The on line quote experiment.

I wanted to experience the process of getting quotes over the internet for myself.   I wanted to see what the competition does and how good they are at it.  I wanted to see just how competitive I was.

How long does it take to go through the process on line?
Can the average person understand the process?
Which companies can you get a quote form?
How accurate are the quotes?

I started about 7:30 am on a Saturday.  I used my own home insurance policy as an example and asked for the same limits for each policy quote.  House insured for comprehensive $1000 ded with the house valued at $440,000 with no add ons. 

1.  TD Canad Trust - Direct Underwriter
Total time spent - 20 minutes.
Price $1058
Price If bought Auto - $889
No problems getting the quote.  

2.  Scotia Bank - Direct Underwriter
Total time spent - 35 minutes. 
Did not get through the proces on line and had to call.  Had to give them all the information again that I already typed in.
Price $1355 - no point in getting a quote if I bought auto so didn't bother. 

3.  Desjardin - Direct Underwriter (this is the company that just bought out Western Financial Group)
Total time spent - 45 minutes.
Did not get through the quote process on line - had to call.  Again I had to go through the information with the sales person.  On hold for 15 minutes.  They valued my home at $519,000 and would not admit that it was high.  Would not provide a quote for $440,000.   Price quoted is base on the higher amount.
Price $1657.  Again no point in getting a quote on line because price is too high.

4.  RBC Insurance - direct underwriter
Could not get results on line - needed to call - on hold for 15 minutes - sales person was much better than the 2 previous ones.  I gave him reference number but he still asked me all the same questions.  Actually got me to do a auto insurance quote as well which none of the others offered to do.
Price Quote $890
If I bought auto insurance $759. 
Time spent - over 45 minutes.

AMA insurance - Direct Underwriter - Membership Required
Lightning fast quote - 5 minutes - questionable as to what coverage was really being offered by the quote page - so I called the office - on hold for a sales person for 15 minutes - verified that the coverage was comprehensive - total time spent 20 minutes.
Price quoted  $866.

5.  Canadian Direct Insurance  - Brokerage Agency dealing with a number of companies. 
Total time spent - 11 minutes.
$724 (This is not a direct underwriter they represent many companies) - quote on line was reasonable from a time perspective - No sales staff available on Saturday so did not get to ask any questions - could not find out which company quoted the $724.  I have assumed that the coverage was coomparable.

6.  Kanatex - Cross section of direct underwriters and brokerage underwriters.  They offered the top three companies. 
Total Time Spent -  22 minutes
Trafalger at 799
RBC at $868 
Aviva at $2450.
The difference from RBC web site and Kanatex was due to the Liability Limit of $2,000,000 rather than $1,000,000.
Prices if you purchase auto insurance
Trafalger  $679
RBC was $741
Aviva  $2241
 I checked the on line quote for auto with trafalger and it was $450 more than my present auto insurance so that would not get me ahead.

Cooperators - Direct Underwriter
Total Time Spent - 18 minutes
Price $814 and
Price  $769 if I bought auto

Anthony Clark Insurance - Brokerage with a number of companies represented
Time spent - 17 minutes
 Prices
AXA   $776
Intact  $1403
Economical at $1065
Aviva at $2464. 

Portage Mutual is my present insurer and they insure my autos as well - house insurance premium is  $637.

What I learned about this experiment.
1.  Mutual Insurance companies are not very well represented on line.  Out of all the quotes I received on line none were from a mutual insurance company.  Yet, I find the best premiums are often Mutual Companies. 

We would be happy to quote your home insurance.     306-821-1620