Changing Insurance Companies


(BC, Canada)

We recently decided to get another house contents insurance quote and went with the new insurance company that was local and much cheaper.


I told the old insurance broker I was not renewing and now I have received a registered letter from the insurance company (Intact) demanding payment of $73 representing "earned premium".

The old insurance broker has not returned my call and I am outraged at this money grab by a large insurance company.

Can't an individual change insurance companies without paying a penalty??

I might add we have renewed thru this broker for over 12 years, paid the premiums in full, and never had a claim. The insurance company has changed a couple of times over that period and is now called Intact aka ING Insurance.

What action can I take as I don't intend to pay this usurous charge.

Sincerely

Unexpected Home Insurance Charge


Hi there
If you were charged an "earned premium" that implies that the policy was not canceled at renewal. If it was canceled at renewal and you were paid in full for the full year you should not have received a bill. It sounds as though it was canceled a day or week after renewal.

Try calling Intact directly, they might refer you back to your broker, but insist to speak with someone at the company. Most insurers do not want to "kick you on the way out" because it really doesn't do them any good. $73 is insignificant to them.

They might ask you to show your new coverage to show that it started on the renewal date. Then they will fix the issue.

Just make sure that you resolve this, one way or another. I'd hate to see this affect your insurance payment record or your credit rating if it is sent to collections.

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

Please Read

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