TD Car Insurance Quotes Review & Ratings

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The Toronto-Dominion Bank Group is one of the largest financial services institutions in Canada with its headquarters in Toronto, Canada. It is also one of the ten largest banks operating in the U.S. TD Insurance is a subsidiary of TD Bank Group and trades under the name TD Insurance Meloche Monnex. As one of the biggest insurers in Canada, they offer group insurance coverage to more than 1.2 million home and auto customers. General insurance, life and health insurance services are also provided by TD Insurance. TD has introduced the notion of comfortable banking in Canada with widespread locations and ease of access. Open on weekends and Sundays, the branches support a whole range of full-service banking products.

TD Insurance is a major competitor in the automobile industry in Canada. TD General Insurance provides auto insurance policies only in Ontario. Primmum Insurance offers auto insurance in the remaining provinces. They provide mandatory and optional coverage as per requirements for automobile policies in Canada. If you are looking to switch to TD Insurance, you may check out the different benefits offered by them through your insurance representative.

 TD Car Insurance Market Share Review

InsurerMarket Share (%)Period
TD General Insurance Company2.74Quarter 3/2016
TD General Insurance Company2.74Quarter 2/2016
TD General Insurance Company3.47Quarter 4/2015
TD General Insurance Company3.47Quarter 2/2015
TD General Insurance Company0.88Quarter 1/2015

 

The FSCO regulates the automobile insurance industry in Ontario. The insurance companies licensed to operate in Ontario capture their market share based on the volume of premiums collected. The above table shows the performance of TD General Insurance Company in terms of market share for 2015 and 2016. We have included data only for TD Insurance for the years that they filed for an insurance rate change.

Comparison Table of TD Insurance Market Share for 2015 – 2016

For the 3rd quarter of 2016, 25 insurers represented about 63.56% of the insurance industry. In that market group, TD Insurance had a market share of 2.74%. The 2nd quarter of 2016 saw 14 insurers representing around 30.06% of the insurance market. The market share of TD Insurance was stable at 2.74% for that quarter too. The 1st quarter of 2016 had 50 insurers representing 83.36% of the insurance market. However, TD Insurance did not file for any rate change approvals in that quarter. When we looked at the previous year, the 4th quarter of 2015 saw 26 insurers represent 51.23% of the insurance market. TD Insurance had a market share of 3.47% in that quarter. They did not file for a rate change in the 3rd quarter of 2015.

The 2nd quarter of 2015 had 30 insurers representing around 52.75% of the insurance market. TD Insurance had a stable market share of 3.47% for that quarter. Lastly, we looked at the 1st quarter of 2015 with 44 insurers that represented 73.48% of the insurance market. TD Insurance had a low market share of just 0.88% in that quarter.

 TD Car Insurance Rate Changes Review

Insurance Rate

InsurerPeriodApproved Average Rate Change (%)
TD General Insurance CompanyQuarter 3/2016-0.32
TD General Insurance CompanyQuarter 2/20163.07
TD General Insurance CompanyQuarter 4/2015-8.43
TD General Insurance CompanyQuarter 2/201515.62

 

The insurance companies file their applications for rate changes with the FSCO. The rate change reflects the change in the claim costs paid out by that insurance company for a particular coverage. When we looked into the average rate change approved for TD Insurance for the 3rd quarter of 2016, there was a decrease of 0.32%. The 2nd quarter of 2016 saw an increase in the rate change by 3.07%.

The 4th quarter of 2015 had a huge decrease in the rates approved for change by 8.43%. The 2nd quarter of 2015 had a substantial increase as well by 15.62% in rate changes. There is no data included in the table for the 1st quarter of 2016 and the 3rd quarter of 2015 as TD Insurance did not file for rate changes for those quarters.

TD Car Insurance Quotes Review For the Same Car and Driver Profile Across Selected Cities

CityTD Car Insurance Quote*
MonthlyYearly
Toronto$290.75$3,489
Montreal$63.75$765
Calgary $156.08$1,873
Edmonton $166.08$1,993
Ottawa$173.50$2,082
Quebec City$51.08$613
Vaughan$397.33$4,768
Hamilton$328.92$3,947
Kitchener$236.00$2,832
London$249.33$2,992

 

We compared the cost of car insurance offered by TD Car Insurance in some major cities in Canada using a sample profile. As per the above comparison table, Vaughan had the highest quote for car insurance at an annual cost of $4768. Hamilton had the next highest annual cost of car insurance at $3947. Quebec had the lowest quote at an annual rate of $613 and that is a variation of almost 87% in pricing between both cities. The next cheapest quote was calculated for Montreal at an annual rate of $765.

TD Auto Insurance Discounts

The premiums for TD Auto Insurance policies are calculated on the basis of several factors.  Some of the main factors are as listed below:

  • The driving record and the number of drivers listed on the policy.
  • Vehicle profiles such as make, year and model of the car.
  • Average annual mileage
  • Location of home, work or commute.

TD Insurance gives discounts to car insurance customers for the below factors:

  • 2 or more than 2 cars are insured with TD.
  • Single driver listed on the policy with auto insurance policies for 2 or more cars.
  • Occasional driver listed on the policy is a full-time student.
  • Bundle auto and home insurance.
  • No accidents or convictions.
  • The vehicle is fitted with an after- market approved anti-theft device.
  • There is anti-theft approved VIN etching done.
  • Electric or hybrid vehicles recognized by IBC.
  • Use winter tires from December to March every year.
  • Mature retired driver aged 65 years or older.
  • Newly licensed with full G license after completing G1 & G2 levels.

Optional Coverage You May Consider Buying With TD

You may purchase mandatory auto insurance coverage from TD Insurance if you own, lease or finance your car. The mandatory coverage offered in Ontario includes liability coverage, direct compensation, uninsured automobile and accident benefits coverage. Apart from these, you may also purchase some optional coverage for added protection.

Specified Perils: This coverage will protect your car from perils that are specifically mentioned in your policy. Examples include fire, hail, theft or flood.

Comprehensive: Protects you against all insured damages other than those due to a collision. Examples include theft, attempted theft, and missiles.

All Perils: A combination of both collision and comprehensive coverage that gives the broadest level of protection.

There are also special endorsements that you could add on your auto policy as below:

Accident Forgiveness: TD Insurance will forgive the first at-fault accident if the customer has had no accidents for 6 years of insurance history with TD. This also transfers to a different car if the insured purchased another car.

Grand Touring: Driving Coverage across U.S. and Canada that also includes rented cars.

Replacement Cost: Retain the same cost for replacing your car if you suffer damage or your car is stolen. The coverage may be offered from 48 – 60 months from the original delivery date of the vehicle. If the same vehicle could not be replaced, an amount equal to the value based on the endorsement will be paid out.

TD Car Insurance Cancellation Policy

If a customer wishes to cancel their TD Car Insurance policy, they may call on 1-877-777-7136. They also have the option of sending a request to cancel the policy in writing. As per the circumstances, the time of cancellation of the policy etc. there could be a cancellation fee for administrative purposes.

Making TD Car Insurance Claim

In order to make a car insurance claim, you may call 1866-454-8910 which is the claims support phone number available 24 hours on all days of the week. There is also an option to file your claim online on TD Insurance website. Lastly, you may also file a car insurance claim using the TD Insurance Mobile Insurance Application. This application is very specific and lets you save photos, location and witness details etc. related to an accident. You could also check the status of your claim on this application.

How Can I Get TD Car Insurance Quote

You may call on 1866-361-2311 or 1-855-892-0407 from 8 am to 8pm on weekdays and from 9 am to 4 pm on Saturday (Eastern Standard Time) to get a car insurance quote. Their website also has a link to calculate a TD Car Insurance Quote. In about 5 minutes, you could get a quote when you input some required details.

Contact Methods For TD Insurance

The customer service provided by TD is very popular and loved. You may visit one of the branches to discuss your car insurance needs by using the Branch Locator. This will help you to find the nearest location and book an appointment with a specialist. There are many methods to get in touch with TD Insurance for your needs.

Call: You may call on 1866-361-2311 between 8 am to 8 pm on weekdays and from 9 am to 4 pm on Saturday Eastern Time.

Text: There is an option to text TDHELP or 834357 to ask your query and you may expect a reply from 6 am to 11 pm Eastern Time on all days of the week.

Chat: The website has a chat link to ask for help and this service is available from 8 am to 8 pm on weekdays and from 9 am to 4 pm on Saturday.

Mobile Application: The TD Insurance Mobile Application lets you access your insurance files and update important details using a compatible smartphone. This is a one-stop application that helps to submit and check the status of a car insurance claim, review your car accident history and store your proof of insurance.


*Methodology

We surveyed TD car insurance Quotes in select Canadian cities for the purpose of illustrating the average quotes for a male driver aged 35 years in city downtown with owned Honda Civic 2012 model car.

Please note that car insurance prices depend on many factors including your age, location, driving history and more. So, to get a customized quote, please visit TD car insurance quotation page.

Disclaimer

We are not affiliated and make no representations or warranties, recommendations or endorsements of TD Insurance. This article is our review of TD Insurance for information purposes only.  The logos, trademarks, and copyrights mentioned in this article belong to the TD Insurance.


References

https://www.fsco.gov.on.ca/en/auto/rates/pages/default.aspx

http://www.td.com/about-tdbfg/corporate-information/corporate-profile/profile.jsp#TDInsurance

https://www.tdinsurance.com/tdimm/mobile-apps

https://www.fsco.gov.on.ca/en/auto/forms/pages/ocf_forms.aspx


 

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