Does TD Bank Offer Car Insurance?

TD Bank is a major Canadian financial institution that provides a wide range of banking, investing, and insurance services. When it comes to insurance, TD Bank partners with TD Insurance to offer various insurance products, including car insurance.

What is TD Insurance?

TD Insurance is the insurance subsidiary of the Toronto-Dominion Bank Group. It is one of the largest insurance providers in Canada, offering home, auto, life, health, travel and business insurance.

TD Insurance operates independently from TD Bank, but the two companies partner to make insurance products available to TD Bank customers.

Does TD Bank Itself Offer Car Insurance?

TD Bank does not directly sell car insurance policies. The bank refers customers seeking car insurance to TD Insurance.

So TD Bank does offer car insurance, but through its partnership with TD Insurance rather than as a direct product. TD Bank customers have seamless access to TD Insurance’s car insurance plans.

What Car Insurance Plans Does TD Insurance Offer?

TD Insurance provides a full range of car insurance options to meet drivers’ needs:

• Liability Coverage: Bodily injury and property damage liability to cover costs if you injure someone or damage their property. Required by law.

• Accident Benefits: Covers medical, rehabilitation and income replacement costs for you and your passengers after an accident, regardless of fault. Required by law.

• Uninsured Automobile: Covers costs if you’re in an accident caused by an uninsured motorist. Required by law.

• Direct Compensation – Property Damage: Covers damage to your vehicle caused by an insured motorist. Required by law.

• Specified Perils: Covers loss or damage to your vehicle caused by fire, theft, vandalism, weather and more.

• Collision: Covers damage to your vehicle after a collision with another car or object.

• Comprehensive: Covers damage from all causes except collisions.

• All Perils: Combines Collision and Comprehensive into one coverage.

You can customize your plan by adjusting coverage limits and deductibles. TD Insurance also offers usage-based insurance called TD Auto Program.

How to Get a Car Insurance Quote From TD

There are a few ways TD Bank customers can get a car insurance quote:

• Online: Visit TD Insurance’s website and get an instant quote by entering details like your car, driving history and desired coverage.

• TD Bank branch: Talk to a TD advisor at your local branch. They can refer you to a TD Insurance agent for a quote.

• Phone: Call TD Insurance directly at 1-866-361-2311. Their licensed agents can provide quotes over the phone.

• TD Insurance agent: Visit or call an agent near you to discuss your needs and get a personalized quote.

To get an accurate quote, you’ll need to provide details about your vehicle(s), drivers, driving records, preferred coverage and more. TD Insurance also offers a tool on their website to get quotes for bundling home and auto insurance.

How Does TD Insurance Determine Car Insurance Rates?

TD Insurance considers various factors to determine your personalized car insurance rate, including:

• Driving record: Your driving history and any past collisions or convictions.

• Location: Where you live and drive (urban areas cost more).

• Car: The make, model, year and safety features.

• Deductible: Higher deductibles mean lower premiums.

• Discounts: Such as multi-vehicle, safe driving rewards, group affiliations.

• Coverage: More extensive coverage costs more.

• Claims history: Frequency of past claims may increase your rate.

• Credit score: In some provinces, a lower score can increase premiums.

TD Insurance provides an online tool to get a personalized quote based on these factors. Drivers with clean records, lower-risk vehicles and higher deductibles tend to pay less.

How to Buy TD Car Insurance

Once you have a quote, there are a few ways to purchase TD car insurance:

• Online: Get a 5% discount for purchasing online. Pay by credit card or pre-authorized bank payments.

• Phone: Call TD Insurance anytime to buy a policy over the phone.

• In person: Meet with a TD Insurance agent or visit a TD Bank branch to purchase coverage.

• TD Insurance app: Download the app and complete the buying process digitally.

You can pay annually in one lump sum or opt for flexible monthly payments. TD Insurance also provides digital insurance cards and online services to manage your policy.

Highlights of TD Car Insurance

Here are some key features and benefits of choosing TD for your car insurance:

Discounts: TD offers multi-vehicle, multi-product, group affiliation, safe driving and online purchase discounts.

Claims-free rewards: Your premium goes down by up to 15% for every year you stay claims-free.

24/7 claims service: Report claims anytime online or by phone.

Accident Forgiveness: One accident won’t affect your premium with this protection.

Lifetime guarantee on repairs: As long as you’re insured with TD, repairs have a lifetime warranty.

Preferred rates: Special discounts for members of professional and alumni associations.

Online account management: Update policies, check claims status and more through their online portal.

TD Auto Program: Usage-based insurance rewards safe driving with personalized discounts.

Expert advisors: Licensed insurance specialists are available to help you select the right coverage.

TD Insurance Centres: One-stop shop for sales and claims through their network of retail locations.

Strong financial backing: The stability and resources of TD Bank and TD Insurance.

Who Is Eligible for TD Car Insurance?

To be eligible for TD car insurance, drivers must:

• Have a valid driver’s license
• Be a resident of Canada
• Be listed on the insurance policy if they regularly drive the car
• Have a driving record meeting TD’s eligibility requirements
• Use the car only for personal (not commercial) purposes

For modified or high-end vehicles, TD Insurance will assess the car to determine insurability. Young drivers under 25 may need to be listed on their parents’ policy.

Are There Any Coverage Restrictions?

TD Insurance does have some restrictions in terms of coverage:

• Rental cars: TD Insurance only covers rental cars for up to 30 days, unless you have the rental car coverage endorsement.

• Commercial use: Personal TD auto policies won’t cover cars used for commercial purposes like pizza delivery or ride-sharing services. Separate commercial policies are required.

• Geographic restrictions: Coverage is only valid within Canada and the United States.

• High-performance cars: Modifications made to enhance speed, torque or appearance often require an assessment before coverage is approved.

• Driver restrictions: All drivers in the household need to be listed on a policy. Undisclosed young drivers may void the policy.

Always read your policy documents or check with a TD Insurance agent regarding specific restrictions for your situation.

How Can I Lower My TD Insurance Premium?

There are a few simple ways to get the lowest car insurance rate with TD Insurance:

• Increase deductibles: Opting for higher deductibles reduces premiums.

• Review discounts: Make sure you’re getting all the discounts you’re eligible for.

• Buy online: Get an additional online purchase discount.

• Bundle insurance: Insure your car and home together to save.

• Enroll in TD Auto Program: This usage-based program rewards safe driving.

• Maintain a clean record: Avoid collisions, speeding tickets and claims to keep your rate low.

• Compare rates annually: Shop around to see if TD Insurance still offers the best value.

Meeting with a TD Insurance agent can help determine if you qualify for any other discounts or savings opportunities.

Can I Manage My TD Car Insurance Online?

Yes, TD Insurance provides full online account management through their customer website and mobile app. You can:

• View insurance documents and digital ID cards

• Pay your bill or update payment options

• Change your address or vehicle details

• Request changes to your policy

• Track claims status

• Print proof of insurance

• Set up paperless notifications

The TD Insurance app also includes an Accident Toolkit for auto claims and safety features like severe weather alerts.

Is TD Car Insurance Worth It?

TD Insurance is one of Canada’s largest insurance providers, backed by TD Bank’s financial strength. Key advantages include:

• Longevity and reputation: In business since 1952 and known for reliable service.

• Suite of insurance options: Seamlessly bundle multiple insurance needs.

• Rewards safe driving: Discounts for claims-free customers.

• Flexibility and convenience: Accessible claims service and online account management.

• Personalized service: Advisors help you select the right coverage.

• TD Auto Program: Customize premium costs through usage-based options.

• Ease of use for TD Bank customers: Get insurance directly through their existing bank.

While TD Insurance isn’t the cheapest option for high-risk drivers, they provide very competitive rates along with stellar service. Their Claims-free Rewards program and usage-based insurance stand out in particular.

The Bottom Line

TD Bank does offer car insurance to its customers through its