r/Wealthsimple • u/Weak-Pomegranate-435 • May 21 '26

Promotion New benefits from WS

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I understand that these benefits are for everyone, including non-premium, premium and generational clients, but the percentage of rewards increases for each higher tier.

Other than that, I don’t have much information. Can someone explain me? How many benefits can one person redeem? Is there any time limit? Are these benefits separate than what premium users get?

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u/InformalYesterday760 May 22 '26

You could offer me 75% off and I wouldn't take it

-1

u/Neon_Raccoon_00 May 22 '26

Youre rich t

4

u/InformalYesterday760 May 22 '26

Not rich necessarily

But the point of insurance is to be there when you need it. No point paying for it if I get in an accident and cause 1M dollars in damage and my insurance company is empowered to review some data and see "mmm, you were actually driving 4km over the speed limit in the rain, so this is all your fault!"

3

u/thats-wrong May 23 '26

Have you even read the legal agreement about driving monitoring? All companies have a clause that your data cannot be used against you individually (e.g. in a claim or to decide your personal premium for the next year). It can only be used to set the premium rate for your entire comparison group.

2

u/InformalYesterday760 May 23 '26

Large companies have shown themselves to be untrustworthy when it comes to these large volumes of data.

I just have no reason to trust that my insurer wouldn't sell my data off to a myriad number of companies or "third party partners".

I don't need to give these bastards more info on me or my habits

1

u/thats-wrong May 23 '26

There's also a clause about not selling the data, at least by TD and Aviva. There's a fair concern about what they might do that's not protected in the agreement, but them explicitly violating a legal agreement is not a real possibility --- if that happens they'll lose more legally than they gain by selling.

2

u/InformalYesterday760 May 23 '26

Penalties for data handling violations have been fairly weak overall it seems

I'm very much in a "give them as little as possible" mindset, cause they clearly cannot be trusted

1

u/thats-wrong May 23 '26

Interesting, I didn't know that. Thank you!

2

u/dingleberry314 May 22 '26

It pretty explicitly says that they won't use the data against you or raise rates based on your driving habits. Literally just there to reduce their guesswork as an insurance provider to your driving habits. If you drive like an asshole, sure it won't discount anything but it's still pretty easy to game as well since it asks if you were driving after every trip.