) for a sport-touring motorcycle that's more than 10 years old? (I live in Toronto, over 40, no tickets, no accidents, with "M" licence for the last 10 years).
$10 dollar drop for a year if they lower my $2 million liability to $200,000? Yeah right.
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