Theft by insurance companies

[C of Red]

I know my claim is small and so many individuals have lost homes or worse. You almost expect to have to fight them over a large loss but to deny a $2,2000 claim when there is a $500 deductible, brutal!

After being a claim free customer of TD Meloche Monnex for 15 years I had an incident which necessitated a claim. While flying my drone it struck an object and fell into a lake. Unfortunately the drone was unrecoverable.

I contacted TD Meloche Monnex to submit a claim only to have them deny due to an obscure inclusion that drones ("unmanned aircraft") are not covered by the policy. I am beyond furious that they would sneak this into a home coverage policy and deny claim leaving a person without coverage the one and only time I have required their services after all these years. All while happily taking massive amounts of money over the years. (House, vehicles, snowmobiles, motorbikes, etc, etc). As far as I'm concerned it equates to 15 years of theft by not covering the loss.

Better check what your insurance company covers, I'm guessing they have a lot of get out of payment inclusions we are all unaware of.

Needless to say I am now looking for a new provider... and bank out of spite.

 

[ABMax24]

We switched from TD Meloche Monnex to the Cooperators just a few months ago. I was with them for 10 years as well. We never had to make a claim but every year we got unexplained rate increases, every time I would buy something new I would get a quote first, then upon purchase they would fight with me and claim they couldn't insure it. Examples being my lifted truck which they quoted but then didn't want to insure, and my RZR XP 1000 claiming it was to powerful, they changed their tone on both when I threatened to move companies in these instances.

I do agree with reviewing your policy, with my boat they had it insured and the rep told my it was fully covered for all-perils during use and included theft while in storage, yet the written policy stated theft from storage only. Same thing with our house, we had full flood coverage according to the rep, policy stated $25,000 max coverage. We had never looked into it as we trusted our reps until we started pricing other companies for a more competitive price.

Needless to say we now have $2 million liability on all our vehicles instead of 1, our house is now covered for full replacement costs in the event of a flood, and my boat is actually insured if I get into an accident with it and we are paying a few hundred less a year now. It would also be a frosty day in hell before I'd recommend someone go to TD for insurance.

 

[new_nytro]

TD wouldn't insure my SxS because it had a lift kit. I don't think they like tires larger than stock either. Apparently it affects handling is what they told me.

 

[ferniesnow]

Sorry for your loss but........................you gotta read the fine print!

Or ask the right questions!

You normally ask the question when you have a claim and sometimes that is too late. A case in point, on our holiday trailer we had a mouse infestation ( we managed it ourselves) and while talking to a buddy he mentioned about rodent protection. Apparently, he had a neighbour out at the lake that was supposed to have all perils but after putting in a claim for rodent damage it was denied because as written in the policy, all perils didn't include rodent protection. After hearing that, I phoned our insurance and we do have rodent protection (the agent read it and we found it in the fine print).

All insurance companies will always try to get out of paying whatever they can. They are in the business of making money and not losing money. So the more they charge and the less they pay out, the happy the shareholders are.

 

[C of Red]

Sorry for your loss but........................you gotta read the fine print!

Or ask the right questions!

You normally ask the question when you have a claim and sometimes that is too late. A case in point, on our holiday trailer we had a mouse infestation ( we managed it ourselves) and while talking to a buddy he mentioned about rodent protection. Apparently, he had a neighbour out at the lake that was supposed to have all perils but after putting in a claim for rodent damage it was denied because as written in the policy, all perils didn't include rodent protection. After hearing that, I phoned our insurance and we do have rodent protection (the agent read it and we found it in the fine print).

All insurance companies will always try to get out of paying whatever they can. They are in the business of making money and not losing money. So the more they charge and the less they pay out, the happy the shareholders are.

I agree a person has to read the fine print but every time I buy something new I shouldn't have to re-read or call my insurance provider to see if it will be covered. It's not like I purchased a new vehicle, boat or RV. It's total BS they can legally add all these get out of payment clauses all while the consumer is forced to have insurance (vehicles for example). Now I'm worried what else may or may not be covered and under various scenarios. For example my drone was from theft, fire or if I drove over it, but apparently not in flight.

 

[ABMax24]

TD wouldn't insure my SxS because it had a lift kit. I don't think they like tires larger than stock either. Apparently it affects handling is what they told me.

Pretty much what they told me in regards to my truck, it could have a lift or bigger tires but not both. Like what's the point in that?

They told me they choose to insurance only low risk items and people, apparently modifications are high risk. Yet I'm insured at the co-operators with almost everything I own being custom or modified and my premiums are still less. Doesn't make any sense to me.

 

[Cyle]

I almost got burned with my stolen truck not having tool coverage, it saved me that I asked my broker a bunch of questions when setting up the policy years ago and asked for it, so I wasn't even paying for it and they accepted the claim. Now I setup all my policies by email and if i'm not 100% I email asking, that way if something happens you're covered no matter what it says in the policy.