Canadians using Jewelers Mutual insurance... big rate increase!?

[Redgram]

I bought my wife's engagement ring a few years ago and insured it with Jewelers Mutual after seeing many recommendations on here. I just went to pay my renewal and noticed that my premium is significantly higher than last year. When I called, they mentioned that their cost to operate in Canada increased so they increased everyone's rate. I feel blindsided by this and didn't realize that they could just jack up my premium like this. Has anyone been able to successfully push back on this?

 

[Morenita21]

Insurance rates in Canada increased across the board as we are in a hard market. That means premiums increase. My JM Insurance policy also increased as well as my home and auto policies. I used to be an insurance broker so there are really two markets: hard market = high premiums and soft market = premium decreases.

 

[Karl_K]

Insurance is generally a 1 year contract and at the beginning of a new year they can raise rates.
You have the option of paying the higher rates or finding other insurance or self insuring.
So the answer is yes they can do that in both the US and Canada.

 

[flyingpig]

I am also in Canada and been with JM since 2016. Over the last 4 yrs, the premium increased by 25%, which is not bad in comparison with condo or car insurance. However, when you consider weak Loonie, the increase is more like 50%.
I called JM to cancel my insurance policy back in April. The rep asked why. I said my wife does not wear her ER often and the premium was too high. I thought they would at least offer some discount, maybe 10%. But the rep simply replied that she processed my cancellation request. She was polite and professional. I was happy that the rep made it easy, at the same time, I was a bit surprised that they did not make any offer.

 

[LilAlex]

JM has a very generous benefit vis-a-vis loss and mysterious disappearance, etc. It's possible that in tough economic times, more people are "losing" their jewelry.

 

[Redgram]

Thanks everyone for the responses! I guess it's "good" to see that this is normal although I am still a bit surprised by the sudden increase.

 

[kb1gra]

JM has a very generous benefit vis-a-vis loss and mysterious disappearance, etc. It's possible that in tough economic times, more people are "losing" their jewelry.

I suspect this is the case and those of us stateside are going to see a similar jump in rates by next year.

 

[Niel]

I bought my wife's engagement ring a few years ago and insured it with Jewelers Mutual after seeing many recommendations on here. I just went to pay my renewal and noticed that my premium is significantly higher than last year. When I called, they mentioned that their cost to operate in Canada increased so they increased everyone's rate. I feel blindsided by this and didn't realize that they could just jack up my premium like this. Has anyone been able to successfully push back on this?

They didn’t “just jack up your rate” they sent you a renew you have the right to pay it and reup or shop around.

 

[JaneDough]

Oh poop. Guess Mine is not up for renewal yet but guess I'll be in for an increase as well. Something to look forward too It seems like insurance is increasing for everything around the world right now. Car insurance is crazy and condo insurance rates have skyrocketed hitting the new quite often. There have been so many large scale catastrophic events like floods, wildfires in numerous countries such that insurance companies are adjusting their risk costs and either pulling out of some markets, or increasing premiums and minimum deductibles so high you really feel it. I think most insurers operate globally so a huge loss in one part of the world will have a direct impact on premium payers on the other side of the world.

 

[jtmann2013]

I was also surprised to see a recent 40% jump on my Jewelers Mutual renewal. I'm in Toronto Canada. Anyone know of a JM competitor serving Canada? Thanks

 

[JaneDough]

Just checked and mine went up $50!

 

[Redgram]

Bumping this back up because... my premium just went up by more than double! Did this happen to anyone else? Can anyone recommend any alternatives? I will likely have to end my coverage with JM.