Expert answers to your insurance questions.
Agents only sell insurance products on behalf of one insurance company, whereas brokers have relationships with multiple insurance companies and are able to provide different options to best suit your needs.
As an owner of a vehicle, you can let anyone with a valid driver’s license operate your vehicle. However, if they are involved in an accident, it is your responsibility should a claim occur and it will be your insurance policy and insurance history record that will be affected. If this driver lives in the same household, or is a regular or frequent driver, they should be added to your policy.
No, the colour of the vehicle has no impact on the premium.
No fault insurance means that, regardless of whose fault an accident is, it is the driver’s own insurance company that responds to the claim. In the event of injuries that require medical rehabilitation and other expenses, coverage would be available under the injured person’s own insurance policy. The person who is at-fault may see a rate increase due to the fault being assigned to them.
Depending on how many years you have been licensed, one at-fault accident could significantly impact your auto insurance rates. The premium increases can compound if you incur any highway traffic violations. Depending on driver qualification, there may be options for purchasing an accident forgiveness extension or a minor conviction protector.
In general terms, only a portion of the insurance premium you pay has to do with the actual vehicle value. The other premiums relate to liability, accident benefits, and any coverages you choose, such as optional accident benefits, rental car coverage, and accident forgiveness.
Increases in cost of claims related to such things as legal expenses, medical and rehabilitation of injured person, and fraud, along with the increases in expenses of repairs to vehicles are having a dramatic impact in the overall cost of claims. These costs will have a definitive impact on your rates.
No, every home insurance policy can be different. There may be similarities in coverage but different insurance companies have different sub limits for items including water damage, jewellery, bicycles, and collectibles. Different products offered by insurance companies can provide superior coverages, such as for a high-value home that may require a higher level of protection.
Some natural disasters are covered under a standard home insurance policy. For example, wind damage caused by a tornado or a hurricane is covered automatically, while earthquake and flood require specific coverages to be added to your policy.
Typically, water escaping from the plumbing system within the home should be covered. Examples would be a burst pipe, water escape from a washing machine, hot water heater, or other domestic appliances.
During the heating season there are certain procedures you must follow when you’re away from your home for more than 48 hours. These include shutting off the water or having someone check on your home daily. Failure to perform one of these procedures can result in a claim being denied.
Some optional additional coverages we suggest include:
• Sewer Backup Coverage: Covers sudden and accidental backing up or escape of water or sewage through a sewer, septic system, sump pump, or drain.
• Overland Water: Coverage if surface water enters your home through a point above the surface of the ground.
We suggest talking to one of our staff members to give you the most options regarding water coverage.