TD Insurance Review (May, 2024) – Services, Pricing, Pros & Cons

TD Insurance offers various types of insurance coverage, including TD auto insurance, to drivers across Canada. With a wide range of options available, TD auto insurance is suitable for nearly everyone.

Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.

Last Updated: May 14, 2024

TD Insurance

  • Committed to Savings
  • Coverage That Fits
  • There for You When It Matters Most

Customers who switched saved 30%. Quote and buy online in minutes. - Claim this offer

While TD auto insurance may not be the cheapest option available in Canada, it is also not the most expensive. Check out our TD Insurance review to see all of the policies they offer.

TD provides several ways to lower your auto insurance costs, such as discounts for remaining claims-free.

It also provides additional savings for joining their safe driver program, and a decreasing deductible that decreases by 10% every year you do not make a claim.

You can also bundle your TD home insurance and TD auto insurance policies together to save even more money.

Who is TD Insurance?

TD Insurance is a subsidiary of TD Canada Trust, a well-known financial conglomerate and global banking institution in Canada.

TD Insurance was established in 1955, and although it operates under the umbrella of a larger parent company.

It is a relatively small life insurance provider, ranking 27th in the list of the largest life insurance companies in Canada.

Important details about TD Insurance

  • When was TD Insurance established? 1955
  • Where is TD Insurance headquartered? Toronto, Ontario
  • AM Best Rating: Not Rated
  • Better Business Bureau Accreditation and Rating: No
  • Assets: $0.2 billion
  • Annual Premiums: $112.6 million
  • Website: tdinsurance.com
TD Insurance ServicesClaim Offer
TD Home InsuranceGet Started >>
TD Car InsuranceGet Started >>
TD Life InsuranceGet Started >>
TD Travel InsuranceGet Started >>
TD Business InsuranceGet Started >>

TD Car Insurance: pros and benefits

Let’s explore the advantages of choosing TD car insurance.

1. Comprehensive Coverage Options

With decades of experience, TD Insurance provides a wide range of coverage options for your auto insurance requirements.

From basic coverage for a used car to comprehensive coverage for a luxurious new SUV, TD can personalize your insurance plan to suit your needs.

2. Affordable Rates

Our comparison of quotes from various auto insurance providers using identical driver information, car make and model, and Ontario address showed that TD’s quote was neither the highest nor the lowest. Their rates are reasonable and fall in the middle range.

3. Claims-Free Reward

TD offers multiple ways to save on your car insurance premiums, including the “Claims-Free Reward.”

The longer you remain claim-free, the more you can save—up to 30%.

Even if you switch from another insurer, TD will offer you the same level of savings based on your previous claims-free years.

4. TD MyAdvantage Savings Program

Enroll in TD’s MyAdvantage program for even more savings on your car insurance. This program rewards safe driving by providing usage-based discounts.

You’ll need to download an app that will track your driving data, such as acceleration, braking, speeding, and cornering, and assign you a driving score for each trip.

At renewal, TD will apply the data from the app to calculate a possible discount of up to 25%.

5. Disappearing Deductible

Another way to reduce your TD car insurance premium is with the decreasing deductible option. Each year that you remain claim-free, your deductible could decrease by 10%.

For instance, if your deductible starts at $500, it will decrease to $450 after the first year, $400 after the second year, and so on. If you remain claims-free long enough, your deductible may be reduced to $0.

6. Backed by a Leading Bank

TD is one of Canada’s leading banks, and having your insurance with a reputable institution like TD provides peace of mind.

Although there are cheaper options available, TD has a proven record of delivering excellent customer service and receiving positive reviews from customers for decades.

If you prioritize bank reliability over the cheapest possible insurance option, TD is a great choice.

td insurance review - comparewise

What to be aware of with TD Insurance

There are a few drawbacks to consider.

Not the most affordable rates

As we’ve mentioned, TD auto insurance may not provide the lowest premiums available.

However, they also don’t have the highest rates, falling somewhere in the middle of the providers we surveyed.

If you’re an experienced driver with a lengthy claim-free driving record, TD may offer other ways to save money over time.

No coverage for ridesharing or delivery work.

If you’re a gig worker driving for a ridesharing or food delivery service, you’ll need additional commercial driver’s insurance.

This is not uncommon, though, as most auto insurance providers will require additional business/commercial insurance if you use your car for commercial purposes.

It’s an expense you’ll need to consider as part of your business costs.

How to obtain a car insurance quote from TD Bank

To obtain a TD car insurance quote online, visit their website and fill out your personal information, along with details about your vehicle.

Alternatively, you can visit a TD Bank office in person and request a quote, regardless of whether you are located in Calgary, Edmonton, Ontario, Montreal, Quebec, Halifax, Nova Scotia, or PEI.

If you prefer to compare TD’s car insurance quote with other leading auto insurance providers, you can use our comparison tool by clicking on the link below:

TD insurance estimates

The cost of TD Bank car insurance is determined by various factors such as the driving history and number of drivers covered by the policy, the make, model and year of the car, annual mileage, and the location of the policyholder’s home and workplace.

A recent survey compared the cost of TD car insurance in major Canadian cities for a 35-year-old male who lives in the downtown area and drives a 2012 Honda Civic.

The results showed that Vaughan ($4,768 per year) and Hamilton ($3,947 per year) had the highest car insurance quotes, while Montreal ($765 per year) and Quebec ($613 per year) had the lowest.

TD Bank also offers a wide range of discounts to its customers, such as multi-car policies for two or more vehicles insured with TD.

single-driver policies for multiple cars, full-time student discounts for occasional drivers listed on the policy, bundled home and car insurance policies, accident-free discounts, discounts for vehicles with anti-theft devices, discounts for electric or hybrid vehicles, winter tire usage discounts, and senior driver discounts for drivers over 65 years old.

How to get in touch with TD insurance

You can contact TD Car Insurance through their website or by speaking with one of their representatives over the phone using the following details:

Communication method details

TD Car Insurance Phone Number: 1-877-777-7136
TD car insurance website: www.tdinsurance.com/products-services/auto-car-insurance

How do TD insurance customers rate the company?

TD Canada Trust is a well-respected Big Five bank in Canada, offering a full range of financial services to millions of Canadians annually.

However, it typically receives poor reviews on independent insurance review websites like InsurEye and RateLab.ca.

While some customers give positive feedback regarding TD’s home insurance pricing, many express dissatisfaction with the level of customer service provided.

There are also numerous complaints about extended wait times to speak with an agent and long claim processing times, if approved at all.

What is the process for applying for TD insurance?

If you have weighed your options and want to proceed with TD auto insurance, you can take the following steps:

  1. Fill out the online application with your personal information, such as your name, email address, proof of identification, and any relevant documentation.
  2. Submit your application for review.
  3. Get verified and negotiate the terms of your car insurance with TD.

Types of term life insurance policies TD Insurance offers

TD Insurance offers two types of term life insurance policies, in addition to two permanent products, which are the Term-100 and Guaranteed Acceptance Term.

Term-10

  1. Designed for customers with shorter-term financial responsibilities, such as student or car loans, or mortgages in the final years of amortization. It is also suitable for those nearing retirement age.
  2. Coverage ranges from $50,000 to $10,000,000.
  3. Coverage period of 10 years.
  4. Automatically renewable until age 80.

Term-20

  1. Designed for customers who have debts that require settlement in the medium term, including young families or those who have recently bought a home.
  2. Coverage ranges from $50,000 to $10,000,000.
  3. Coverage period of 20 years.
  4. Automatically renewable until age 80.

Term-100 (Permanent coverage)

  1. Designed for those who want lifetime coverage to protect their families. It can also be used as final expense protection.
  2. Coverage ranges from $50,000 to $10,000,000.
  3. Coverage until age 100.
  4. No cash value build-up.

Guaranteed Acceptance Term

  1. Designed for applicants aged between 50-75 years, with no medical examination required.
  2. Coverage up to $25,000.
  3. Lifelong coverage.

Coverage and policy details

  1. TD Insurance offers Term periods of 10 years, 20 years, and Term-100 (coverage until the age of 100).
  2. Guaranteed level premiums are available for all three terms.
  3. Maximum coverage amount is $10 million.
  4. Automatic renewal is available for 10- and 20-year plans without medical underwriting until age 80.
  5. Conversion of 10- or 20-year plans to permanent coverage is an option before age 69.

Other types of insurance TD Insurance provides

TD Insurance provides a variety of insurance products to customers, in addition to term life insurance, including:

  • Home, condo, and tenant insurance, with online account management and claim filing options
  • Travel insurance
  • Auto insurance for motorcycles, RVs, and cars
  • Critical illness insurance
  • Credit protection

TD Insurance is a significant player in the Other Than Life (OTL) insurance category and ranks among the top three home and auto insurance groups in Canada by market share.

What does TD insurance cover?

TD offers car insurance at basic or enhanced levels. The basic level of auto insurance fulfills the mandatory insurance requirements established by the government. Here are the details of what the basic protection covers:

Coverage by TD Bank car insurance details

Third-party liability

Provides coverage for injury or property damage caused by you.

Direct compensation

covers the damage to your car when a collision is not your fault.

Accident Benefits

Coverage: Covers medical expenses

Uninsured Driver

Coverage protects you if an uninsured driver is at fault.

However, with over 440 car crashes occurring daily in Canada, you may want to consider an enhanced level of protection to avoid any unpleasant surprises that could hurt your financial situation. Here are the options available with TD Enhanced and Special Coverage:

TD Enhanced and Special Coverage Details

Accident Forgiveness

Your rates won’t increase even if you are at fault for a collision.

All Perils ‘

Provides comprehensive coverage, including all other options.

Collision or upset

Covers collisions with other cars or objects.

Comprehensive coverage

Covers all damages done to your vehicle not included in collision or upset

Removing the Depreciation Deduction

Reimburses you for the full purchase price of the vehicle if it’s wrecked.

Specified Perils

Covers dangers chosen by the buyer, such as flooding or fire.

Uninterrupted Driving

Coverage: Covers rental cars anywhere in Canada

Should I consider getting TD Life Insurance quotes?

While TD Insurance offers basic life insurance coverage products, there may be other options available that are better suited for your needs.

As insurance advisors for multiple life insurance companies and products, we can assist you in determining if TD Insurance is the best choice for you or if another Canadian insurer would be a better fit.

As the best online life insurance advisor in Canada, we can help you compare and select products from all our partner companies. Our licensed advisors can guide you in finding the best coverage for your requirements.

TD Insurance final word

TD Life Insurance tends to be more costly than its competitors. Currently, TD’s term life insurance products are not worth the price for the features they offer. They could be worth considering if they increased their features and flexibility.

You might also look at other life insurance firms that provide reasonable and flexible options. For example, PolicyMe provides various straightforward and reasonable term life insurance solutions for Canadians.

TD Insurance’s online application process takes just a few minutes to complete and is backed by the life insurance giant Canadian Premier.

You might also like…

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Buy and sell gold, silver & platinum online at the best price.
Min Investment
$1
Target Return
Varied
Get up to $150 cash bonus
Min Investment
$0
Target Return
Varied
Flexibility with a great return.
Min Investment
$100
Target Return
5.20%
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
Buying and securing gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
High return on a shorter term.
Min Investment
$500
Target Return
4.25%
Get a $100 welcome bonus, when you make your top-up*
Min Investment
$10
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Sign Up And Access 65+ Cryptocurrencies Instantly
Min Investment
$10
Target Return
Varied

FAQs about our TD Insurance review

Does TD Canada Trust offer life insurance?

The answer is that TD Canada Trust sells life insurance plans. A 10-year term policy, a 20-year term policy, a term-to-100 policy, and guaranteed acceptance life insurance are all offered by TD Insurance. However, when compared to other insurance companies, their average life insurance rates are 18% higher. So, before choosing TD Insurance, it is preferable to get quotes from other insurers.

Can TD cancel my life insurance policy?

Yes, TD has the authority to cancel your life insurance policy. Like any other life insurance company, TD can treat your existing policy if you fail to pay your insurance premiums. They can also cancel it if they discover that you have lied while answering health questions, such as smoking habits and additional risks, on relevant forms.

Is TD the best life insurance company in Canada?

Well, Comparewise can't say categorically that TD is the finest life insurance company in Canada based on the perks and features you get for the price. When compared with the cost of other insurance companies in Canada, term life insurance plans from TD Bank are usually 18% more costly than those from other life insurance companies. Furthermore, it does not offer significantly more benefits or differentiators to justify the higher price.

Brand

TD Insurance

|
April 29, 2023
Fact Checked
Categories:
Tags:

Grow your finances today.

By submitting, you agree to comparewise’s terms of use and privacy policy.

You may also like

While Canadians are familiar with long-standing Equitable Bank, they may not be as acqu...
Laurentian Bank occupies a good position in the list of top ten banks in Canada. With o...
Chase Payment Solutions is one of the top payment solution providers in Canada when it ...
This SecuriGlobe travel insurance review is a must-read if you want to buy travel insur...
**Limited Time Offer: Sign up for the Neo Card or Neo Secured Card using this link to r...
Car loan?
Personal Loan?

Top deals await you just a short
application away!